ca favorably or unfavorably,
according to the wisdom or lack of wisdom of our own attitude and
actions.

A great many things are being and have been charged in the popular view
against finance, with which finance, properly understood, has nothing to
do.

The possession of wealth does not make a man a financier--just as little
as the possession of a chest of tools makes a man a carpenter.

Finance does not mean speculation--although speculation when it does not
degenerate into mere gambling has a proper and legitimate place in the
scheme of things economic. Finance most emphatically does not mean
fleecing the public, nor fattening parasitically off the industry and
commerce of the country.

Finance cannot properly be held responsible for the exploits, good, bad
or indifferent, of the man who, having made money at manufacturing, or
mining, or in other commercial pursuits, blows into town, either
physically or by telephone or telegraph, and goes on a financial spree,
more or less prolonged.

Finance means constructive work. It means mobilizing and organizing the
wealth of the country so that the scattered monetary resources of the
individuals may be united and guided into a mighty current of fruitful
co-operation--a hundredfold, nay ten-thousandfold as potent as they
would or could be in individual hands.

Finance means promoting and facilitating the country's trade at home and
abroad, creating new wealth, making new jobs for workmen.

It means continuous study of the conditions prevailing throughout the
world. It means daring and imagination combined with care and foresight
and integrity, and hard, wearing work--much of it not compensated,
because of every ten propositions submitted to the scrutiny or evolved
by the brain of the financier who is duly careful of his reputation and
conscious of his responsibility to the public, it is safe to say that
not more than three materialize.

For the financial offspring of which he acknowledges parentage, or
merely godfathership, he is held responsible by the public for better or
for worse, and will continue to be held responsible notwithstanding
certain ill-advised provisions of the recently enacted Clayton
Anti-Trust Act which are bound to make it more difficult for him to
discharge that responsibility.

Amongst other functions and duties, it is "up to him" to look ahead, so
that such offspring may always be provided with nouriture, _i.e._, with
funds to conduct their