The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-02-12
STREET BREADS
AN INVESTIGATION
EVEN PROPOSITION OF FRIENDLY
COMMITTEES Is Not
RELI~HEp
1T WILL BE AMUSING
POLITICIANS WILL ENJOY 1T AND
THE FINANCIt.R Will TOOK
o>, nut AT SAFE
DISTANCE
1T WILL BE AMUSING
IN, THOMAS & SuOTW1IL)

(Bs THOMAS {. sHOTWfLL)
NEW YORK. Feb ll.--lnvestlEa-
ton of the MONEY! Trust, even BY
q friendly committee. is not rollshei
by the financial world and decision
hy Congress IL proceed Is causing the
sale &c considerable stock. The hlE
people realized months ago that the
Investigation could not he stopped and
prepared themselves, The lStle peo-
Die, as usual. viii suffer. Not that
there really Is u Money Trust that
can he defined ard destroyed, but
mat one VIII he invented for the
purpose Of being destroyed. The pro
cess VIII be amusing for the politicians
and for the hnancters who Will watch (
from Il safe distance.
That the money power has become
concentrated there Is no doubt. and
there Is lso no doubt that this power
has at times been used rather freely
10 chastise persons who have dis
plaased the handful Of men whom
the weird banking laws Of the United
States have forced into control of the
banks Bat a bad situation Is being
exaggerated to u shameful degree ny
persons ignorant Of the first prihel-
pies Il banking Fer instance, II
has become favorite SANDER to
compare deposits of certain banks
with the amount OF money in the
country The two things bear little
relation to each other. The total
deposits OF the banks and trust com
pantes of the United states were on
July last according 10 the report
Of the comptroller Of the currency
sIN.575. 7S5,29S, and the money in cir
fulatfou is now about $3.2so. Geo 600.
New York banks have total deposits
OF about - 500. 600 600 aud according
10 this scheme OF classification she
New York banks have about two
thirds Of the money IN the country.
Eut New York banks have only about
s500. 600 00o Of that money. De
posts represent deposit and rede-
post Of the same money by many pei,
sons This leads we'll meaning but
badly informed persons 10 make COM
parsons that damage the cause lheS
try 10 uphold
Perform Duty Law ignores.
Aside from the use Of bank tuhds
fN sAfufitY companies owned bE lAe
stack holders ~ hanks. and aside from
some features of UNDERWRITERS all
that Is done t% the leading bankers
In the way Of controlling the use or
money by tho public ought 10 be done
by somebody. In other countries the
law pToyIdes for doing II, but since
the American law ignores this most
vital function Of banking the matter
IN attended to by private business men.
The viii be glad to rclinQuish the
pover when they are relieved Of the
RESPONSIBILITIES. The men who now "N-
trcise this vast power are foremost
In the crusade to have the banking
laws reformed along the very lines
where reform IS most needed
II is true that there are dozen
men who know every day Just who
is doing the blg borrowing nj tho
banks. and these few know how SAFE
that borrowing IS and they decide
wnen t. call halt on each borrow
or Should individuals he permitted
to borrow themselves and the banks
into baukruptcyr Somebody mas t.
Iing HE bell.
There are certain things that must
be done In ;hp course Of business,