El Paso herald. (El Paso, Tex.) 1901-1931, 1912-02-08
Democratic Caucus Splits on
Probe Question; Henry Is
Defiant.

Washington. D. C, Feb. s.-Repre-
sentative Pujo. Of Louisiana. chairman
Of the house committee on banking
and currency. to which the Democratic
caucus last night referred the pro
posed investigation Of the money trust,
said today he would introduce a reso-
luton to vest his committee with pre-
nary powers to learn If there is 2
money trust" in the United States
The banking and currency commit
Tee VIII meet next Wednesday to plan
the inquiry.
Mr.. Pujo, in a statement today, char
acterized the Henry resolution as rev
OlutiOnary as questioning the legisla-
tive integrity Of the house.
Henry Defiant.
Chairman Henry, OF the rules COM
mittee, who lost the fight Of the Bryan
Democrats for a special committee OF
said il had been the sense Of the eau
Gus TO refer TO the judiciary commit
tee certain features OF the investiga-
ton, and that he would urge such a
plan
An investigation Of the money trust
was ordered by the Democrats OF the
house IN caucus, after the Henry plan
for a special committee had been de-
feated, 1l5 TO Sc
The caucus then instructed the
standing committees Of the house on
banking and currency, judiciary, inter-
state commerce and elections TO proceed
with the inquiry.
The Democrats adopted the plan Of
fered by representative Underwood,
the majority leader, as a substitute for
the special investigating committee
asked for in the resolution submitted
by representative Henry, OF Texas
Bryan CrittciEes.
Sharp criticism Of William J. Bryan
for his imputations that the banking
and currency committee leaned to-
ward the financial interests, and the
passage of a resolution expressing
confidence in that committee charac-
terized the debate.
Bryan Has Doubts.
A dispatch from San BenttO. Texas,
quotes W. 7. Bryan as saying:
It fear the investigation will prove
a farce. If the banking committee be-
gins at once and makes a prompt and
thorough investigation, 7 shall be both
surprised and delighted"
'sMisled by Wall street under the
control Of the predatory interests.
and "Democrat whose sympathies are
with the money trust" were some OF
the terms used by Mr.. Bryan in his
statement which ends with praise Tor
r. L. Henry, Of Texas, the house mem
Der whose proposal to Investigate che
money trust by a special commission
was voted down by Fast nights caucus
Schyvab States Own Attitude.
Charles NJ. Schwab o. Bethlehem, Pa,
told the senate finance committee today
that the Underwood bill rates on larger
steel products would be Of most serious
CONSEQUENCE to the steel business in the
eastern states, and undertook TO make
plain his own attitude.
"On many occasions have said that
with equal conditions. steel could be
made as cheaply in the United States
Schwab This has been construed into
a statement that steel is made as
cheaply here as elsewhere That / have
not said and do not say.
with the same conditions. especially
with labor as cheap. we ask no prOtec-
ton. but the labor account weighs
heavily against us. Though we are only
one hundred miles from New York. it
costs as much to put out steel there as
il does TO bring IT from Holland
Opposes Any Reduction.
7 consider the present tariff rates
necessary to prosperity Of the steel
business. Most emphaticaIlv. I am OBJ
posed TO any reduction"
Mr.. Schwab said that without pro-
lection he would want no financial in
terest in the steel business and would I
regard as wasted the S35. 600. 600 which /
recently had been invested in his bust
ness.
Invests Fortune; Gets Nothing.
After all my work and the invest :
ment OF my fortune, ] have never taken /
a penny out Of the industry and have l
never paid dividend and il the pro- /
poSeu farm IL 70 De the law. j repeat Z
that I shall cash in said Mr.. Schwab 4
in closing mis- general statement.
MI; SenWab admitted that he got less /
Tor the steel exported than for that 4
sold here.
At times we even sell abroad at a 4
loss, ne SAID, because the average cost ;
of large production is less than that /
OF small production; it is necessary to /
maintain the output TO keep the ma 4
chimes going all the time"
Pig Iron Made Cheap in China.
Mr.. Schwab said pig iron could be
made in China for $3.50 a ton and that /
he was Importing iron from China for I
his san Francisco works rather than 3
ship from Bethlehem Pa
Steel rails cost in this country from