Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1912-12-19
THE FINANCIAL PROBLEM.

Secretary Of the Treasury MacVeagh. in dis.
cusslng the need for currency legislation. EN-.
ployed words that probably will be heard in Wash
ington again and again before congressional action
is taken. This relief he said which is urg-
emily needed by the legitimate business and enter.
prise of our people il not relief from financial sit
uation built up by the financial world itself. but is
from a system and conditions supermposed by the
government and forced upon the business commu.
nitv and upon American society The banking
and currency system is the product Of federal law.
And there can be no relief from it until Congress
acts And that s way congressional action Is urg.
ent
f. is to be observed that almost without excep-
ton. the financial papers Of the country hold
practically the same view. Even the conservative
New York Journal OF Commerce declares: 1t can
hardly be said that our currency system generates
the conditions which prepare the way for panlos.
but it contributes to creating them and utterly fails
to provide means OF ayerting them. Now this
in general is the view taken by former Representa-
tive Fowler Mr. Fowler does not condemn the
nractices that have been evolved much as he
does the lack of definite laws. The important po-
sition occupied today by the clearing house asso-
Citations throughout the country is recognized by
Mr.. Fowler to such degree that he would utilize
the clearing house idea in reoasting our basic n
nancial statute
The money problem and the question OF panics
the acute Capitalization OF wealth and all the power
wealth includes were among the many things that
led to the widespread belief that there exists in the
United States today money trust a combination
of forces as represented in banks, industrial and
concerns whose potency has become
such as to be the one mighty controlling factor in
modern business. Such men as Untermyer and
Brandeis haze declared that money trust does
exist. whether in tangible form or not And it is
true that Inc majority Of the people suspect the
liviiy of some such agency. Thus arose the de
mand for a money trcgt inquiry by the House OF
Representatives. This inquiry has been scoffed at
by the self Sufficient PRESS of New York III, tr st
was alleged to have been in operation in New York .
thai city being the ultimate center for the \
banks OF the country and also the headquarters OF \
the controlling financiers Nov in a degree both /
the critics and the supporters OF New York banking
are in the right. There may be no money trust r
such tangible shape assumed by the old
Standard Oil company but there is trust pow
,rfu aggregation OF wealth which is the outgrowth
ol conditions and which lends itself easily to the
OF the great financing interests. The
puo investigating committee has shown the enor-
nous power inherent in the New York Clearing
House Association This power, and that of other
associations, is recognized by Mr.. Fowler And it
n itself is one Of the strongest elements in the
money trust money monopoly call it whatever
you desire. Inspecting banks, controlling reserves
md governing members with iron hand the
Tearing house associations. aided by our present
insufficient laws respecting banking reserves, lead
naturally toward a Capitalization of power and that
bower in New York Cy.-ndanapols News