The Caucasian., 1913-11-30
aHE NEW sREgOON.
EAe EatenS oe che No0es SvonoVo9y.
what a1ae aooo6s AolaG do6 Is BspiNy
Zoo dBaa

800 oBa1
On the .Ueeeubsr SSeaoQoliten is
Nreee0toS an instruatise anal tneare
oetine GostrilsutieIs So ele4eric q.
Ro@e, ols wAicEa e loade aDaln the
iesur eenoere8 in Sh.o o,errency bill
0ending in t9le Gnite1 states Senate.
0Eoto os.Np discussed is ''glee 4DsO-
ple'e Money AND s0e New Gaarreabcy
Bill" Mr. dove 6s s .9ireedor 0q the
Peoples Institute COY New Serh City,
am elnoaficia sprsaDiaatiorp OF experts
fes polotieaq aaa social progress.
We quote greNo his article as sole
1Owe:
ITO TRANSFER ahe heart % the Ma
$ion frons Wall street to- Washing
ton and removs ito eircalatorg sys-
Gem from private hands," is Che way
aD official iD che Treasury Depart
meme described the measure ofOr the
REFORM OF che currency, Familiarity
known as che tilass-Owen bill. The
big bankers of New York, who have
organized che small bankers from
oil ovsr the country to join in o nue.
ana cry against Che measure, said
the surSicsl operation shoul5 not be
performed. The administration saj,t
it must and should be performed.
Ana the courage OF the President
ana Congress in meeting THE ehale
lenge 10 an indication of tho prog
ress we nave nsde toward the New
Ereedom.s
On sscemhsr aeq,, following she
2ujo Investigation, Congress pulp-
Iiehet the results oq ito findings 6A
o document entitled "tnterloeking
3aree torases." /" Che sepore showed
that $50 directors oq % banks and
truet c0mpaniee iO SeW Sork ans
Chicago lselt . sooaS os9 $50 olireu lore
eIsipe ole 80 doanke ana er,Sss come
Nanioe (olmoeQ oNe elueisoy ilo SeW
Sork) eaSins oota9 resources 09
e3e32 2ees). .00se aelCo to9el deposits OF
e2, s3AOO90Ot9 This was tls financial
institutions sloneo oil colo, these
100 alirectore iN rs banke held SO
directorships in A3i banks, insur-
ance, railroad, express and great in
dustrisI corporations, with com
bined resources or capitalization Of
s25 1925, 100000.
In the hands of. these few men
lies the control of the money, the
credit, the transportation, the in
surance, the iron, steel, sugar, cop
per, coal, meat, oil, shoes, wool and
tobacco interests of the country. All
these great monopolies are inter
locked through common directors.
And the heart Of the system is the
control of the credit of the country.
: The firm of ]. P. Morgan & Co. had
directorships in f3 banks in New
York and Philadelphia, with total
resources of ST ,4O6, 100000 and total
deposits Of s989,OOO,0OO. In all J.. P.
Morgan & Co. had 63 directorships
in SO banks, railroads and other cor
porations, with total resources of
0,036, 100000. The First National
Bank of New York had 80 director
ships in 40 corporations having total
assets or capital of Sif ,393, 100000;
while the Guaranty Trust Company
of New York, the Bankers Trust
Company Of New York, the National
City Bank of New York, Kuhn Loeb
& Co., the National Bank of Com
merce and other banks of New York
and Chicago had similar affiliations
running into thousands of millions.
This indicates the concentration
of credit power that has come about
in few years time. 1t suggests the
dependence of farmer and manufac-
turer, of worker and consumer, on
a small group of possibly dozen
men. Competition can only live by
their favor. New Industries can
only come into existence with their
consent. The crops can only be
moved upon their terms. Great rail
road systems have become their
pawns. Food and clothes, heat, the
necessities and comforts of life, pay
such tribute as they exact. A nation
of one hundred million sovereign
people moves or stands still, as it
did in the panic of 1907, by the de
cree of what is in effect a single
board of directors. For bank depos-
its are the Nations life blood. Who
ever controls the bank deposits Of
the country controls industry, agri-
culture and wages. They control
competition. Even great railroad
systems bow to bank deposits.
Finally, too late to save the Nation
from the many monopolies which
have come into existence by reason
of the mother of monopolies, the
President and Congress have de-