CAPITALISM'S ACHILLES HEEL Dirty Money and How to

296 CAPITALISM’S ACHILLES HEEL
him during that period and under the rationing of World War II and on into
the 1950s.
The most important thing on Earth for J.W. Baker was to be a person of
honesty and integrity and to be viewed in the community as exhibiting these
traits. So far as I am aware, he never sued a customer who could not pay. He
took his modest profits and invested in timberland in northwest Louisiana
but never once bought a tract at a tax sale or a forced auction or took advantage
of someone in distress and desperate to sell out. Paying the lowest price
for his modest investments or selling at the highest price to his customers
was simply not important; a fair price in all transactions was important. After
his wholesale business was strong again and out of debt, he gave back at
no cost the one-third shares given to him by his generous former partner
who had continued to offer occasional advice and encouragement during
the tough years.
Active in civic affairs for two decades, including service as local chairman
of the Office of Price Administration during World War II, J.W. Baker
was elected a director of the United States Chamber of Commerce in 1947,
representing a six-state area. Traveling to Washington about every two
months for six years, he rose to head the Chamber’s national finance committee
and became acquainted with many people in Washington and from
other parts of the country.
In 1953, directors of the Commercial National Bank, which had earlier
tried to force him out of business, called on him at his warehouse next to the
railroad tracks along the banks of Red River, opened the conversation by
saying that he was the best known Shreveporter outside of Louisiana, and
offered him the presidency of the bank. As he described it later, “You could
have knocked me over with a feather.” He sold his wholesale business and
assumed the position and continued through his banking career to be
known by everyone as a person whose word was his bond.
My father exhibited the best of what Adam Smith wrote about, in
both Moral Sentiments and Wealth of Nations. His ethics were firmly
grounded in integrity, and his self-interest was entirely directed into hard
work and frugality. He neither cheated nor dealt shrewdly with anyone
and would have been completely mortified to be accused of ill dealings.
Maximizing profits was never the most important thing in his life; maintaining
an impeccable character and reputation was. Given this deep-