East Oregonian : E.O. (Pendleton, OR) 1888-current, 1912-12-26

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Most OF the 5ayS Of the year the
people are busy ~i,h commerce, poll
tics ana ether affairs OF
The Way Of the vorkaday world
me World. Human he Is held
cheap, hss may De
blown up in a mine. killed IN train
zreck or go down with sAirs. rew
take heed aside from immediate
friends and relatives and the life in
surance companies, Bu; az Christmas
tine IL : different Then the heart
becomes more mellow and people pay
more heed 10 the nissorsunes OF
others Yesterday business and poIf-
ties we're lain aside and The chief
news story Of the day pertsiaei 20
the fate OF SO passengers stranded
aboard a ship aground OF Sandy
Hook Millions OF people read Of the
peril Of those people and their i'll for
tune touched the hearts OF the world
ia = way that would have been i'm
possible had the accident occurred on
some other day. The story Of their
rescue carried by the afternoon papers
vas the brightest story Of the day.
>~>~s~~~~
It is interesting TO note the COM
men;s Of the press on the subject OF
Morgau's testimony
First steps before the congress
Toward Reform sional investigating
committee While
compliments are many for the great
financier's frankness with respects to
some points the press in general de-
Inounces the conditions under which
one man may have such colossal
power
Here in part are the views of a
representative eastern publication, the
Boston Post:
Mr.. Morgan SCOTS at the possibility
Of a money trust bat he cheerfully
and. apparently proudly, acknOwl-
edges the existence Of power over
the things in which the public invests
and upon which it relies for service
that makes any money trust that can
be thought of look ike the three
dimes Of slang convention The facts
are proved; the difference of opinion
is on the moral quality involved in
those facts The people must judge as
they read and think.
But Of the viciousness OF one con
dition brought out, in the intimate
talk of this Jupiter Of finance. there
is no question at all. That is the ex-
elusive fiscal agency of the house OF
Morgan FOR the New York Central
and the New York New Haven &
Hartford railroads and all their sub
sidiaries. The principle is bad
through and through and opposed TO
public policy.
No one financial house should have
the sole right 10 float tie securities OF
a public service corporation. No
such house should have the control
over the railroad that inevitably
comes to il as the great and influen-
tial producer Of its cash when cash
: needed No such house should
have the grip on railroad director
ate that must certainly be given it by
such commanding financial authority
II Is not a question Of honesty or the
stability OF the hrm-it is a question
o. principle wholly. and the principle
is had
To obviate this wrong dealing is
easy. Railroads. serving the public
and built with the pubIc's money
ought 70 b. compelled by Law to sell
their new issues OF securities through
free and open competition by all the
responsible financial houses that want
20 bid for them II is the only way
70 CO, of the influence Of high IL
rance upon the peoples transporta-
-I5n companies
Furthermore. the funds OF railroads
which are semi-public funds. should
b. deposited il authorized banks
which are under the strict regulation
Of Law. and not in private banking
houses. however great and golden
Here again Il i 10, a matter 0: pres
enc reliability but Of wrong practice
All ina. il i wrong requires little
argument
The Morgan revelations bring no
particular wIckedness into the lime.
light But they DO show the need
o. reforms that are fastening on with
eyery fresh chapter of publicity given
% the toings of Wall street
ROTDOIR GE(RETS