The citizen. (Frederick City, Md.) 1895-1923, 1911-08-04
THE MONEY TRUST.
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Secretaries.

Congress is about to appoint COM
mittee to investigate the Money Trust.
This Congress has originated num-
Der of investigations and valuable re-
suits have been reached so far from all OF
them, and much credit is due TO the
House of Representatives for what has
already been accomplished, even if no
further or other results are reached. But
it seems at this time that it is assured
that vast and far reaching results will be
accomplished.
The Steel Trust, the Sugar Trust
and all of the departments are now
under investigation by committees, and
the light is being turned on, and the
eyes of the people are being opened,
and unheard of irregularities, fraud and
corruption is being discovered and ex-
posed, and the end is not yet in sight.
And now the Money Trust is to be inves-
tigated
We hope that this will be we'll and
fully done in the interest of all of the
people, and it is safe to say that such
will be the case. OF course it will be
difficult work for any committee and
the committee ought to be composed of
the best and abest men in Congress.
There are in the United States about
seven thousand national banks, and
there are in addition about fourteen
thousand State banks and trust companies
doing general banking business, and
savings institutions.
Many of the national banks are small
banks, with capital stock of twenty
five thousand dollars, and some fifty
thousand dollars, but most of the
State banks have only small capital.
From such banks no harm is liable
to result, but from the mammonth
banks in the large cities, is where the
danger arises and where it is to be APP
pretended.
1t is safe to say that there is great dam
ger from those large bank combinations
and aggregation of money institutions.
This country has already had bitter
experience of what great Capitalization
of money can do by way of control Of
Government and oppression of the
people. During the administration of
General Jackson the United States Bank
was in control of the money and had
such power that it controlled or sought
to control both the government and the
people, and SO great was its power that
Jackson surprised it by removing the
government deposits which was the end
of the great National Bank and its dam
gerous power. Roger B. fancy, of Fred
erick, was the Secretary OF the Treasury
and Democrat who removed the de-
posts.
In the larger cities many National
Banks have passed into the control of one
set Of men-that one great bank has abb
sorbed number OF other banks creating
capital of millions of dollars In addi-
ton to which they have secured the
ownership and control of trust companies
doing banking business, and in addition
have obtained control of insurance COM
panies with hundreds OF millions of sur
plus. The Equitable Insurance Company
has surplus of four hundred millions of
dollars and is controlled by the combined
banks owned and controlled by J. P.
Morgan. 1t is said Mr.. Morgan controls
by means of his banks, trust companies
and life insurance surplus, several bill
lions of dollars Of the money of the
country. 1t does not require any argu-
ment to convince any intelligent man
that this is most dangerous condition.
It is power that can make or break
panic at the viii of Mr.. Morgan. 1t is at
the will of Morgan and Rockefeller to