The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1911-07-09
Central Bank Scheme viii be Fol-
lowed by Big Money Trust
Which Would Rule
the Country.
CONGRESSMAN ALARMED
Llndbersh Points Out That Morgan
Is Trying to Get Hold of Every
Penny Not
Buried.
Gate City Leased Wire Service. l

lGate CITY Leased Wire Service
WASHINGTON, July S.-A huge
money trust, which would overshadow
and control the financial interests OF
the entire nation, was forecasted to-
night by Representative Lindbergh
(rep., Mimi, as certain to follow the
enactment of the proposed central
bank scheme.
The Minnesota progressive today
Immediately following the incorpora-
tion at Albany of the s10,O0o,o0o Ma
tional City Company, introduced a
resolution demanding an investigation
by special committee of the house
to determine whether at present
there is not financial combination
operating in violation of the law
In statement tonight Lindbergh
bitterly excoriated the Aldrich central
bank plan, which President Taft has
endorsed twice during the past two
weeks, and declared it a Joker" tc
give over control of the country's Is
finances into the grasp of the Morgan
crowd
Wall street brought on the 19o-
panic,'' he declared, "and under the
streets of conditions caused by it go
the people to demand currency re
forms. Then Wall street brought the
Aldrich-Vreeland currency reform bill
| forward and if Wall street dares /
will produce another panic to pass tn,
i "A 1driS.J, hor,1 y
The efforts of the Morgan crow,
to extend their already wide grasp OF
! the financial world was evidence,
only this week in New York Th
organization of the National City Com
\ pany as partner organization of tn
A National City bank, the chief Morgan
financial institution was plainly tn
beginning of q concentration of al
! the banks, trust companies and tinano
ial institutions that the Morgan crow
can grab.
This is but a forerunner Of an e,
4 tension of control that would be easil
manipulated under the proposed Alo
4 rich scheme. The National City con
/ pany is to acquire stock in othe
j banks, and to do foreign business
Under the Aldrich plan, trust con
panies, savings concerns and bank
doing foreign business are include
4 as part of the national bank system
Ali these banks are in large cite
the National City.
Lindbergh asserted that under til
Aldrich plan control of the COVER
ment's banking system, and, cons
quently, the entire financial interes
of the country, would be in the hant
of the reserve association"
"Of the forty-five directors propose
for the reserve association" he co
!, tinued each of the fifteen prancl
is to elect one. New York City, Phi
adelphia and Boston and the 9th
large cities would each control on
Four would be sufficient to nal
. Wall street the sole arbiter. This pr
vision for the selection of the dire
tors of the reserve association is Il
principal joker in the Aldrich pla
| Twelve directors are TO De elect
on the basis of stock representatio
Of course, they would be elected
the Wall street crowd, for the capt.
. of this country is now controlled
y the extent of eighty per cent by thr
IS thousand persons and concerns.
e Then there are to be six exotic
8 directors, of whom the president {
points three. But he is not to ex
o else his own judgment in their sell
q ton. We must take them from |
o furnished by the board
y "The only directors to escape w
I. street control would be the secreta
a. of the treasury, the secretary of co
1T merce and labor aud the comptrol
l. Of the treasury, and one from such
the fifteen branches as did not
~ clude a large city,
IL "Under this system. Wall str,
could not avoid absolute control
the finances of the coIntry.'
Cleanup in Paris.