The Birmingham age-herald., 1912-03-03
INVESTIGATION IF THE MONEY TRUST Seems Assured at This Ses- sion of Congress
  WITNESSES ARE FOUND l., Pierpont Morgan Accused of Being Real Power Behind the Alleged Trust-CuriOus Facts About ..
 Ship Companies
WITNESSES ARE FOUND
By RODERICK CLIFFORD

| Washington. March -(Special)- From
 the way the Senate committee on inter- | state and foreign commerce has gone
 about the matter there seems no longer
 any doubt that real investigation of the
 so-called money trust" will be made and
 be made at this session of Congress. l Tn the House the Henry resolution pro- viding for an inquiry by special com
 mittee was defeated in the caucus. As
 soon as this action was taken the regular l House committee on banking announced l that it was prepared to take up the mai 1 ter, but some of the Bryan followers in | the House rather distrusted the purposes l of the regular committee.
 l It was just day or two later that Sem ator Clapp, chairman of the Senate com mittee, let 1t be known that the body | over which he presldes was disposed to make investigation of this supposed | monopoly and to get at the facts, what ever they might be. Tt so happens, how ever that the issue has not been forced | in the Senate committee, but there seems to be an inclination to probe to the bot tom the charge that the money of the
 country was controlled almost absolutely by half dozen New York bankers. It has been charged, and the charge is
 reiterated, that the real money power
 was held not by the six magnates, but was held by J. Pierpont Morgan. Of course the five associated made it possi- be for Mir Morgan to wield vast power, provided he does, but in some manner or other the fnancier is charged with exert I ing dominating influence over the money | market of the country
 1 Already few witnesses have come | forward with testimony that appears to | bear out this allegation. These witnesses
 were called before the House committee
 on rules when that body was deciding whether or not there was any reason to | order an investigation. These witnesses l pointed to specific instances where the I money control of the country was abso- 1 lute.
 Facts were brought out which tended to | show that no new enterprise of any other l than a local nature requiring a large cap- | ital to finance it, possible in this | country without the express authority of l this small group of bankers. It was even
 said that the bankers in question went 1 over among themselves the objects of such enterprises and if found to be worthy l they were approved and given all the assistance needed. If not approved no | money could be received.
 | one specific instance Of the power Of l the alleged trust was pointed to in the | failure of the Atlantic and Pacific Trans port company to succeed. This was Sl5, l 0on, 000 corporation organized to run a line | of fast steamers between the two coasts l through the Panama canal s.. When the company had received it's l charter and it's bid placed with the gov l ernment for the rail contract the officers l suddenly found that the money prom
 ised them by New York and other bank
 CTS could not be had. Also it was found that not ship could be built in an Amer | ican yard | The charge was frankly made that these 1 bankers. in looking over the steamship
 plans decided that 1t was a distinct mem.
 ace to the transcortinental railroads, all | of which are depeNdent upon Wall street | for support. When the conclusion was ! reached that the proposed competing line I was dangerous the financial support was
 withdrawn. This was supposed to have ] been done by the threat from the big l bankers 10 the smaller ones who had sub
 scribed to the stock of the company. | Also 1t Is a matter of record that every
 
 had been asked to bid on the vessels of 1 the new companies suddenly decided that | they would be unable to take contracts | from the new company. In other words | the money trust had warned the ship builders not to encourage the building
 of the new fleet of merchant ships. Another witness appeared and promised 1 even more startling revelations, provided 1 he were assured that the investigation l1a h.,,, I'd md ,nt mol cal play. This was Samuel Untermeyer. | the New York corporation lawyer. He | said that he knew, absolutely knew, of 1 the combination of money powers and l could point to one after another instance ;, of it's sweeping control of the money i market He did not testify as to details | however. preferring to walt until he could | learn the scope of the proposed investiga- l ton.
 From every part of the country there 1 have come offers to testify against the
 trust. if an inquiry that means business l is instituted. The democratic caucus
 side tracked this inquiry. however, by l voting against a special committee. The | object of that vote was frankly means
 of preventing another investigation, the 1 effect of which would be to disturb bus 1 mess conditions.
 Chairman Pujo of the House committee l l1dS lSSutu StNtldl SldltliltnlS Ill WHICH ne 1 has said that the money trust, If there
 is such thing. will be probed by his | committee but so far nothing more than
 statements has resulted from the caucus 1 action
 Ii is in the Senate that the investga-
 ton must be made, if made at all. This 1 's the feeling in Washington since the democratic House passed up its oppor-
 tunity There is, too just an even chance | that the Senate committee will refuse to
 undertake the investigation
 l There are on this committee 16 senators:
 six of them are avowedly in favor of in-
 augurating the investigation. Quite as
 many more are against 1t. There are just | four senators, it is said, whose position
 has not been made known. Unless three of them vote with Senator Clapp and his l progressive associates the investigation | will fail in the Senate.
 Tn any event the democratic House ap. pears to have lost it's opportunity to make
 some valuable campaign material out o 1 such an investigation as Chairman Henry
 of the House committee rules pro posed.
 If the Senate takes up the inquiry i l will be carried on by a committee domi
 mated by republicans instead of demo
 crats. and the republican insurgents will
 claim whatever credit accrues.
 l