64 JOURNAL OF FORESTRY 



is already served because bankers have learned that it does not pay to put 

 in capital where it will be destroyed together with its competitors. That 

 knowledge has been put into effect in the railroad world and the water- 

 power world. It will be put into effect in other industry. I am frank 

 to say that if we as a people have not intelligence enough to do these 

 things for ourselves we are fortunate to have bankers intelligent enough 

 to do them for us. Yet we must recognize that banking control is, to 

 the pubHc, one of the hateful forms. It is dangerous for the banking 

 world to take on this function because it is conceivable that it might 

 lead to a reaction which would sweep away private banking altogether 

 or deprive it of all Hberty of action. It will be better for the banking 

 world if we let forest industry exercise self-control through cooperation. 

 This will make a safe loan field of the industry which is all that the 

 banker can legitimately demand. Then again if we force on the banker 

 the necessity of controlling all industry his burden. will be too heavy 

 and the results he will get will not be equal to those to be had by letting 

 the men of each industry who know its conditions best, control it 

 themselves. 



Conclusion 



To sum up it may be said that existing conditions are intolerable, 

 especially as to destructive competition, that control of the industry, 

 we must have in order to better conditions or this resource will be, 

 seriously impaired. Regardless of the public interests, we may be sure 

 that control will come. Unlike some of oirr other industries, the choice 

 is still open between effective democratic organization first or an 

 autocratic organization controlled by banking interests and eventually 

 by highly centraUzed concerns. The democratic organization will 

 permit existing moderate sized units to combine for those things where 

 national cooperation is essential and to operate independently in regard 

 to these things which have to do with individual productive efficiency 

 and self rehance — ^under banking control individual development will 

 be forced into prescribed channels in all lines. Which course shall we 

 choose? 



