The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-18
HEARINGS WILL
Be SUSPENDED
Committee Can Go No Further
Till More Power Is
Granted.
PUJ0 MAKES STATEMENT
Work Has Been En- barraSsed by
Refusal OF President to
Give Information.

Washington, January F.--Hear-in
of the House money trust com mittee
will be sue pended next Friday or sat
urday according to an announcement
to- night by Representative PuJO. chalf.
man of the committee. who assigned
as the principal reason for the suspen-
sion the doubt cast upon the power OF
the committee to inquire into the IN
ternal affairs of banking institutions
This action" said Representative
Puio. lis due mainly 70 the doubt cast
by the banks upon the power OF the
committee 10 inquire into their IN
ternal affairs. and especially 10 thelr
refusal TO disclose the names of indivi-
Qua! loans and borrowers OF upwards
of 81 10000. which would affect only
thirteen institutions in the nited
without this information and in
the absence OF means of ascertalnlng
the character OF the business done by
the banks that have made huge profits
in a comparatively short time, tt ls
manifestly impossi bic for the committee
10 ascertain whether. and II so, TO whSt
extent these banks and their iunds
have been used and are being used Dy
the great financial interests IN the
furtherance of their schemes or the ex-
Clusion Of competing business
In announcing the suspension of the
oral hearings. Chairman PuJo points
out that there are still upwards or
forty. witnesses on the committees list
many important subjects bearing on
the inquiry that have not been touched
upon.
ed -" continues the statement. lit was
announced that owing TO doubt raised
by the banks as TO the power TO inquire
into their affairs as bearing on the con-
centration and control of money and
credit it would be necessary to have
further power. The bill confering such
power that has passed the House is stiii
pending in the Senate.
Since then the com mittee has re-
peatedly announced that IL can not
III. ISfl sf n at q
its labors without the exercise Of that
power 49,. pou;ao,+ as .so
Comptroller of the Currency for the in
formation which was within the power
of the President to grant. met with long
delays that have embarrassed the work
of the committee, but have resulted In
no relief.
The banks curiously regard even
the character of their assets as secret
information that they are entitled to
TT Would require at least three months
after access TO the banks Is granted
the com ittee in which TO gather the
data for further oral testimony, from
which il is manifest that even II the
bill were now passed. nothing In that
direction can be accomplished during
the present Cong ress.
The short time intervening before
the expiration of this Congress VIII
intermediate report and recommended
tions for legislation based upon tes-
timony thus far gathered.
The 0rk delegated to the COM
rnittee is however. far from COM
pleted In some of its most important
aspects it has barely begun. but if it
is to be continued this important task,
in order to be thoroughly discharged,
must be accompanied with far more
comprehensive powers, which can only
be had through further legislation.
The committee will adjourn to
February 25 to consider the report.
Some further formal documentary
proof may then be introduced to be
embodied in the report"