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

and noerant spirit that the railroad denounced the
creation of the Interstate Commerce Commission to supervise
their operations 1887 And yet greatly has the idea of the
supervision of the railroads by Government board sitting
Washington grown the popular mind and so GREATLY
HAVE THE RAILROADS PRoSPERED UNDER THIS LAW
1887 only changes asked by the people have
strengthen the and enlarge the powers of the
mission And chief desire of the railroads is TO GET
UNDER THE PROTECTION OF THE NATIONAL BOARD
escape from the tyrannes and operations of various State
boards.
The bankers United viii have accept the
idea of control of the currency system
power $500 100000 of emergency notes prevent
panCs stable of interest through
the country great to vest in the uncontrolled
discretion of private citizens.
PRIVATE credit left where it belongs under the
system exclusively of the PRIVATE banker The
PUBLIC credit reserved the nation The Govern
not interfere with any national bank in its
binary operations under the system than under
the old any bank either grant refuse
credit any individual not force any bank to discount
single leaves every bank relations with its
toners unchanged and unaffected.
takes added cognzance only of the twelve
Reserve Banks be managed by local directors
twohrds of whom will always be chosen by their stock
hodersthe banso that all ordinary operations the banks
will be closely managed by the bankers without interference
by the Government the railroads managed by rail
road without unwaranted 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 CONTROL
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 of late years shall show by three highest
e. pert auhoe-rst by President George M Reynolds of
the Continental Commercial National Bank of Chicago
This bank its holding of the deposits of other banks is the
arges the United States In address before the National
Business Congress Chicago December H. 1911 Mr. Rey
nods said:
THE MONEY POWER OF THE COUNTRY NOW LIES
IN THE HANDS OF A 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
TRoI. THE QUESTION OF WHETHER LARGE LOANS
SHALL BE MADE TO BANKING CORRESPONDENTS
THROUGHOUT THE COUNTRY"
The late J. P Morgan his intimate banker
ciate George Baker of the First National tesyng before
the Pujo Committee last winter admitted almost great
centraon of that described by Mr. Reynolds
But vehemeny denied the existence of Money Trust
they said in substance these enormous reserves OF other
banks such heaps under the control
of Morgan Mr. Baker and their associates only because the
the money trusted these bankers in their integrity
and prudence and FOUND BY EXPERIENCE THAT THE
MONEY WAS USED PRoFITABLY TO IT'S OWNERS The
other could withdraw the funds at will There
agreement and compulsion and therefore Money Trust
Everything entirely voluntary, legal regular.
admitted that the concentration of capital had
gone pretty farpobaby far enough and that in the hands
bad would be extremely dangerous But he added
in that only great and good could retain the conf
of bankers such degree to be ntusted with such
power by other bankers voluntarily.
Without concentrations of both and capital the
vast undertakings and the extraordinary overcapitazaon
of many which the country has would be i'm
possible.
Undoubtedly these eminent bankers who have been and still
are in control the money
to them PRUDENTLY AND PRoFITABLY FOR THE OWN
Frs OF MONEY But how have their operations affected
the public interest?
the coffee vaorization scheme the manipulation of
the Coal roads, the making of the Steel Corporation the small
deposits of millions of Americans through the banks used
by Masters of Credit overcapazed companies
to distribute waered stock the public and prices
necessares of life to
The peoples money has thus been used against themselves