Publication date
9/1/10
Volume
31
Number
17
The WatchTower
Int. Bible Students Assn. Special Meetings
The Watchtower Magazines
../literature/watchtower/1910/17/1910-17-1.html
 
 
VOL. 
XXXI 
BROOKLYN, 
N. 
Y., 
SEPTEMBER 
1, 
1910 
VIEWS 
FROM 
THE 
WATCH 
TOWER 
No. 
17 
RICH 
MAN 
PROPHESIES 
PANIC 
A 
multi-millionaire 
sugar 
manufacturer 
of 
California, 
Mr. 
Rudolph 
Spreckles, 
recently 
returned 
from 
a 
European 
trip. 
In 
New 
York 
City 
he 
was 
interviewed 
by 
a 
newspaper 
reporter 
and 
is 
quoted 
as 
having 
made 
the 
statements 
below. 
Without 
endorsing 
his 
conclusions, 
we 
state 
them. 
His 
large 
wealth 
gives 
him 
opportunity 
for 
information 
respecting 
monetary 
affairs, 
which 
would 
not 
be 
open 
to 
ordinary 
men 
of 
small 
cap­ 
i 
tal 
and 
lesser 
influence. 
vVe 
quote 
the 
interview 
from 
the 
"Rpringfield 
Union" 
of 
July 
31st, 
as 
follows:- 
TERRIBLE 
TIMES 
BEFORE 
US 
"The 
financial 
control 
of 
the 
country 
is 
today 
centered 
in 
the 
hands 
of 
two 
great 
interest'!. 
\Vhen 
the 
two 
men 
in 
control 
of 
these 
interests 
engage 
in 
battle 
with 
each 
other 
for 
the 
supremacy 
a 
revolution, 
the 
most 
destructive 
the 
world 
has 
ever 
seen, 
will 
follow-a 
revolution 
that 
will 
not 
only 
paralyze 
or 
wreck 
many 
of 
our 
great 
industries 
and 
overthrow 
unnum­ 
bered 
financial 
institutions. 
but 
will 
imperil 
the 
safety 
of 
the 
Government 
itself. 
The 
only 
force 
that 
can 
prevent 
such 
a 
disaster 
is 
the 
people 
themselves, 
whose 
good 
scnse 
and 
patriot­ 
ism 
on 
many 
occasions 
heretoforc 
have 
rescucd 
the 
country 
from 
threatened 
destruction. 
"I 
have 
been 
engaged 
in 
business 
since 
I 
was 
17, 
and 
have 
noticed 
year 
by 
year 
a 
gradual 
rcduction 
in 
the 
number 
of 
firms 
handling- 
large 
industries 
or 
engaged 
in 
banking 
until 
todav 
the 
reduction 
must 
excite 
alarm. 
It 
is 
a 
significant 
comlilCntary 
on 
business 
conditions 
that 
two 
men 
have 
it 
in 
their 
power 
to 
embarrass 
the 
United 
States 
Government. 
The 
concentration 
of 
wealth 
is 
the 
great 
evil 
of 
modern 
times, 
for 
it 
places 
in 
a 
few 
hands 
the 
power 
to 
precipitate 
panics 
and 
control 
legislation. 
"Each 
time 
one 
of 
these 
panics 
has 
occurred 
certain 
inter­ 
ests 
have 
como 
forward 
to 
relieve 
the 
situation 
by 
the 
releasing 
of 
large 
amounts 
of 
money. 
If 
men 
can 
break 
a 
panic 
by 
bring­ 
ing 
forward 
their 
hoarded 
millions, 
it 
is 
evident 
they 
can 
cause 
a 
panic 
by 
withdrawing 
from 
circulation 
a 
few 
hundred 
mil­ 
lions 
of 
dollars. 
"From 
observations 
made 
in 
the 
last 
few 
months 
I 
am 
convinced 
that 
certain 
great 
financial 
interests 
now 
are 
perfecting 
plans 
for 
the 
precipitation 
of 
one 
of 
these 
Imsinpss 
upheavals 
this 
fall. 
"The 
panic 
of 
1(107 
was 
'organized,' 
if 
I 
may 
use 
the 
ter~, 
for 
the 
purpose 
of 
discre<liting 
Theodore 
Roosevelt 
and 
hIS 
administration. 
The 
panic 
of 
1910 
is 
being 
hatched 
to 
furnish 
material 
for 
the 
approaching 
political 
campaigns. 
Those 
who 
are 
engineering 
it 
do 
not 
care 
how 
many 
enterprises 
may 
be 
wrecked, 
how 
many 
men 
may 
be 
thrown 
out 
of 
employment, 
~r 
how 
many 
suieidrR 
may 
follow, 
so 
long 
as 
they 
succeed 
in 
theIr 
purposrs. 
If 
stocks 
are 
hammered 
down 
to 
the 
bottem, 
they 
stand 
ready 
to 
make 
millions 
out 
of 
the 
necessities 
of 
those 
who 
are 
driven 
to 
sacrifice 
their 
holdings." 
Spreckles 
announcrd 
that 
he 
proposed 
to 
devote 
the 
rest 
of 
his 
life 
to 
the 
reform 
of 
"conditions 
that 
already 
are 
intol­ 
erable," 
in 
order 
to 
head 
off, 
if 
possible, 
the 
impending 
revo­ 
lution. 
Asked 
as 
to 
the 
remedy 
for 
the 
evils 
complained 
of, 
he 
said:- 
"The 
elimination 
of 
dishonesty 
in 
corporate 
matters, 
the 
quickening 
of 
bURiness 
conscience, 
the 
banishment 
of 
graft, 
the 
readjustment 
of 
capitalization 
by 
the 
squeezing 
out 
of 
water 
and 
the 
adoption 
of 
the 
Golden 
Rule 
as 
a 
fundamental 
prin­ 
ciple 
of 
business. 
How 
these 
reforms 
can 
be 
effected 
is 
the 
im­ 
portant 
question 
of 
the 
times. 
What 
is 
needed 
today 
is 
a 
quickening 
of 
the 
conscience 
of 
the 
great 
wealth 
holders. 
One 
trouble 
with 
the 
trusts 
is 
that 
the 
men 
whose 
capital 
is 
invested 
in 
them 
are 
not 
sufficiently 
concerned 
to 
take 
an 
active 
interest 
in 
their 
management. 
So 
long 
as 
they 
continue 
to 
receive 
large 
dividends 
they 
wink 
at 
practises 
in 
a 
corporation 
that 
they 
would 
not 
countenance 
in 
their 
own 
personal 
bU'liness." 
Without 
endorsing 
Mr. 
Spreckles' 
prophecy 
we 
can 
say 
that 
it 
is 
well-known 
amongst 
financial 
institutions 
of 
the 
country 
that 
all 
our 
banking 
interests 
are 
practically 
in 
the 
hands 
of 
a 
very 
few 
wealthy 
men. 
It 
is 
not, 
however. 
generally 
believed 
that 
the 
interests 
of 
these 
men 
would 
be 
better 
served 
by 
panics. 
On 
the 
contrary, 
the 
general 
estimation 
of 
business 
people 
is 
that 
thc'le 
capitalists 
are 
conservative 
and 
that 
in 
seeking 
to 
guard 
their 
own 
interests 
against 
catastrophe 
they 
are 
really 
protecting 
others 
from 
financial 
disaster. 
Some 
of 
these 
very 
people 
have 
boasted 
of 
late 
that 
their 
hold 
upon 
the 
financial 
situation 
is 
so 
strong 
that 
panics 
will 
henceforth 
be 
impoRsihle. 
Nevertheless 
selfishness 
and 
ambition 
are 
the 
foundation 
of 
the 
present 
strur·ture 
of 
society. 
And 
Mr. 
Spreckles 
may 
be 
right 
in 
his 
a 
%umption 
of 
a 
great 
financial 
duel 
between 
our 
financial 
potentates. 
It 
was 
just 
such 
a 
duel 
that 
produced 
our 
last 
panic. 
One 
combination 
of 
capitalists 
attempted 
to 
take 
by 
the 
throat 
another 
combination, 
but 
failed 
and 
was 
crushed. 
The 
public 
was 
not 
made 
to 
suffer 
more 
than 
was 
necessary 
in 
the 
matter; 
but, 
so 
powerful 
were 
the 
antagonists, 
that 
the 
entire 
financial 
world 
received 
a 
shock 
which 
brought 
loss 
to 
many 
far 
removed 
from 
the 
principals 
and 
the 
scene 
of 
their 
conflict. 
But 
aside 
from 
1\1r. 
Spreckles' 
prophecy 
respecting 
a 
panic 
this 
year 
our 
readers 
know 
from 
the 
STUDIES 
IN 
THE 
SCRIP­ 
TURES 
to 
expect 
ere 
long 
the 
fulfillment 
of 
the 
great 
Redeemer's 
words, 
"There 
shall 
be 
a 
time 
of 
trouble 
such 
as 
never 
was 
since 
there 
was 
a 
nation-no, 
nor 
ever 
Rhall 
be 
after." 
(Dan. 
12: 
1; 
Matt. 
24:21) 
That 
awful 
trouble, 
however, 
we 
do 
not 
expect 
before 
October, 
1914. 
\Vhatever 
may 
come 
in 
the 
interim 
will 
be 
but 
the 
rumblings 
preceding 
the 
great 
climacteric 
shock, 
before 
which 
will 
fall 
all 
earthly 
institutions; 
as 
St. 
Paul 
de­ 
clares, 
Everything 
that 
can 
be 
shaken 
will 
be 
shakf'n. 
And 
the 
only 
thing 
that 
cannot 
be 
shaken 
will 
be 
the 
kingdom 
which 
God's 
faithful 
onrs 
will 
receive 
about 
that 
time.-Heb. 
12: 
27,28. 
Meantime 
we 
advise 
that 
no 
attempt 
be 
made 
by 
any 
of 
our 
readers 
to 
alarm 
the 
world. 
Humanity 
will 
bl' 
alarmed 
enough 
in 
due 
time. 
Rather 
it 
should 
be 
our 
aim 
to 
console. 
to 
com­ 
fort, 
to 
bind 
up 
the 
broken-hearte<l, 
to 
pour 
in 
the 
oil 
and 
the 
wine, 
to 
show 
the 
good 
things 
which 
God 
has 
in 
reservation 
for 
the 
saints 
and 
the 
restitution 
blessings 
which 
then 
will 
begin 
to 
be 
dispensrd 
to 
Israel 
and 
to 
all 
the 
families 
of 
the 
earth 
through 
Israel. 
1I1r. 
Sprel'kles 
is 
to 
be 
aumired 
for 
his 
courage. 
He 
fully 
demonstrated 
it 
some 
years 
ago 
in 
his 
attack 
upon 
financial 
corruption 
and 
graft 
in 
the 
politics 
of 
San 
"Francisco. 
The 
above 
interview 
shows 
the 
man's 
fearless 
courage 
as 
he 
looks 
into 
the 
future. 
He 
hopeR 
to 
be 
able 
to 
stem 
the 
tide 
of 
polit­ 
ical 
amI 
financial 
corruption. 
He 
hopes 
for 
the 
l'stahlishment 
of 
the 
Golden 
Rule 
in 
business 
and 
in 
politics. 
\Ve 
admire 
his 
courage 
and 
hopefulneRs, 
even 
while 
we 
know 
that 
his 
expecta­ 
tions 
will 
all 
fail. 
The 
world 
is 
not 
getting 
nearer 
to 
the 
Golden 
Rule. 
Our 
great 
institutions 
of 
learning 
are 
turning 
out 
infidels 
by 
the 
thousands-turning 
them 
into 
influential 
and 
predominant 
strata 
alJd 
currents 
of 
life-financial, 
po­ 
litical 
and 
religious. 
They 
fear 
neither 
God 
nor 
the 
devil. 
They 
scorn 
the 
Biblc 
and 
its 
precepts 
as 
"old 
wives' 
fablcs." 
They 
have 
a 
standing 
of 
honor 
and 
a 
business 
intrgrity, 
but 
it 
is 
not 
of 
the 
Golden 
Rule 
kind. 
It 
is 
of 
the 
kind 
that 
merely 
keeps 
within 
the 
lines 
of 
lpgal 
requirement, 
and 
not 
always 
that, 
aR 
was 
evidenl'ed 
hy 
the 
court 
exposures 
of 
illegalities 
in 
connection 
with 
some 
of 
the 
great 
insuranl'p 
l'ompanies 
a 
fpw 
years 
ago 
and 
railroad 
mismanagemf'nt 
and 
land 
frauds 
and 
bribery 
hy 
bankers, 
etc. 
Nor 
should 
we 
he 
harsh 
in 
our 
judgml'nt 
of 
millionairrs 
as 
a 
wholl', 
nor 
eVf'n 
of 
those 
who 
havl' 
been 
l'onvietl'd 
of 
finaneial 
briberies. 
Rather 
our 
modl'ration 
should 
be 
known 
to 
all 
men. 
As 
peacemakers 
we 
should 
sympathetically 
point 
out 
on 
proper 
occasions 
that 
much 
of 
the 
difficulty 
arises 
from 
the 
fact 
that 
individual 
rrspoll'3ibility 
is 
oVl'rwhelmed 
by 
corporation 
asso­ 
ciations-by 
the 
seeming 
necessity 
of 
an 
unlawful 
act 
to 
accom­ 
plish 
an 
end 
believed 
to 
he 
wise, 
hl'nevoll'nt 
or 
just. 
In 
other 
words, 
we 
are 
living 
in 
the 
day 
controlled 
by 
systems. 
of 
which 
individuals 
are 
merely 
atoms, 
evrn 
when 
thl'Y 
occupy 
influen­ 
tial 
positions 
in 
the 
systems. 
How 
glad 
we 
are 
that, 
as 
Bible 
Students, 
we 
are 
obtaining 
from 
the 
divine 
'Nord 
"meat 
in 
due 
season," 
which 
not 
only 
nourishes 
us, 
but 
makes 
us 
strong 
in 
thp 
Lord 
to 
know 
and 
to 
do 
his 
will 
and 
to 
be 
assistful 
to 
all 
with 
whom 
we 
are 
in 
con­ 
tact. 
Let 
us 
not 
forget 
that 
if 
we 
belong 
to 
thl' 
Lord 
we 
are 
of 
the 
"royal 
pripsthood" 
and 
that 
now 
is 
the 
time, 
in 
the 
dawlJilJg 
of 
thf' 
gn'at 
antit,\llir-al 
.TulJilp('. 
wllt'n 
:111 
the 
pri<·,.,ts 
are 
to 
blow 
upon 
the 
Rilver 
trumpets. 
making 
known 
to 
the 
world 
the 
riphes 
of 
God's 
gral'e 
about 
to 
be 
rpvealp(l 
in 
Mes­ 
siah's 
.kingdom, 
for 
whi 
... 
h 
'ltill 
we 
pray, 
"Thy 
kinguom 
COIlll'; 
thy 
WIll 
be 
donl' 
on 
earth 
as 
it 
is 
done 
in 
heaven." 
SECRETARY 
KNOX 
SEES 
MILLENNIUM 
P. 
C. 
Knox, 
Secretary 
of 
State 
in 
Prl'sident 
Taft's 
Cabinrt, 
in 
l'oncluding 
a 
stirring 
addresR 
before 
the 
graduating 
studentR 
of 
the 
University 
of 
Pennsylvania, 
speaks 
aR 
follows: 
"\Ve 
have 
reached 
a 
point 
where 
it 
is 
evident 
that 
the 
future 
holds 
in 
store 
a 
time 
whpn 
wars 
shall 
cl'ase; 
when 
tl!(' 
nations 
of 
the 
world 
shall 
realize 
a 
federation 
as 
rpal 
and 
vital 
as 
that 
now 
subsisting 
between 
thl' 
component 
parts 
of 
a 
single 
state; 
wllf'n 
by 
delilH'ratf' 
intNnati"lwl 
conjllTwtion 
tlIp 
strung 
shall 
universally 
help 
the 
weak, 
and 
when 
the 
corporate 
righteous­ 
ness 
of 
the 
world 
shall 
compel 
unrighteousness 
to 
disappear 
and 
shall 
destroy 
the 
habitations 
of 
cruelty 
still 
lingering 
in 
[ 
4671] 
(275 
276) 
Vou, XXXI BROOKLYN, N. Y., SEPTEMBER 1, 1910 No. 17 VIEWS FROM THE WATCH TOWER RICH MAN PROPHESIES PANIC A multi-millionaire sugar manufacturer of California, Mr. Rudolph Spreckles, recently returned from a European trip. In New York City he was interviewed by a newspaper reporter and is quoted as having made the statements below. Without endorsing his conclusions, we state them. His large wealth gives him opportunity for information respecting monetary affairs, which would not be open to ordinary men of small capital and lesser influence. We quote the interview from the “Springfield Union” of July 31st, as follows:— TERRIBLE TIMES BEFORE US “The financial control of the country is today centered in the hands of two great interests. When the two men in control of these interests engage in battle with each other for the supremacy a revolution, the most destructive the world has ever seen, will follow—a revolution that will not only paralyze or wreck many of our great industries and overthrow unnumbered financial institutions, but will imperil the safety of the Government itself. The only force that can prevent such a disaster is the people themselves, whose good sense and patriotism on many occasions heretofore have reseued the country from threatened destruction. “I have been engaged in business since I was 17, and have noticed year by year a gradual reduction in the number of firms handling large industries or engaged in banking until today the reduction must excite alarm. It is a significant commentary on business conditions that two men have it in their power to embarrass the United States Government. The concentration of wealth is the great evil of modern times, for it places in a few hands the power to precipitate panics and control legislation. “Hach time one of these panics has occurred certain interests have come forward to relieve the situation by the releasing of large amounts of money. If men can break a panic by bringing forward their hoarded millions, it is evident they can cause a panic by withdrawing from circulation a few hundred millions of dollars. From observations made in the last few months I am convineed that certain great financia] interests now are perfecting plans for the precipitation of one of these business upheavals this fall. “The panic of 1907 was ‘organized,’ if I may use the term, for the purpose of discrediting Theodore Roosevelt and his administration, The panic of 1910 is being hatched to furnish material for the approaching political campaigns. Those who are engincering it do not care how many enterprises may be wrecked, how many men may be thrown out of employment, or how many suicides may follow, so long as they succeed in their purposes, If stocks are hammered down to the bottem, they stand ready to make millions out of the necessities of those who are driven to sacrifice their holdings.” Spreckles announced that he proposed to devote the rest of his life to the reform of “conditions that already are intolerable,” in order to head off, if possible, the impending revolution, Asked as to the remedy for the evils complained of, he said:— “The elimination of dishonesty in corporate matters, the quickening of business conscience, the banishment of graft, the readjustment of capitalization by the squeezing out of water and the adoption of the Golden Rule as a fundamental principle of business. How these reforms can be effected is the important question of the times. What is needed today is 4 quickening of the conscience of the great wealth holders. One trouble with the trusts is that the men whose capital is invested in them are not sufficiently concerned to take an active interest in their management. So long ag they continue to receive large dividends they wink at practises in a corporation that they would not countenance in their own personal business.” Without endorsing Mr. Spreckles’ prophecy we can say that it is well-known amongst financial institutions of the country that all our banking interests are practically in the hands of a very few wealthy men. It is not, however, generally believed that the interests of these men would be better served by panics. On the contrary, the general estimation of business people is that these capitalists are conservative and that in seeking to guard their own interests against catastrophe they are really protecting others from financial disaster. Some of these very people have boasted of late that their hold upon the financial situation is so strong that panics will henceforth be impossible. Nevertheless selfishness and ambition are the foundation of the present structure of society. And Mr. Spreckles may be right in his assumption of a great financial duel between our financial potentates. It was just such a duel that produced our last panic. One combination of capitalists attempted to [4671] take by the throat another combination, but failed and was crushed. The public was not made to suffer more than was necessary in the matter; but, so powerful were the antagonists, that the entire financial world received a shock which brought loss to many far removed from the principals and the scene of their conflict. But aside from Mr. Spreckles’ prophecy respecting a panic this year our readers know from the STupIES IN THE SCRIPTURES to expect ere long the fulfillment of the great Redeemer’s words, ‘There shall be a time of trouble such as never was since there was a nation—no, nor ever shall be after.” (Dan, 12:1; Matt. 24:21) That awful trouble, however, we do not expect before October, 1914. Whatever may come in the interim will be but the rumblings preceding the great climacteric shock, before which will fall all earthly institutions; as St. Paul declares, Everything that can be shaken will be shaken. And the only thing that cannot be shaken will be the kingdom which God’s faithful ones will receive about that time.—Heb. 12: 27, 28. Meantime we advise that no attempt be made by any of our readers to alarm the world. Humanity will be alarmed enough in due time. Rather it should be our aim to console, to comfort, to bind up the broken-hearted, to pour in the oil and the wine, to show the good things which God has in reservation for the saints and the restitution blessings which then will begin to be dispensed to Israel and to all the families of the earth through Israel. Mr. Spreckles is to be admired for his courage. He fully demonstrated it some years ago in his attack upon financial corruption and graft in the polities of San Francisco. The above interview shows the man’s fearless courage as he looks into the future. He hopes to be able to stem the tide of political and financial] corruption. He hopes for the establishment of the Golden Rule in business and in politics. We admire his courage and hopefulness, even while we know that his expectations will all fail. The world is not getting nearer to the Golden Rule. Our great institutions of learning are turning out infidels by the thousands—turning them into influential and predominant strata aud currents of life—financvial, political and religious. They fear neither God nor the devil. They scorn the Bible and its precepts as ‘old wives’ fables.” They have a standing of honor and a business integrity, but it is not of the Golden Rule kind. It is of the kind that merely keeps within the lines of legal requirement, and not always that, as was evidenced by the court exposures of illegalities in connection with some of the great insurance companies a few years ago and railroad mismanagement and land frauds and bribery by bankers, etc. Nor should we be harsh in our judgment of millionaires as a whole, nor even of those who have been convicted of financial briberies. Rather our moderation should be known to all men. As peacemakers we should sympathetically point out on proper occasions that much of the difficulty arises from the fact that individual responsibility is overwhelmed by corporation associations—by the seeming necessity of an unlawful act to aceomplish an end believed to he wise, benevolent or just. In other words, we are living in the day controlled by systems, of which individuals are merely atoms, even when they occupy influential positions in the systems. How glad we are that, as Bible Students, we are obtaining from the divine Word “meat in due season,” which not only nourishes us, but makes us strong in the Lord to know and to do his will and to be assistful to all with whom we are in contact. Let us not forget that if we belong to the Lord we are of the “royal priesthood” and that now is the time. in the dawning of the great antitypical Jubilee, when all the priests are to blow upon the silver trumpets, making known to the world the riches of God’s grace about to be revealed in Messiah’s kingdom, for which still we pray, “Thy kingdom come; thy will be done on earth as it is done in heaven.” SECRETARY KNOX SEES MILLENNIUM P. C. Knox, Secretary of State in President Taft’s Cabinet, in concluding a stirring address before the graduating students of the University of Pennsylvania, speaks as follows: “We have reached a point where it is evident that the future holds in store a time when wars shall cease; when the nations of the world shall realize a federation as real and vital as that now subsisting between the component parts of a single state; when by deliberate international conjunction the strong shall universally help the weak, and when the corporate righteousness of the world shall compel unrighteousness to disappear and shall destroy the habitations of cruelty still lingering in (275 276)

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