The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1912-04-29
DEMOCRATS
EASING Up
Expectancy COmpels Them to
60 Slow on Money Trust

washington Aprl zB.-Politleal ex-
pediency has inpelIed the democratic
leaders OF the house Of representa-
tives to assent to a more comprehen-
sive inquiry into the affairs Of the So
called money trust than was originally
planned. 1t was learned today that the
resolutions offered by Chairman Pujo
asking for additional authority fol-
lowed a bitter fight in the committee
on banking and currency, notice hav-
ing been given by a number of demo-
Gratis that unless more power was Civ
en- the money trust investigators that
they would withdraw and make public
statements giving the reason why.
Mr.. Pujo. who Is one OF the conserva-
tives of the committee. presented his
resolutions in order to avoid trouble,
although he felt convinced that the au-
thority under which he and his asso-
ciates were proceeding was ample to
elicit all pertinent facts.
On Saturday Representative Pujo
presented a resolution asking the
house t broaden the power OF the
money trust investigators. This fol-
lowed q conference in which Samuel
Uptertmeyer of New York participated.
Spurred on by radicals Of the commit
tee Chairman Pujo was forced to con-
slider the engagement of Mr.. Inter
meyer as legal adviser. Mr.. Inter
meyer named certain conditions I'M
der which he would enter the service
Of the committee. He insisted that If
he undertook the task Of guiding the
committee that the house must first
pass a resolution authorizing an inves-
tigation that would be without re-
s~triction or limitation.
Informal announcement has been
made that Mr., Untermeyer had been
tentatively retained as counsel for the
committee on banking and currency
in conjunction with =. NJ. Farrar OF
New Orleans, former president OF the
American Bar association. AS stated
Mr.. Untermeyer's acceptance of the Of
fer made to him Is contingent upon the
passage by the house Of a resolution
authorizing what the New York law
yer believes TO be a thorough investi-
cations Of the activities OF the money
trust. Whatever the action of the
house Mr., Farrar win serve the COM
mittee.
A good deal OF feeling has been ex-
cited in the house over the action OF
Chairman PuJo in offering resolutions
requesting the house for supplemental
authority in the money trust inquiry.
Criticism is not leveled at MI. Pujo
personally, but against the committee
who forced his hand. It is pointed
out that the money trust Investigation
was set in motion by the banking and
currency by the democrats in a party
caucus. The caucus directed the COM
mittee to proceed to inquire into the
affairs within It's jurisdiction, namely
to probe the operations Of financial in
situations, which, it was alleged, were
conducting their business in a man
ner that was inimical to the interests
Of the country as a whole. Two OF
three committees Of the house were
empowered to delYe into other corpo-
rations that were supposed to be con-
trolIed or Influenced by the money
trust.
In the resolution offered by Chair
man Pujo Saturday the committee on
banking and currency is empowered to
touch on questions that have already
been made the subject Of inquiries by
other committees. Another resolution,
presented by MI. PuJo, still further
broadens the powers Of the banking
and currency committee.
The resolution offered Saturday Is
a~pologetic in tone. It begins with the
statements that the original money
trust resolution rs insufficient in the
delegation Of its powers to permit OF
the scope Of inquiry which is believed
to be necessary as a basis for remedial
legislation on the subject in hand.
The indications are that the Pujc
resolution introduced Monday viii be
| reported by the rules committee
promptly. That it will provake a lively
fight is assured. Some democrats In
tend to ask in the open why the lead
ers consented to q new resolution on
the subject OF the money trust with
out first taking the matter uF IL s2.-
Gus. It will be argued that in effect
the substitute resolution Is a violation
| of the edict of the caucus, the decision
of the caucus having laid down in
structions restricting the inquiry In
certain particulars.
At the beginning of the session there
was a good deal OF a hub-bnb anon
democrats over the money trust. Rep
| resentative Lindbergh, a republican
i~nsurgent, had offered q resolution au,
thorizing q sepcial committee to make
an inquiry. Representative Henry Of
Texas. a Bryan man, offered q similar
resolution. A caucus was called to de.
eide the question, and after a bitter
Ii G~E.+ xA- - Aro In axrn An&N41ukal D. &nx
banking and currency COMMITTEES
That committee is now to be instruct
| ed to 90 ahead with the proceedings
| along the lines laid down in the Henry
and Ldndbergh resolutions. The Pujc
resolution that viii probably be passed
by the house. sets forth that important
| changes have been proposed in the
banking and currency laws and in the
| Sherman anti trust act that legislation
| supplemental to existing anti-trust
laws have been proposed in q numbes
I OF bills presented to congress. II
charges that there is reason to believe
that the finances Of many Of the great
| corporations ARE rapidly concentrate
ing In the hands Of q few financiers In
| the city OF New York" that these
1 groups nave beCuAS 11HALAlton over
the leading national banks and other
moneyed institutions in New York. II
charges further that the fnancial
groups in question appear to be In q
position to control the security and
commodity markets, to regulate the in
terest rates for money. to create. avert
and compose panics. The resolution
recites that national banks ana other
moneycd institutions are engaged In
/ the promotion, underwriting and ex-