For J. P. Morgan, the New York banker escaping the shadow of his father in the 1880s, upholding the rights of property was nothing to be ashamed of; it was a mark of character. At the end of the era, Morgan said that the basis of the whole financial system was character. Character was not morality. A man of character might be dissipated, lie, cheat, steal, and either order or condone deeds punishable by time in a penitentiary, but he did not do those things to his friends. Friendship depended on character; friends were loyal and keepers of bargains (whenever possible). They did not talk
...more
