The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1912-12-30
Testimony of Waists King "a
Analyses To Noted Finan-
cial Expert
J. p. MORGAN & co. Is
THE REAL MONEY TRUST
Untermyer Has Established the
Fact, Declares c. Nj.
Keys
BY c. M. KEYS.
BY c. M. KEYS,
Financial Editor OF Worlds Work.
and a Recognized Authority on
Banktnu

Financial Editor Of Worlds Work."
and Recognized Authority on
Banking
Ia the full excitement OF coming
all the disclosures. all the evasions
and all the rest of the overwhelming
burden OF testimony given BY the
great J. r. Morgan at the Pujo
money trust" hearing at Washing
ton the REAL QUESTION gray
est Importance to every man. woman
and child ia this country APP
parently been completely overlooked
| in the fog OF words, words. words.
! BY far the most striking point has
been completely missed
| The ONE thing which Ii Is GER
tain Samuel Untermyer, examining
attorney for the committee. hoped
1.-THE citizens or America would see
CONSCIOUSLY and ABSOLUTELY
by the usually astute Morgan is
/ NOT lis Pierpont Morgan the money
KING OF this land.
! But
is not J. P. MORGAN & COM
/ PANY the actual money TRUST OF
( the land--a soulless, self perpetu-
ating corporation engaged in monop-
! olizing the money and the credit OF
the whole great United States?"
And il the answer 10 this ques-
ton is "Yes"--if IL is true that J.
I p. Morgan & Go. WELD this power,
4 - 81 he n
comes obvious
J. p. Morgan is a MAN. lie has a
SOUL. And HE will die But two
MEN, or THREE men, or -FOUR
men. COMBINED. do not have a
SOUL And they do not all die AT
lONCE.
The fact OF money and credit con-
centrating somewhere in the Morgan
offices seems to be plainly apparent
| on the face OF Mr.: Morgan's testi-
mony. This is THE thing which the
great financier tried 10 disprove on
the stand And to me IL seems he
signafiy failed in this.
But the OTHER thing, which IL
did not even occur TO him 10 try to
disprove-which. indeed, he seemed
anxious 10 declares that rather
than himself, the ENTIRE Morgan
Office controls whatever money and
credit is by his firm controlled This
means that IL there Is money trust
llt IS a money TRUST self-per-
petuating institution, group, a
system.
Those who live in the shadow OF
the House OF Morgan have deceived
themselves They have imagined
that in the course OF time the power
OF ]. p Morgan would pass.
They have looked upon these giant
undertakings. in railroad finance. in
banking, in manufacturing, as the
creatures of ONE great mind. the
tasks OF ONE strong man. They
imagined IL only as passing phase.
danger OF the hour, something to
be survived and forgotten.
Mr.. Morgan's own evidence fatty
disproves H.
He denied, unequivocally, that he
knew anything about the appoint
ment OF the voting trustees OF the
Guaranty Trust Co, two OF them
members OF his firm; he did not
know anything about the voting
trust OF the Bankers Trust Co.; had
never heard OF the international
Agricultural Corporation by that
name: knew practically nothing OF
the international Harvester Co.; did
mot know what had become OF the
Cincinnati, Hamilton Il Dayton rail
road; forgot that his firm holds the
Chicago Great Western in voting
trust: could not name the members
OF his own firm, j. p Morgan 4 Co.
knew nothing OF the purchase Of
Bank OF Commerce stock by his firm
and could not name Its president
forgot whether or not the Steel Cor
poration ever dealt In It's own stock
or had the power TO do 80.
These matters are the moderr
activities that have given rise TO thu
idea that there Is money trust.
The public. even the Wall-st. public
had a,cribed them To the activities
and the genius OF J. y. Morgan, thu
man. j. p. Morgan. the man. de
mics, categorIcally and without re
serve, that he knows anything worth
while about them. that he planned
Them or executed them.
At the same time he clearly In
dictates that they are the work OF the
firm-the House OF Morgan--th,
names OF whose members he cannot
remember
No other fact In any evidenc,
Ndduced In this hearing Is so vital
THE control OF money and credit
the power OF life and death I'm thu
world OF Big Business---is no longei
a question OF the power. the ambi
ton the good will or the hatred OF
J. p. Morgan or OF any other morta
man. Instead. II has descended II Il
exists at all. 10 a firm. a thing that
may never grow old, that never re-
lakes Its vigilance or abates It's
power.
The only other big feature OF the
Morgan evidence that stands out a.
anything like so important as thi,
first item. is the internal evidence Of
the power OF Mr.. Morgan. or Of his
TOO HARD OR Z