The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-01-24
CURRENCY REFORM IS NEEDED
Monetary Troubles will Continue
Possible Until Financial Sys-
tenn Is Changed
MAY AMEND SHERMAN LAW

Washington, Jan. 24.-TO refute the
contention that IA group Of $50 men in
locking dictorates, control corpora
tions with assets aggregating $25,000.
600. 900, Henry +. Dawson. partner OF
j r Morgan, today offered the money
trust committee a long prepared state
ment calculated To controVert the sta
tistics prepared by the committees
accountants. and put into the record
the purpose of showing such a condi-
lion.
DAWSON offered his statement at the
conclusion of his testimony and the
committee decided to deliberate
whether to admit it. Dawson there
upon gave out copies. The document
reviews the inferences drawn from the
committees tables. and says. in part;
NO such control exists. and no such
deduction can be properly made from
these tables. At the invitation of your
committee, our firm operated in
this inquiry. has furnished intimate
details of It's business and placed az
YOUR dispoal all the Information avail
able. IL believes there is no such
thing, either in form or fact. as II
money trust" that the only perma
nent influence possessed by men
prominent In financial affairs is that
due TO the confidence of the public in
their character and record.
we believe the country viii con-
tinue 10 be subject To financial ili>
and disturbances until it possesses II
strong and more scientific banking and
currency system"
The money trust committee hoped
to conclude it's hearings today with
the examination OF James j. Hill. the
railroad magnate, and several bankers
Would Strengthen Sherman Law.
Washington, Jan. 24.-Recommend
ations in favor of several amendments
10 the Sherman antitrust law were
practically decided upon today at an
executive meeting of the Senate inter-
state commerce committee. The COM
mittee took no positive action, beyond
requesting Senator Cummins to pre-
pare its report.
The committee is practically of n
unanimous opinion that the changes
should be in the form of supplemental
action to strengthen the original intent
of the law. which is interpreted as
meaning that all combinations inter
tcring with competition should be held
Illegal
Much Revenue From luxuries.
Washington. Jan. 24.-Morc than
sixteen per cent of al the tariff rev.
enue for 1912 was raised from "Sched-
lie j. the consideration of which the
committee on ways and means began
today. Linens, laces. linoleums, water
proof cloth. cork carpets. curtains,
threads, tapes and a variety of other
manufactures of flax, hemp and jute
are embraced I'm the schedule on which
The government last year derived SAB
100000 of revenue from imports. whose
aggregate valuation reached SlO9,OOO
o0O. The ad valorem rate now aver
ages forty-five per cent.
All along the line luxuries will be
taxed on duty basis under the Dem
ocratic program for the coming eX-
ira session. Most of the large number
OF items In Schedule j" come under
the luxury classification.
out of fifteen schedules in the tar
m law. eleven already have been dis
posed Of as far as the hearings are
concerned. About forty manufacture
ers, importers and others were on the
program of witnesses today.