The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1910-02-17
SHAW OFFERS
OPPOSITION

New York Feb. 1e.-"Let us US
not tempt restless people oy
deliberate act Of congress centralizlng
financial power In a single city, SAID
Leslie NJ. Shaw, formerly secretary
of the treasury. In speech tonight
before the financial forum at the west
side Y. NJ. c. a. Arguing against tho
establishment of central bank, Nh.
Shaw said In part
Advocates OF the central bank
never fail TO emphasize the import
ance of keeping such an institution
out OF politics and out OF Wall street.
Hy 90 doing they hope TO dlspel The
Impression that the very purpose OF
the central bank Is TO centralize tinan-
ciai power in Wall street.
In a recent speech made in this
city by The chairman of the committee
on banking and currency It was
stated that the bill would limit dlvi-
Gends to lour per cent and expressly
provide that the capital stock be
owned by banks throughout the coun-
Try. ownership on the part of national
banks TO be madc compulsory.
X the dividends are to be limited
10 four per cen. think there Is no
strong interest In New York that VIII
object to the stocks being held in the
country and II IL be held in the coun-
Try and scattered among the national
banks somewhat In proportion TO their
capital control by the affiliated inte.-
oSts OF New York would be assured
g. I,.s Nrhf gI
can be obtained and retained with
such certainty as 10 place the owner
ship Of the stock in the country In
correspondence with the big city
banks Where will their proxies be
sent IL not to their city corTcspon-
dents?
1T sounds well and may deceive
the thouGhtiess. but the plan was
worked out by the thoughtful,
1T was further stated that the board
Cf directors would be limited TO geo
graphical divisions So tina. each por-
tion O the country would have repre-
sentatIon This ought TO insure a
local executive committee to manage
the bank without much interference
from the other 10 states
Il am amazed that large financial
interests should seek this unnecessary
Capitalization | share In part the
popular prejudice against lower mon
ey ] would as soon place the gov
crnment oi the United States under
the dictatorship OF John D. Rookie
teller. j. p. Morgan or r. H. Harri-
man In his time aS under the dictator.
ship Of Theodore Roosevelt, w. H.
TAFT or William J. Bryan One group
IL as unselASh as the other One group
loves power no better than the other.
Il believe In three coordinate
branches Of government and ! do not
believe in any OF these branches CON
trolling or seeking 10 control by coer-
cion or otherwise either of the other
two. | am opposed to Capitalization,
political as well as commercial.
Il repeat. 1t surprises me that the
large interests should now seek a
central bank which must OF necessity
intensity prejudice The south al,
leady believes that New York city
controls the price of cotton With a
central bank the large interests of
New York city can control not only
the price Of cotton. but the price of
every other commodity. Clothed with
such power. should a long period OF
SIagnation be our future lot TO what
unjust and unmerited criticism may
they not be subjected, and what dire
calamity may not be precipilated upon
us all In a misguided desire TO get
revenge on few? Would the central
bank be out OF politics them"