The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-03-03
PROBERS SAY
there IS A
MONEY TRUST

Washington, March 3. - That a
money trust does exist and that it's
powers should be curbed by stringent
federal regulations as to the conduct
of national banks, clearing houses,
and stock exchanges, were the find
ings of the house money trust COM
mittee set forth in the majority re-
port of it's Investigations filed in the
house late today.
The majority report, signed by
Chairman Pujo and the six other
democratic members of the sub-com-
mittee which conducted the money
trust probe, is a Voluminous document
accompanied by two lengthy bills, one
to regulate stock exchanges through
~forbidding the mails to exchanges
which do not comply with federal
regulations, and the other to regulate
clearing house associations through
forbidding national banks to join such
associations unless federal regulations
are observed. In the latter bill, pro-
posed as an amendment to the ma
tional banking act, the conflict of ma
tional bank officers n directors is
closely restricted.
The report as submitted to the
house is largely the work of Samuel
Untermyer, counsel for the committee,
who composed the original draft OF
the report and who drew the bills
presented. On the question of the ex-
istance of a money trust, the report
is specific and detailed.
1T would of course be absurd" said
the report. Ito suggest that control
of the bulk of the widely distributed
wealth of a great nation can be cor
rallied by any set of men. If that is
what is meant by gentlemen who deny
| the existanCe of a money trust, your
| committee agrees with them. Such
a thing, of course would be impoS-
sible and it's suggestion is ridiculous,
1t is not, however, necessary that a
group of men shall directly control
the small savings in the banks noI
the scattered resources of the country
in order to monopolize the great
| financial transactions or to be able to
dictate the credits that shall be ex-
tended or withheld from the more
important and conspicuous business
enterprises. This is substantially
what has been accomplished and fair
ly represents the existing condition
The great bank or banker with
access to the mainsprings of the con-
centrated sources of other peoples
money" the report declares, car
handle the vast issues of securities
now demanded by the commercial and
| industrial development of the country
But the bank reserve system, 1t lie
further contended, concentrates a
large part of the funds of the smaller
banks in the only public money
market of the country, New York
where a group of men there have
strengthened their interest in the
various banking institutions, the re-
port said. l. =. @
"If, therefore, by a money trust is
meant AN established and well de-
| fined identity and community Of inter-
est between a few leaders of finance
which has been created and held to-
gether through stockholdings, inter
locking directorates n other forms
of domination over banks, trust COM
panies, railroads, public service and
| Industrial corporations, and which has
resulted in a vas and growing o n
%centration of the control of money
and credit in the hands of a compar-
atively few men, our committee, as
| before stated, has no hesitation in as-
| serting as the result of its investiga-
| ton up to this time that the condi-
| zion thus described exists in this
country today.
ITO any that the domination of this
| group over the money and credit OF