Word: morganized
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Dates: during 1930-1939
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When the hearing adjourned they crowded around while friends were wrapping the head of the House of Morgan in his woolen muffler. Why would the destruction of the leisure class mean the end of civilization? Who were the leisure class...
After a two-week hiatus due to a quarrel over Woodrow Wilson's veracity (TIME, Jan. 27), the Senate's Munitions Investigation Committee last week resumed its functions on its last allowance of $7,369. Back in the witness chairs were J. P. Morgan & partners (TIME, Jan. 20). On the first day Washington's Senator Bone gravely asked Banker Morgan whether he thought the next war would destroy civilization...
...might irreparably damage the economic structure," Mr. Morgan admitted judiciously. "It might do away with the leisure class, and if you destroy the leisure class, you destroy civilization. Civilizations have died before. They have come back. How great the damage would be, I've never been able to decide...
...Well," said Mr. Morgan, who has grown downright garrulous with the Press since he became a Senate witness, "I think that if the housemother has to do all the cooking and all the washing and bring up a family of five children besides, she won't have time to educate the children. ... By the leisure class I mean the families who employ one servant, 25,000,000 or 30,000,000 families...
Sharp-witted Partner Thomas W. Lament, who feared this pronouncement might not make good publicity, intervened in a fruitless attempt to persuade the correspondents to ignore it. Good were Mr. Lament's premonitions. Partner Morgan's opinions on the leisure class were kidded on the front pages of newspapers from coast to coast. Some editors pointed out that in 1930 there were less than 30,000,000 families in the U. S., all of which by no means had one servant. Others dug up the fact that there were less than 2,000,000 cooks and servants listed...