Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1911-08-09
SPECIAL WASHINGTON cORRES-
sPONDENcE OF THIS
BY Clyde h. Tavenner

money F1iuSl E1uFeSllSdlIl5 ColAlulLlec
of Congress. The Democratic House
OF Representatives will conduct a
rigid probing of the alliance and ANAL
gamation of leading financial inter-
ests in Wall street. and will show
how an almost absolute control of
the country's financial affairs has
gradually become centralized in the
hands OF very few men who act in
concert. 1t will, in detail. Indicate
how "a community Of interest has
sprung up. dominating the great rail.
ways of the country. as well as the
financial institutions and industrial
corporations.
| The power Of this great banking
combination to control credits, ex-
changes and deposits, and cause bust,
ness depression and panics, will be
determined by the investigation.
That Money Trust exists has
been conceded before tie Rules Com
mittee, but some Members at first
1>wished to maintain that the Aldrich
National Monetary Commission had
covered a good deal of the ground
contemplated by the Committee resO-
luton. To them Representative Lind
bergh of Minnesota, author Of the
resolution, replied THE Monetary
Commission has, by all indications.
lot gone into the reserve system.
| The reserve system is declare d to
be a menace to the country in conse-
quence OF which the country is in
danger of financial panic at any time.
Under the proposed Aldrich system,
it would be Impossible to keep the
forty-fivc directors Of the reserve as
sociation outside of Wall street in
fluence."
i Mr.. Lindbergh further declared his
I belief that the National City Company
):-ecently organized in New York "loo!'
ed suspicious The purpose of this,
he asserted, was to make a holding
company that may traffic in stocks
Of other banks. Such situation he
i declared to be grave menace to
tho stability of the country's bank
ing Institutions and system, and urg.
ed the need of wide and comprehen
sive investigation. Asked If a viola
5 ion of the Sherman law could be
proven if the alleged aims and in
tents of the National City Company
were carried out, Mr. Lindbergh re
+ piled yes"
A member OF the Monetary Com
mission stated that 'the banks OF
the country do not cooperate and
when a panic. comes they have to
get together for protection
President Taft's Controller bay
message has had the same effect as
hat OF the document he issued two
years ago, exhonerating Ballinger and
i Erecting that the man who was fight
ing alone to save for the public the
GOAL resources of Alaska should be
removed from public service.
i The Presidents message has serv-
! ed to increase the scandal and has
4 strengthened the conviction that the
/ Alaskan situation must be investiga.
ed with a view to comprehensive
legislation, which will prevent the
president from repeating the perform
lnce which he describes in his mes
sage with SO much special pleading
Ind palpable effort to deceive.
The White House publicity bureau
has, in this matter, followed the old
est and commonest method of public:
deception, which is the setting forth
If specious statement, knowing that
ew will take the trouble to analyZe
I, and that therefore few will ever
discover its weakness and inaccura-
cies. But in the present instance the
circumstances attending the prepare
lion and issuance of the message alb
5olutely destroy all faith in the pre-.
4 ended frankness of the administra-
ton, even il the message. itself bore
fewer traces Of deceptive intent. Dur
ing the past two weeks the presidents
himself assisted by Secretary of the In
serior Fisher and Solicitor McCabe.
of the Interior department, have
worked upon the communication and
the documents which it purports to
describe.
The message so prepared is beyond
question of doubt the strongest OK
,ianation OF the presidents course
which he and his advisors could pro-
duce, and can hardly fail to be well
Understood by even the most guile
cssly un&uspecting public.
| Credit for most of the work is con-
c@ded to Secretary Fisher, but when
he triumvirate had wrought to their
oft ability on a portion, other men,
49,, OF the cabinet were called in to
::sco"cr. if possible, its imperfections.
TIE presidents message shows that
Upon the sol citation of Richard S.
Ryan Ca well known lobbyisD he
.nrcw open for the bcEefit Of any
| Tho might be behind Ryan the valu-
| lie Controller Bay Lands Mr. Taft
| rys he did not know what interests
Ivan was representing, but that he
loes not believe he represented the
dorgan-Gugg syndicate. T q
message makes clear beyond reason
lble doubt that all the men who.
:cre implicated in the schemes
against the public, so clearly revealed
Il the Ballinger investigation, we're
ctively engaged in putting through
his proposition TO give Ryan the key
the Alaskan coal lands. He speaks
% two cabinet members. Ballinger
nd Secretary of Agriculture Wilson,