The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1912-12-26

appearance OF j. flCrpOnt Morgan De-
fore the Puo committee where the
highest authority on finance in the
world was called to tell something
about his profession Of accommodating
great wealth. His nswer to ques-
tons have been read eagerly by the
common, ordinary mortal as well as
by the financiers Of this and other
countries. The dispatches have car
ried his epigrammatic u~tteranccs 70
the far ends Of the earth; the cores
pcndents have described his bored
yawn when a mere transaction Of a
million dollars was under discussion.
Enough has developed in the past
week to indicate that Mr.. Morgan
knows something OF finance and the
few who heard him testify and the
thousands who have read his testi-
nony have learned something about
money. But Americas Napoleon of
finance was not there to tell what he
knew. He went to tell what he was
compelled to tell, with the intention
of telling that only. He was attended
on his journey from New York to
Washington by a body-guaId OF law
yers who we're employed, not to help
him give information to congress, but
to help him withhold information.
The New York World describes the
distinguished squad as follows:
Mr.. Morgan went to Washington
accompanied by Joseph H. Choate,
former ambassador to Great Britain
and the leader of the New York bar;
by John c. Spooner, former United
States senator from Wisconsin and
now a distinguished New York lawyer;
by Francis Lynde Stetson, one of the
ablest corporation lawyers in the
country; by r. V. Lindabury, the gen
eral counsel for the Pennsylvania
railroad company; by De Lancey Nj
coll, who was attorney for the Tobacco
Trust in the recent dissolution pro-
ceedings; by William F. Sheehan, who
was a candidate for United States
senator in New York and is one of the
best known corporation lawyers in
the city"
A great nation is seeking the light.
It's highest lawmaking body is at
tempting to discover whether We have
a correct financial system that is be-
ing grossly abused or whether we
have a deficient system. Men who
make the amassing of millions their
recession, as Morgan has done, are
in a position to do their less expert
fellow countrymen a valuable service.
But what happens when the financier
is called upon to explain technical
matters Of finance or, perhaps, to Of
fer advice? One of them, at least,
takes with him a battery of lawyers
to help him keep away from congress
as much information as possible.
j. Pierpont Morgan is perhaps as
unpopular in the public eye as any
money baron in the history of Ameri-
ca and this despite the fact that he
has ever been a willing and unos-
tentatious contributor to charity as
well as a powerful factor in the de-
velopment of art in this country. The
reaso for his unpopularity is plain.
Give him all credit for the good he
has done and there still remain many
indictments against him for steadfast
refusal to do a greater good. Lest he
or accidentally con-
tribute information of value to the
whole country, he protects himself
with a squad of legal sentries.
]. Pierpont Morgan is a bi-product
of a financial system that promises to
be altered TO dts vast improvement
Sioux Falls Press.