An address delivered at the annual dinner of the American Newspaper Publishers Association -- April 27, 1916, Waldorf-Astoria, New York.
refully study and in good faith conform to public opinion.
One of the characteristics of finance heretofore has been the cult of silence, some of its rites have been almost those of an occult science.
To meet attacks with dignified silence, to maintain an austere demeanor, to cultivate an etiquette of reticence, has been one of its traditions.
Nothing could have been more calculated to irritate democracy, which dislikes and suspects secrecy and resents aloofness.
And the instinct of democracy is right.
Men occupying conspicuous and leading places in finance as in every other calling touching the people's interests, are legitimate objects for public scrutiny in the exercise of their functions.
If opportunity for such scrutiny is denied, if the people's legitimate desire for information is met with silence, secrecy, impatience and resentment, the public mind very naturally becomes infected with suspicion and lends a willing ear to all sorts of gossip