The Dawson news. (Dawson, Ga.) 1889-current, 1913-01-21
A MONEY TRUST Is PROVED.

4 MONEY TIKI 81 IL fi'o' hD'
That there is a money trust IN
violation of law has been sustained
hv the evidence so far presented to
the congressional investigating com
mittee: that there is a money trust
in the popular meaning of the power
TO control or to exercise influence
superior to normal or natural forces
in competition is abundantly estab-
lished
The testimony of George F. Baker
president of the First National bank
of New York, coming upon the top
of preceding revelations of power IN
the hands of a small group of imam
ciers. leaves no room for doubt that
there is a dangerous concentration OF
money and credit. Under Mr.. Inter
MEYERS sharp questioning Mr.. Baker
Acknowledged as much, and his re-
luctant statements concerning the
Joint operations of J. P. Morgan,
lanes Stillman and himself and
their associates show beyond ques-
ton that they deliberately exercise
their power when they see fit to do
so. Mr.. Untermeyer defines a money
trust as IAN established identity and
community of interest between few
leaders of finance which has been
created and held together through
stock holdings, interlocking director
ates and other forms of domination
over banks, trust companies, rail
roads, public service and industrial
corporations, and which has resulted
in a vast and growing concentration
and control of money and credit in
the hands of a comparatively few
men. Confronted with the direct
question whether there was not such
a trust Mr.. Baker was compelled to
say that there has come together a
great amount of money more or less
concentrated" Bearing in mind that
concentration his answer is a practl-
cal affirmation of the government s
contention. Testifying under furth-
er questioning he agrees that j. p.
Morgan is recognized as the general
in the financial army" and that Ba-
ker and Stillman are his "chief lieu
tenants"
Mr.. Baker realizes that the pres
ent concentration of wealth in the
hands of INSCRIPTIONS men would be
dangerous, but in the hands of him
self and his friends he thinks it is
good for the country. 1t does not
occur to him that the temptations of
power may make him and his asso-
ciates INSCRIPTIONS. He thinks the
concentration has gone far enough,
and seems to feel that he and his as
sociates will not permit further con-
centration. But these masters of fl
nance are like the tyrants of old,
and like the radicals Of modern
times. They forget the organic ma
ture of human kind.
What remedies may be invented
to correct this situation we do not
know. Perhaps all that may be done
is to arrest further concentration.
Manifestly both state and federal leg
islation to unlock these interlocking
directories may be invoked. Anti
trust legislation of all sorts and from
all sources up to the present time has
accomplished but little more than
to hinder further destruction of COM
petitors and to release individuals
for independent action, but that is
much, very much. in the reckoning
of economic forces an in the conserv-
ing of individual freedom of initiative
and enterprise. If state and federal
legislation and administration can &C
complish as much as to money and
credit it will be well.