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Updated: May 14, 2025


"If a citizen thinks a treaty dishonourable, and if it is also dishonourable for him to repudiate it, it seems to me he is dishonourable whatever he does. He is obliged to consent for the sake of honour to a dishonourable thing being done. It seems to me perilously like a director of a firm having to condone fraudulent practices, because it is dishonourable to give his fellow-directors away.

When thinking of the importance of freedom of experiment and of a ladder with no missing rungs, I have my mind on the possibility of the owner of one estate of from 5,000 to 10,000 acres throwing all the farms and many of the fields together and making his best tenants fellow-directors with him of a joint enterprise, one doing the buying and selling, one looking after the power and the tractors and implements, one planning the agricultural processes, one directing the labour and so on.

Nevertheless, from the day of his entrance into the company which was months before Cowperwood began seriously to think over the situation he had been strong for improvements extensions, more franchises, better cars, better horses, stoves in the cars in winter, and the like, all of which suggestions sounded to his fellow-directors like mere manifestations of the reckless impetuosity of youth, and were almost uniformly opposed.

So long as Vanderbilt produced the profits, Astor and his fellow-directors did not care what means he used, however criminal in law and whatever their turpitude in morals. John Jacob Astor of the fourth generation repeats this performance in aligning himself, as does Goelet, with that master-hand Harriman, against whom the most specific charges of colossal looting have been brought.

Uncle Jack was so persuaded that his fortune was now to be made, and had, moreover, so great a desire to share the glory of ruining the monster monopoly of the London wharves, that he refused a very large offer to dispose of the property altogether, remained chief shareholder, and removed to London, where he set up his carriage and gave dinners to his fellow-directors.

These facts were very ugly and so unanswerable that Judge Rossmore did not attempt to answer them, and the important news which he, the chairman, had to announce to his fellow-directors that afternoon, was that Judge Rossmore's conduct would be made the subject of an inquiry by Congress. This was the spark that was needed to ignite the electrically charged air.

"Now," said Mr Medlock, coming to a halt in his walk in front of the boy, "I suppose you guess I wouldn't have asked you to call here if I and my fellow-directors hadn't been pleased with your letter." Reginald looked pleased and said nothing. "And now I've seen you and heard what you've got to say, I think you're not a bad young fellow; but "

He will with the greatest ease obtain positions of responsibility and emolument, notably upon the directorate of public companies, and can often, if he finds his salary insufficient, persuade his fellow-directors to increase it, whether by threatening them with exposure or by some other less drastic and more convivial means.

These facts were very ugly and so unanswerable that Judge Rossmore did not attempt to answer them, and the important news which he, the chairman, had to announce to his fellow-directors that afternoon, was that Judge Rossmore's conduct would be made the subject of an inquiry by Congress. This was the spark that was needed to ignite the electrically charged air.

Why, then, the Bank must do without him to-day, as it would have to do without him, one of these days, when he was dead. He thought of his fellow-directors' faces, and laughed again. He felt morally certain of missing that train. What kind of world would it be if money grew in birds' nests, or if leaves were currency and withered in autumn? Would it include truant-schools for bankers? . . .

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