The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-12
ACTION. NOT REMUNERATION.

Many and various have been the shafts OF
rdicule leveled at the money trust nvestigat
ing committee by those who did not believe
in the existence of a money trust or believ-
ing did not wish the fact of its existence es-
tablished in the minds of the people. Loud
cacchinations have emanated from Wall street
direction and to them have been added the
silly giggies of the standpat element. The
pursuit of the money devil' has been the
subject of many merry quips from those who
tell there is no money devil" and that If
not catch up with it.
Possibly not. There may indeed be no
money devil, though it begins to look as if
few prominent fnanciers of Wall street have
sprouted horns. but, nevertheless, the investi-
eating committee has justified its right of ex-
istence. For a long time 1t did nothing and
some of us were beginning to believe that the
shot MIR. Henry had made at Wall street had
missed its mark, but the information extracted
without the application of gas or ether Tues
day from w. f. Frew, president of the Corn
Exchange bank, of New York city, was worth
all the time devoted to the work of investi-
cation. When MIR. Frew was forced into MAX
ing statements that came perilously near to
the admission that the New York Clearing
House was responsible for the panic OF 1907
and that it could bring panic whenever
it felt inclined nothing was proven that
advocates of the investigation had not sus-
pected, but 1t gave force to those suspicious
Fbn,, ha nd TOD hot
its demand for money in the interior of the
country to finance the crop movements and
the industrial and commercial needs, the Wall
street banks are able to keep the money in
Wall street for speculative purposes, he ad-
mitted nothing that was not believed by thou
sands already, but the point is that one of
those who know was forced to admit the
truth of the suspicious which brought on the
investigation. They believed it all before: !
now they know 1t.
There is no need to heap opprobrium on
Wall street. There is no need to declare Bit
tery that greed for revenue influences the
banks of the interior to send money to Wall
street to secure the high call loan rates which /,
obtain there whenever the demand in the in
terror grows. There Is no question OF morality
involved. That Wall street wants the money
and gets it by paying for 1t is true but de- +,
nunsiation does no good even IL 1t be merited |
The point is that the interior country needs
money and should get it,. That is what banks
Ire allowed to do business for That they do
,ot get 1t may not be due to dishonesty, but I
hey do not get It, There's the trouble and
here the remedy should be applied There is
10 occasion for censure for denunciation, /
out there Is occasion for action. Wall street i
an corner the money market when it wants to 4
10 SO. no matter how badly the money may be l
.eeded in other sections and this Wall street 4
should not be allowed to do. Why it does it l
md whose the blame Is mmaterial The
hing the banking and currency committee
las to do is to find some way to stop it,
THE LONDON PEACE NEGOTIATIONS.
1t is almost impossible to conceive Of actual