Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-04
Why Some influential Bankers
Fight the New Currency Bill
Secretly, but Bitterly


their operations 1887 And yet greatly has the idea of the
supervision the railroads by Government board sitting at
Washington grown in the popular mind and so GREATLY
HAVE THE RAILROADS PRosPERED UNDER THIS LAW
only changes asked by the people have
been strengthen the law and enlarge the of the
mission And the chief desire of the railroads TO GET
UNDER THE PROTECTION OF THE NATIONAL BOARD
to escape yrannes operations Of various State
boards.
The bankers Of United States will have to accept the
idea of control of the currency system because
the power s6OOoOo of emergency notes to prevent
panOs and maintain stable rate Of interest through
the country too great power to vest in the uncontrolled
discretion of private citizens.
PRIVATE credit left where it belongs under the
system exclusively the Of the PRIVATE banker The
use of PUBLIC credit nation The Govern
not interfere with any national bank In its
binary operations any under the system than under
the old not force any bank either grant to refuse
credit any individual 1t not force bank to discount
single It leaves every banks relations with its
toners unchanged and unaffected
The Government added cognzance only the twelve
Banks but these be managed by local directors
twohrds Of whom will always be chosen by their stock
hoderthe banso that in all ordinary operations the banks
will closely managed the bankers without interference
by the Government the railroads now managed by rail
without unwaaned interference by the Government
The greatest opposition to the proposed law will
CHIEFLY FROM THOSE BANKS AND BANKERS THAT
HAVE BEEN MOST ACTIVE IN THE PAST IN coNTRoLL-
ING THE RESERVES OF THE BANKS, THE PROMOTION
AND FLoTATIoN OF NEW TRUSTS OR CORPORATIONS,
AND THE CREDIT OF LARGE BORROWERS.
completely this control has been concentrated in few
private hands years shall show by three highest
pert auhOres-hrst by President George Reynolds Of
the Continental and Commercial National Bank of Chicago
This its holding of the deposits of other banks is the
arges the United States In an before National
Congress in Chicago December H. 1911 Mr. Rey
nolds said:
THE MONEY POWER OF THE COUNTRY NOW LIES
IN THE HANDS OF DOZEN MEN PLEAD GUILTY TO
BEING IN THE LAST ANALYSIS ONE OF THESE MEN.
FOUR OR FIVE BANKERS IN NEW YORK TWO OR THREE
IN CHICAGO TWO OR THREE IN ST. LOUIS CAN CON
troll THE QUESTION OF WHETHER LARGE LOANS
SHALL BE MADE TO BANKING CORRESPONDENTS
THROUGHOUT THE COUNTRY"
The late j. P Morgan and his intimate banker
George F. Baker of the First National testyng before
the Puo Committee last winter admitted almost great
centran moneypower that described by Mr. Reynolds
both vehemeny denied the existence of Money Trust
they said in substance these of other
concentrated in such vast heaps under the control
Morgan Mr. Baker and their associates only because the
of the money trusted these bankers in their integrity
and prudence, and FOUND BY EXPERIENCE THAT THE
MONEY WAS USED PRoFITABLY TO ITS OWNERS The
other banks could withdraw the funds at will There
agreement and compulson and therefore Money Trust
Everything entirely voluntary, legal regular.
Mr. Baker admitted that the concentration of capital had
gone pretty ar-probably enough" that the hands
of would be extremely dangerous But he added
in that only great and good could retain the conf
dence of bankers such degree be inrused with
power by other bankers voluntarily.
Without concentrations of both credit capital
vast undertakings and the extraordinary overcapazaton
of many which the country has witnessed would be
possible.
Undoubtedly these eminent bankers who have been and still
are in control credit handled money ntrused
10 them PRUDENTLY AND PRoFITABLY FOR THE OWN
Frs OF THE MONEY But how have their operations
The pu5hc INTEREST,"
III the coffee vaorization scheme in the manipulation of
the Coal roads making of the Steel Corporation the small
deposits of millions Of Americans through the banks used
bv these Masters of Credit overcapazed companies
In distribute watered stock public to raise prices of
uecessaries of life to consumers.
The peoples money has thus been used against themselves
bv the very trustees the public private was
temporarily intrusted
The operation is very prohtsbe-to the