Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1912-09-12
DISCUSSES PROBE
Of MONEY TRUST.
George VI. Reynolds Of Chi
cago Expresses Belief
in Honest Inquiry

10 disclose a confidential relation
ship between bis bank aus .'s cls-
toner. n would require bl' q shor-
step further 10 capitalize for the
qualification % prejudice The conf
deuces between an aff0rreg and bic
client a. well a. tle secrets 90 tho
confessional
ar Reynolds spoke before the
Trust Company section OF 'he Amer
lean Bankers Association a. .'s an
nual convention and disarowed any
artac1nIsm 10 the congressional r-
yestlgation by The House Comittee
Believing a. : DO. paid the speak
or. that omen minded. honest agita-
ton OF ans quest on in which The
public is Interested prompted by a
laudable purpose and kept free from
anImus and prejudice. WiIi tend 20
secure a proper solution o., this
question. ! desire 90 dlsav0W any an
tagouism for the opposition % the
impending Investigation o, 'ho So
called Money Trust hy me House
Banking and Currency Committee
o rho contrary I shall boz glad 10 do
49, 90" 81" co-opfraJe with the
members OF that committee SO long
as their activities are extended
along the lines OF an honest eudeayor
calculated TO promote better meth
DDS and higher ideals .n business
Panking conditions were discussed
by tho speaker who said .u part
The fact that 90 per cent OF the
business OF this country De- done up
on credit, and that the use OF actual
money In transactions has been re-
duced 20 the minimum, makes II
very easy for people who do not
properly discriminate b. tween credit
and money itself 90 become confused
in the application OF the terms and
especially is this likely 20 be- the
case with those who have given
SO little study 10 the subject that
they look upon q bank az being an
Institution dealing In money. where
as, In reality a bank deals iu credit.
and the money b. carries 10 lbs vaults
Is only an incident 20 It's business.
being carried only IN an amount suf-
ficient under the law OF average 70
make II possible for the bank 60
pay It's obligations upon demand
under normal conditions
This confusing Of credit with
money as 10 is related 70 business.
has caused much misrepresentation
on this subject and resulted in more
or less honest criticism by those who
do not realize that the Money
Power as 1t is usually applied re-
lates 10 the power OF control OF tho
credit which may be- extended
against either money OF other tan
gible liquid assets easily or quickly
convertible into money. and in view
OF the temper OF the people toward
large aggregations OF capital lt Isl
not surprising that there has also
arisen much confusion and miscon-
ception through the use OF the word
Money Power and Money Trust
Oftentimes, where quotations OF all
legged statements are made. tho word
Trust Is, either through confusion
or arbitrarily, substituted for the
word Power making % appear as
Money Trust thereby changing
the meaning OF the statement as 81
was originally made.
Il disclaim any knowledge. 20 say
nothing Of any connection with any
Money Trust OF any character. and.
feel ! would be derelict In my duty
4 ! were TO say 10 YOU that do NOT
believe any such trusts exists
II a little more OF the spirit Of,
fairness were 10 be injected into.
a consideration and discussion oil
his subject. the masses OF the people,
would be less inclined 20 hold pre-
udice against or criticise banks. for
lfter all. the banks are only the
warehouses OF the credits of the
community and the credits they con-
rol are subject 20 the ehb and flow
Incident 20 the fluctuations 'n bus
ness.
Il have heard more or less crit /
cism OF banks In this country upon
Dc theory that the Money Power
5 in the hands OF TOO few people.
lnasmuch as whatever control in
ividuals may now have four bank /.
lg power comes % them under and
~ virtue OF the National Banking
.aw. as the result Of a coucentra-
ION 20 reserves in the central--e-
erve cities and through legitimate
ractioes in the ordinary trend %.
usiness and not mark YOU. through
ny violation or evasion OF the la
n their part. would % not De far
lore becoming 90 criticise the Law
which forces this condition rather
han 20 criticise the men who under
be law have the condition forced up
n them?
As one who has been accused OF
Uniting that the Money Power
nder existing conditions. or the
ever TO extend credit In times OF
rises. rests In the hands OF a few
ankers IN this country whose in
tiiuiions carry the surplus banking
I hara fnr .hrnn ..oar- NJ. !