Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1909-12-18

Paragraphs from address before the
manufacturers at Indianapolis: There
is one other objection which appeals
to me as very serious. Who is to own
this central bank, and who shall con-
troll it? If it is to be at advantageous
to the Central banks of other coun-
tries, it must be corporation, the
shares of stock in which will be held
by individuals or corporations and
regularly transferable and subject
to representation at stockholders
meetings by proxies. | do not think
there can be any doubt in the mind OF
any one who studies the question in
the light of admitted conditions, that
II a central bank is established in this
country, it will be owned, or at least
controlled, by the Standard Oil com
pany.
There are two diseases prevalent
in this country. either of which is
liable to prove fatal One is Wall
street-mania, and the other Wall
street-fobia. do not think that have
been sadly inoculated with either, but
| am frank to say that it seems to me
quite unamerican to place with any
group of men the power to contract
or expand our currency at will and
to grant or withhold credit to any
bank, to any merchant and to any
corporation at pleasure. 1t was charg-
ed, and as vigorously denied, that the
affiliated banks of New York during
the panic Of 1907 simply withdrew
credit from the group of men who con-
trolled the Tennessee Coal and Iron,
called their loans, and finally adjust
ed the matter by taking over the prop
erty at fraction of its admitted
value, upwards of $500,O0O,000, and
paid for it in United States Steel
securities, without the exchange Of a
dollar in money. Assuming the charge
to be libelous, it still illustrates what
could be done were a group of men
possessing the requisite disposition to
be in control of the central bank. OF
set of New Year resolutions given
out some years ago by Josh Billings,
| remember but one: Resolved
That if man tells me a mule won't
kick, I'll believe him, but l won't go
near the mule
But, lest it be charged that ! am
apepaling to popular prejudice, l am
willing to go on record that if we are
to have Central bank l shall vel
come control by the Standard Oil com
pany or by the United States Steel
corporation, though preferably by both
combined. This Is not based on per.
sonal friendship, though some measure
I'of personal friendship, l hope, exists
but it is based wholly on the question
of fitness for the task.
cat the risk of being criticised, | am
going to inject few statements in
commentator of the Standard Oil
people. They rendered by all odds
the greatest service of any institution
or any group of people during the
panic of 1907. From October of that
year until Jan. 15 following the Ma
tional City bank of New York finan
ced exports of cotton, grain metals
and other commodities to the extent
of $250,000,000. If any other institu
ton in the United States financed 3
million in exports during that time,
shall be glad to know it's name.
1T is difficult to over-estimate the
value of this service These exports
| liquidated our foreign bills and paid
for the gold we imported. In addition
| to all this without calling loan, the
same bank granted assistance to in
dividual, firms and corporations to the
extent of $40,0O0,00O. This is won
derful record, and it must be taken
into the account in considering this