Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1912-02-14

J
mission SPECIAL committee - investigate the /
money trust Mr. Bryan ssys Wall street 4
prefers regular committee therefore = Sp@-
risl committee must II chosen in sr3er 10 win /
The n-xl election Osezr Underwood majority 1
lesder Of thu haus@ refused 70 do Nh Brvsn'S i
bidding and ID this defeat Mr. Bryan lost his
leadership Of th~ parry which b. has often
led 70 defeat
Mr. Bryan Enthusiastically Inconsistent
N trying to influence the house II this way.
The very telegram in which BE- gave his orders
- hs party contained the answer 70 his de-
msnd. He warned the democrats il the house
against beng influenced BY powerful interests
outside tn hOuse- Wall street for instance. and
IN the sane breath he brought his outside
iqfuence 10 bear them and he did this Tor
SHAT : technically corrupt motive namely =
sfseet the result Of impending election
However we are 20 have an investigation
Fl the money power and the subjects outlined for
the regular committees 10 study chiefly snsi-
tiers which any New York banker can explain or
which lists Of shareholders viii disclose Only
Of the questions to Be taken up well
sub in bringing TO light anything Of value that
= not known By all well-informed bankers and
business men and that i whether the marketing
Of securities By interstate railroads and indus
trial corporations has been by competitive bid
ding This may Be important II il can b.
shown that the companies and their shareholders
have suffered los and those in some inner
safe 10 Say that the accumulation Of undi-
gestsd seeurites IN the hands Of under
writers win furnish proof that the business Of in
snr ng the success Of bond issues i not alto
eethsr devoid Of risk and Is therefore worth some
\ thing in thu shape Of premiums commissions
Stul tee int, rests Involved may justify some IN
/ yestgation II the snAjeet since II IS the only
\ definite charge made ~ Samuel Untermeyer
4 when he appeared before The committee rules,
1 excepting Of course his .xeoristion Of certain
state legislatures.
jefferson " Levy one ot New York's repre-
! sentatives In congress, at the same hearing
\ gave the house committee on rules very lucid
| explanation IF the part the banks OF this city
| took in trying to cheek the panic of 1907 and
also Of the work they do in carrying on the
business Of the country. 1t Is improbable. that
this Investigation will disclose anything that will
add to tine general information the subject
given By Mr. Levy. though much time can easily
BE- wasted in threshing old straw.
Mr. Levy maintains, in the first place. that
I business Is being investigated and legislated to
death; and. when challenged, he gave amongst
other instances that Of shipping company in
San Francisco which could not quote rates on
foreign business by cable because answer was
demanded within twenty-four hours whereas the
1 laws says notice of change III such rates
has to he posted for thirty days. Needless to
say this law does not bother the japanese or
'anadian Pacific Steamship companies. they
get the business
Coming to the banking question and the re-
| sponsibty for the panic of 1907, Mr.. Levy re-
ferred to the statement made by Mr.. Untermeyer
before the Finance Forum in New York which
I was in part follows:
| think every candid observer familiar
with the financial conditions will agree that
within the past ten years there has been
amazing concentration of the money pow
err in a few hands There are men among
our leading hnanciers whose citizenship
| rises above self-interest and among them
are many who a peril to the nation in
! this rapid concentration of power brought
about by the control over other peoples
!, money.
Mr.. Levy maintained that the plan recon-
: mended by the monetary commission will give
Q relief to the commercial community. The panic
! of 1907 not brought about by New York.
y New York banks had been warning the country
u for six months that money tight and the great
$ private capitalists in the country had gone 50
i far to predict panic if the business CON-
e munity did not shorten sail and put its house in
order.
Then while the people ont west said every
? thing was all right. the western banks drew
o down their reserves in New York until the New
o York banks had parted with their last surplus
/ dollar. while interior banks piled up idle cash
e in their vaults until il amounted to an actual re-
5 serve of fifty 10 sixty.five per cent The mania
for boarding cash spread until currency be.
y thing that congress is asked to adopt the rec.
o not devise a better plan
h.. I.. NJ. L.