Frenzied Finance, Vol. 1: The Crime of AmalgamatedLawson, Thomas William
History
Frenzied Finance, Vol. 1: The Crime of Amalgamated
Lawson, Thomas William
Amalgamated Copper Co.; Gas companies -- Massachusetts -- Boston; Insurance -- United States; Speculation; Standard Oil Company
"Suspicious is not the word, Mr. Rogers. I brought you and Mr.
Rockefeller this copper enterprise. We have gone ahead with it upon
clearly laid down lines. I have done to the letter all I agreed, and, so
far, the enterprise has more than fulfilled my promises. I realize that
our success has largely come from our going to the public and openly
telling it what we were doing and what we intended to do. Until now, I
am the one who has made all the promises, and, legally, up to this
point, I am the only one who can be called to account, but it is the
fact that for any statement I have made, you and Mr. Rockefeller have
been as much responsible as myself, and you as much or more than I have
had the benefit which has come from what I have promised. Now we are
ready for business with the public, and there must be a clear and
distinct understanding with it or it will not part with its money. This
understanding can have but one bearing--_that what the public read, we
must all be responsible for legally and morally, not some of us, but all
of us, you, Mr. Rockefeller, the City Bank, James Stillman, and myself_.
For bear in mind it was you and Mr. Rockefeller who changed my plans by
substituting companies and properties of which I knew nothing but what
you told me. All the things we ought to tell, you say cannot be put into
words, because if they are powers beyond us will refuse to allow the
enterprise to go through as it must go through. Then the condition must
be implied, must be between the lines. You say this is my task, and that
I alone can perform it properly. All right--but I will perform it in a
way that will hold every one concerned to his legal as well as to his
moral responsibility just as it will me who sign it. To save our
enterprise I will concede just this much: The advertisements will be so
worded as not apparently legally to involve Stillman, William
Rockefeller, or the Bank but in reality they will be bound to as strict
responsibility as though their signatures were in the place of mine. In
doing this I compromise with my conscience, Mr. Rogers, because it is
now of paramount importance that our consolidation go through--as
important to the thousands of others who have followed us as to
ourselves."
"You mean this, Lawson, that you will insist upon having this done in a
way that will make every one legally responsible?"
"I mean just that, Mr. Rogers. In what other way can it be done?"
"As all such affairs are arranged--by allowing the public to think for
themselves--but steering our end clear of all possible legal
entanglements," he replied in a voice half choked with suppressed rage.
Now we were both thoroughly aroused, he fairly seething with fury at my
rebellion, and I boiling over at his willingness to sacrifice me to his
own safety. By this time he was on his feet facing me, and it was
evident the tussle would be serious. Still I slowly and coldly asked:
"How can that be done?"
Public-domain text, read in full here on John Shaqi.
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