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
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
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
A banker is a man with knowledge
and nerve. The first London Rothschild
got by carrier pigeon the news that
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
"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
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.
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
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
A similar contradiction is con"
today. An eminent professor quotes^,
approval Justice Robert Jackson:
forefathers found tbe evils of free t™
15 lhat !
?' 4e l„
te« of tl
r. o* in r
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."
'""- in i
An exhorlalion lo book-bin ni"r
, „„„,. ,„ 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.
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;
FACTS FORUM NEWS, Februarf''