The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1910-01-06
MoRGAN's MONEY TRUST
BoYCoTTING TEXAS

bO COIIlNO IzAAo'
Dallas county, Texas, furnishes an
admirable example of the temper
and workings of Pierpont Morgan's
Money trust. That county had an
issue Of SS7j, 900 OF per cent bonds
put out and based on the whole re-
sources of that great county for
their redemption and worth.
When il came time to sell these
bonds, those in charge of the nego-
tiations offered them to MIR, Nor
gans' Equitable Life Assurance So
ciety. Vice President Day respond
ing to the offer. wrote that he "had
no doubt of the soundness of the
securities and their desirability as
an investment" but that "under the
extraordinary laws OF Texas, en-
acted and approved by the present
administration" his company, to-
gcther with many others, had felt
obliged to retire from doing bust
ness in the State, and Is not now
willing either to invest in Texas Sc
curities or loan money in that State.
The New York World concludes,
that since no other Eastern finan-
cicrs have yet signiiied willingness
to buy the Dallas county bonds,
they have all taken stand similar
to that taken by Mr.. Morgan's com
lpany. This, as the World remarks,
amounts to IA financial boycott. II
is seemingly "A deliberate attempt to
cocrce sovereign State which has
presumed to enact laws which the
Money Trust finds offensive.
Money" says the World, "has
Ipuh'icty offered no more msolcnt
challenge to free institutions since
the Morgan Belmont bond syndi-
cate was smashed. And our able
contemporary goes on to say;
"Today it is Texas that is dis
cipincd for It's insurance code. To-
morrow county bonds in some other
state may be boycottcd because of
railroad Legislation that is offensive
to the Money Trust. The next day
the United States government may
feel the weight of Money Trust dis
pleasure because Congress has not
been sufficiently considerate of
vested rights
The World says further: 1.-THE
great Wall street banks and the
great insurance companies through
their financial relations and alli-
ance with outside banks, reach to
nearly every part of the country.
More and more they are coming to
dictate the terms on which the
American people are permitted to do
business. Not satisfied with this
power they have begun, AS the
Dallas case shows, to dictate the
terms on which states may govern
themselves"
A Wall street operator Is quoted
as saying that "any man might eX-
pcricnce much difficulty in borrowing
IA million dollars in New York, re-
gardlcss of his security, if Mr.. Nor
gan was unwilling that he should
have the money"
In an extended news article the
World gives, as partial list of
those principally interested in this
Money Trust, j. p. Morgan, +.
Baker, james Stillman, William
Rockefeller, Henry G. Frick, w. X.
Nanderbilt, the Guggenheims, James
}. Hill, Thomas f. Ryan and the
Hartman estate. And it gives, as
II partial list of the interests this
trust Of trusts controls, the fol
lowing:
The great Wall street banks and
trust companies.
The big insurance companies.
The steel trust.
The oil monopoly.
: The copper trust.
, The coal trust.
, The electric trust. -
= The great Hill and Hartman rM
l road systems in the west, and num-
r erous other lines, both east and
west, including the New York Cen
: trail and the Reading roads.
: The Pullman Company.
9 The same article in the World re-
cities few of the things the Money
: Trust is big enough to do:
. 1t could call 500, 1000, 600 of loans
3 over night and ruin any adversary
1t could reduce credits to such Q