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Facts Forum News, Vol. 4, No. 2, February 1955
File 054
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Facts Forum. Facts Forum News, Vol. 4, No. 2, February 1955 - File 054. 1955-02. University of Houston Libraries. University of Houston Digital Library. Web. October 20, 2020. https://digital.lib.uh.edu/collection/1352973/item/1189/show/1173.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum. (1955-02). Facts Forum News, Vol. 4, No. 2, February 1955 - File 054. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/1189/show/1173

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum, Facts Forum News, Vol. 4, No. 2, February 1955 - File 054, 1955-02, Facts Forum News, 1955-1956, University of Houston Libraries, accessed October 20, 2020, https://digital.lib.uh.edu/collection/1352973/item/1189/show/1173.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Facts Forum News, Vol. 4, No. 2, February 1955
Series Title Facts Forum News
Creator
  • Facts Forum
Contributor
  • Evans, Medford
Publisher Facts Forum
Date February 1955
Language eng
Subject
  • Anti-communist movements
  • Conservatism
  • Politics and government
  • Hunt, H. L.
Place
  • Dallas, Texas
Genre
  • journals (periodicals)
Type
  • Text
Identifier AP2.F146 v. 4 1955; OCLC: 1352973
Collection
  • University of Houston Libraries
  • Facts Forum News
Rights No Copyright - United States
Item Description
Title File 054
Transcript Editor's Notes: FACTS FORUM NEWS HAS 100,000 NEW READER Money in the Bank Facts Forum Neivs now goes to all 14,000 U. S. bank presidents, courtesy ihe First National Bank in Dallas. Ben H. Wooten, President. This, we think, is gratifying. Your banker is a reader of Facts Forum News. It is good to have a common interest with your banker. As a matter of fact, you have many interests in common with your banker. He wants you to succeed, and you waul him not to fail. He is the keeper of opportunity. The love of money is the root of all evil, but the use of money is the source of great good. The miser will not put his money in the bank. The good and faithful servant doubles his talents by investment. Vv ilhout money civilization cannot operate. Our civilization cannot operate without banks. As the use of coins instead of cattle made possible the commerce of antiquity, so the use of checks instead of coins makes possible the transactions of modern business. "The growth of monetary institutions," says the Columbia Encyclopedia, "has largely paralleled that of trade and industry. While some societies, such as the Inca, were able to benefit from extensive division of labor without making significant use of a monetary medium, this was possible only through rigid reliance on custom and status and a system of extreme regimentation. Today currency and coin are less widely used as a means of payment than cheeks, which probably account for over 80 per cent of lhe payments made in the United States." The use of money is a condition of freedom and progress, and banks are essential to the most effective use of money. A banker is a man with dependable imagination. What he cannot do himself, he makes possible for others to do. The essential technology of the steel industry was known by the end of the Civil War through the inventions of Kelly, Bessemer, Holley, Siemens, and Martin. Direct business management was fabulously successful under Carnegie and Schwab. But the formation of U. S. Steel had to wait until somebody could see (1) that a billion- dollar organization was required, (2) that a billion-dollar organization would work, and (3) that a billion dollars was available. Banker J. P. Morgan was the man.* A banker is a man with knowledge and nerve. The first London Rothschild got by carrier pigeon the news that Page 52 Ben H. Wooten, banker, is known for judgment and competence in all affairs in the public Interest. Trustee of Baylor University, A.E.F. veteran, World War II Civil Defense Chairman, he has led Dallas for a decade in Community Chest, Scouts, hospital, and every kind of constructive enterprise. Wellington had defeated Napoleon at Waterloo. This was contrary to rumors then reaching England. In one day Rothschild made a fortune by buying up the securities with which the panic of the ill informed was flooding the market. "Ah, the rascal!" say the envious. But not so. He "saved the London stock exchange from collapse," says the Encyclopedia. That means he saved thousands of Englishmen from the otherwise catastrophic consequences of their own false fright. A good banker not only sees the risks which the reckless ignore; be also sees the opportunities which the timid distrust. He is the keeper of opportunity. And he i- lhe merchant of opportunity. Today you have money which you must either waste or board unless you put it in the bank. Tomorrow you need money you cannot get unless you borrow it from the bank. There have been bankers with bad judgment and bankers with bad faith, but if the judgment and faith of bankers were not generally superior, we would have no banking system. And if we had no banking system, you could not be reading any nationally circulated magazine at all, much less the same issue of Facts Forum News which your banker is reading. P'ofessc are misl facts F the ime mistakes Facts "ew rea, their cu. lime to It is not enough to be free to thij eeonomi One must be able to think. ThW *'gniflca can hardly be controlled from withe' Manijesi The serious impediments to thought' lhe rnon :il,;„ T„.,.,,.„ cannot change thou? celebrate Freedom to Think within. Tortur but neurotic prejudice can inhibit' A college president said in Decern'' 1953, "I would not agree with McCaif if he was right." No one enforced ll "bile mental blackout. It was self-impo* j,"'10"1" as a child pulls the cover over bis l>* . Uct, at the lightning. The first essentia' intellectual freedom is intellect. Most of those who work against! interest of their own country are siw badly mistaken in their judgment. I have a variety of emotional motive| some good, some bad. They may idealistic or envious, filled with I1''' filled with ambition. What they ha*! common is that they are mistaken. ■ do not think precisely or consecutil Insensitivity to logic is nowhere ter illustrated than in the famous of ing sentence of the Communist ". festo. Marx and Engels introduce & lido" socialism by saying that "a Sr is haunting Europe." If (his figu^i "I'J,e . speech in a declaration of aims ? Kaoo . materialist organization is nol '''' lous, then it implies a serious sell tradiction. A similar contradiction is con" today. An eminent professor quotes^, approval Justice Robert Jackson: forefathers found tbe evils of free t™ "greemei [ions ru, 15 lhat ! "ould hi feciproci of aney llfleft ov ?' 4e l„ te« of tl °r'ginal Rule are !*ttied „ ll0'h com l»aiiioi,s i The G 10 our r. o* in r k"id of the' ing more to be endured of inquest or suppression. _ —u The same professor says concc' self the product of legislative investi? Iii,,,, committees: "The whole thing lo be put into thc incinerator." ,ra<k ma l)e devel, CoWe firs, Charles *nd with, '""- in i l-nth-cen Public a C Itself An exhorlalion lo book-bin ni"r """self b" >'sh°P. , „„„,. ,„ u„»-„e -o "oi Chris, be morally bad in a totalitarian. \"fl manity from a devotee of free speech '' One rm gests a mental lapse. Someho*, ?thers |0 \ ri*'s may Hell" aS fn- y Morgan has been called a "Robber »Jj r , or ex * Ua'" yo„ (lie linn,Is of my Saviour, in full c0?\ , "' that hilling irilrenii;/ il mill liiislli'tl ''J ''loll may must precious 1,1,,ml Hi- will present 'l I j You've before m\ Heavenly Father; and I ''"j!y <leejs- ^° children i" maintain mat defend, at a!j.. \f l0" a unit at any cost of personal sncr'P j U Vvj|| blessed doctrine of the complete alone'!' j any prev: sin through the blood of Jesus C.hr*\\ eUn v < ..ii..,.,/ ..J ,;.,„„..), .i. ; " n.eeite", „.. ant; offered, and through lhat alone." 0"°[e^ Hot ,. ar"' " ' ' ~ 1, C„KAT P'", SirJp!,"PPO. Frederick Lewis Allen, In Morgan, Harper, 1949, p. 13. Allen ai nd"cj. de" Fr, so describes Morgaris cond'1^, , freda T his fiancee. Amelia Slurges C'M'""if ^noWlerJ„. rune' ill with tuberculosis: "Pierpn"'.J has teai-p that she mast be taken to a warmer r'% Secnr- mu! that he would marry her and ' ., 0rr ' Y S then: His business? Thai could g" *"3 lrade v Nothing -nothing in the world n"'"' Mimi." Ibid., p. 22. ACT; fS P( FACTS FORUM NEWS, Februarf''
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