Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-03-18
Forgan, Chairman Of
Bankers Currency
Committee TaIks.
sR0USEs PREJUDICE
Wisconsin Senator Gives Names
y of 100 Men Who He Says
Rule Country.

Chicago, March 1S.-James 3. For
gan, president of the First National
bank of Chicago and chairman of the
currency committee Of the American
Bankers association, in an interview
today relative to the speech of Senator
La Toilette of Wisconsin in the senate
yesterday. said the senator was false
in his assertions and panderer to
class prejudice The speech as quot
ed is worse Ian rot said FOrgan.
Makes Names Public.
Washington. March Ex-senator La
Toilette last night made public the
names of the leo men who he said,
in an argument against The Aldrich
bill in the senate yesterday, control
the industrial life of the nation.
This small ring of -financiers." Mr.
| La Toilette said. can create artificial
lA periods of prosperity and periods
OF panic. They can raise or lower
prices of commercial supplies at will,
can force the farmer to sell inta the
hands of the spectators, and can ar
tifcially relieve money stringencies
iii the WAYS best calculated TO MAKE
the profits flow into the pockets OF
Wall street.
This condition of affairs, he said, is
due 10 the business reorganization OF
the last 10 years, which laT banks,
railroads and all great industries Wn
der their sway through the formation
lof trusts
Evidence of Connection.
The bare names OF the directors OF
two great bank groups (Standard Oil
and Morgan), given in connection
with their business associations, is "a.
the evidence that need be offered al
the absolute community of interes
between banks, railroads and al tnc
great industries declared Mr.. La Fol
lette. There are 23 directors of the
National City bank standard Oil,
and 80 directors of the National Banl
r OF Commerce (Morgan). EXamina
ton of these directors shows tha
these two groups are being knit to
gether in business associations. 3Gg
gesting their full Identification
Control Four Hundred Banks
Fourteen of the directors of tn,
National City bank are at the hea
o. II great combina lions rrprcsentm
4 3S per cent of the cap:. aiizatl6n of Al
; the Industrial trusts in the country
The railroad lines represented on tn
: board of this one bank cover the cour
> try like a network These same
directors. through their yariors cor
nections. represent more than 35
: other banks, trust companies, raj
e roads and industrial corporations
e with an aggregate capitalization c
e more than $1,000, 100000"
J. 1t was on these men that Senate
e La Toilette laid the blame for the r,
cent financial panic. There were n
commercial reasons for the disturb
= ance, he said, but there were spec
lative. legislative and political reason
% why a panic might serve special il
terests There we're business score
/ to settle There was legislation TO /
II blocked and/ a currency measu
v suited TO the system to be secure
s. There was a third term TO be DISPOSE
is ol and policies to be discredited.
rs Recounted His Views.
ri He recounted in vivid language
IA view of the events of Oct. "a. whe
IN Wall street was in the throes of Il
re currency stringency. He pictur
s. Morgan and Stillman in conferen
during the time the rates for mon
were mounting higher and high,
= Then he described how at near t
IS closing hour the curtain went l
he with Morgan and Standard Oil i'll /
III center, of the stage with money
of real money, % millions rof money
giving it away at 10 per cent