Charles Schwab has fifty or a hundred thousand or so partners, of course—stockholders he has to educate.

They have to be educated in public. He is not insincere because he has not educated them all in a minute.

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V

GETTING ONE MAN RIGHT

There are certain facts which make me believe in Schwab as an asset for the nation and for labor and capital both, that must not be thrown away. There are all manner of facts about Schwab and his mills which I do not yet know which I could look up and use, but the most valuable facts to use and use first, are facts anybody can get and get without looking up, by just sitting down and thinking.

Getting one man right and being fair to one man is the way to begin to be fair to a nation.

If Charles Schwab is what —— says he is, if Charles Schwab is doing or winking while it is being done at the thing —— says he is—he is an incredibly under-witted man—stupid about the public, about labor and about capital—and, what is the most reckless of all—stupid in behalf of himself.

It is rather a hard nut to crack—Charles Schwab's being stupid. I cannot understand why people—why a man like —— would apparently rather believe that Charles Schwab is stupid than to believe that there must be some other way of explaining him and of explaining what he has heard said about him.

If what —— says is true about Mr. Schwab, he is not only a stupid man but a ruined man.