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

angry noerant spirit that the railroad men denounced
Commission supervise
their operations 1887 And yet greatly idea of the
supervision of the railroads by Government board sitting at
Washington grown in the popular mind and so GREATLY
HAVE THE RAILROADS PRosPERED UNDER THIS LAW
since 1887 that the only changes since asked by the people have
strengthen enlarge the powers the
mission And the chief desire of the railroads TO GET
UNDER THE PROTECTION OF THE NATIONAL BOARD
escape the tyrannies operations State
boards
bankers of the United will accept the
idea control of the currency system because
the power issue $5OOooO of emergency notes prevent
panics and maintain stable of interest through
country great power in the uncontrolled
discretion of private citizens.
PRIVATE credit is left where it belongs under the
system exclusively of PRIVATE banker The
use of PUBLIC credit reserved to the nation The
not interfere with any national bank in its
binary operations any under the system than under
the old force any bank either grant refuse
credit any individual it not force any bank to discount
single 1t leaves every banks relations with its
toners unchanged and unaffected
The Government takes added cognzance only of the twelve
Banks these be managed by local directors
wothrds of whom will always be chosen by their stock
that in all ordinary operations the banks
will be closely managed by the bankers without interference
by the Government the railroads managed by rail
unwarranted interference by the Government
The greatest opposition to the proposed law will come
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.
How completely been concentrated in few
private years shall show by three highest
expert authorties-fr by President George Reynolds of
the Continental and Commercial National Bank of Chicago.
This bank holding of the deposits of other banks is the
large in States In address before the National
Business Congress Chicago December r. 1911 Mr. Rey
nolds said
THE MONEY POWER OF THE COUNTRY NOW LIES
IN THE HANDS OF A DOZEN MEN I 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-
TRoI. THE QUESTION OF WHETHER LARGE LOANS
SHALL BE MADE TO BANKING CORRESPONDENTS
THROUGHOUT THE COUNTRY.
The late J P Morgan and his intimate banker
cate George Baker of the First National esyng before
the Puo Committee winter admitted almost great
cenraton of that described by Mr. Reynolds
both vehemently denied the existence of Money Trust
they said in substance these of other
banks were concentrated heaps under the control
Morgan Baker and their associates only because the
owners of 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 oompuson and therefore no Money Trust
Everything entirely voluntary legal regular
Baker admitted that the concentration of capital had
gone pretty farprobab far enough and that in the hands
of would extremely dangerous But he added
in only great and good could retain the conf
dence bankers such degree be intrused with such
power by other bankers voluntarily
Without such concentrations of both credit and capital the
vast undertakings and the extraordinary overcapazaton
of many which the country has witnessed would be
possible
Undoubtedly these eminent bankers who
are in control credit have handled all the money
to them PRUDENTLY AND PRoFITABLY FOR THE OWN
Frs OF THE MONEY But how have their operations affected
the public interest?
In the coffee valorizaton scheme manipulation of
the Coal roads the making of the Steel Corporation the small
deposits of Americans through banks were used
bv these Masters Credit overcaptazed companies
TO distribute waterd stock the public and prices
necessaries Of life to consumers
peoples money has thus been used against themselves
whom the public and