New-York tribune., 1912-12-13
lFrom The Tribune Bureau.1
Washington. Dec.
Acme Of penocratic EoIlx.


II is gradually dawning on the Demo-
cratic leaders Of the House that they
have reached the acme OF their folly In
intrusting the investigation of the So
called money trust" 10 the Pujo COM
mttee. This is the one Investigation
undertaken by the Democrats which il
worthy of the name and which is
directed at actual evils. Hampered on
every side BY the most untowsrd con-
ditions, Samuel Cntermyer is really
bringing to light facts of the utmost
Importance, which may prove OF vital
moment to the commercial welfare of
the nation, and which, undou btedly. are
III large measure responsible for tha {
olstrust which so many Of the voters
eHtsrtaln for the managers of large
Ildhce winch Senator Root so seriously
oeplored In his recent able address be.
iore the New York Chamber, OF Com.
merce.
The almost incalculable power ex.r-
cisco by few financiers with prac-
ucslly unlimited resources: the uncon-
scionable methods employed by them to
manipulate entire industries: to Great.
wholly artificial shortages Of commodi-
ues; TO sell securities at nrices SO
boosted 10 figures wholly dispropor-
1onsie 10 their value. and even to sell
snort 10 An amazing extent. an opera
@ioh foAowed by releasing the damned
up commodity and thus bearing the mar
ksi' to point which yielded inordinate
profts to those who. being on the inside.
nad sold securities they did not possess
all these things are being brought to
light by the searching cross-examina-
tion or Mr.. Untermyer. but before a COM
mittee which has been regarded largely as
joke, and which gives every evidence
or its utter incapacity either TO grasp
the facts presented or 10 utilize them,
either in the formulation of an inteIIi-
gent and comprehensive report or as a
basis for recommends tions for legisla-
tive enactment
startling disclosures Of the nonopolstic
methods OF the clearing houses have
been made, and yet, In accordance with
true Democratic stupidity, the COMMITTEES
charged with devising a new fiscal sys-
TEN, one which would remedy existing
wholly distinct investigation, and because
Of petty jealousy has warned the members
Of the Pujo committee and its counsel
that its members want no interference
or advice from them. The men before
whom Mr.. Untermyer is bringing TO
light the startling disclosures are for the
most part unversed In finance, give album
dant evidence OF confused thinking on the
simplest transactions of'modern business
know little or nothing Of banking end
banking methods and create the impress
sion that the significance Of most Of the
disclosures is wholly lost on them.
II Mr. Untermyer is permitted without
serious interference 10 frame the report
which smbodies the results Of the inves-
tigstion. IL may prove Of considerable
value although IL is obvious that it must
fall far short OF the worth it might
possess were he conducting the investi-
cation before body Of men competent
to deal with the subject and TO exert in
teilisent Judgment In the preparation OF
the report Were II not for the inordinate
jealousy OF the Glass committee, which
is supposed TO be conducting an investi-
cation OF the banking features Of the
financial problem. its members might, and
unquestionably would. profit from the
disclosures before the Puto committee, but
under the circumstances, that they will DO
so is improbable. And one Of the graVest
defects of the Pujo committee Is the fact
that its chairman will retire to private
life on March 4.