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

angry spirit denounced the
creation of Commission supervise
their operations 1887 And yet greatly has the idea of the
supervision of the railroads by Government board sitting
Washington grown in the popular mind and so GREATLY
HAVE THE RAILROADS PRosPERED UNDER THIS LAW
1887 that the only changes asked by the people have
been strengthen enlarge the powers of the
mission desire of railroads TO GET
UNDER THE PROTECTION OF THE NATIONAL BOARD
escape from the yrannes and operations of various State
boards
The bankers United will have accept the
idea of Government control of the currency system because
power $50OOooOO0 emergency notes prevent
panics maintain stable rate of interest through
country great power vest in the uncontrolled
discretion of private citizens.
PRIVATE credit is left where t-belongs under the
system exclusively the of the PRIVATE banker The
use of PUBLIC credit reserved nation
ment can interfere with any national bank in its
binary operations any under the system than under
old force any bank either to grant to refuse
credit any individual not force any bank discount
single 1t leaves every banks relations with its
toners unchanged and unaffected.
takes added Cognizance only of the twelve
Banks but these to be managed by local directors
of whom will always be chosen by their stock
banso that in all ordinary operations the banks
will closely managed by the bankers without interference
by the Government the railroads managed by rail
road without unwaanted 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.
How completely has been concentrated in few
private hands years shall by three highest
pert authortes-hr 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 the United address before the National
Mr.
nolds said:
THE MONEY POWER OF THE COUNTRY NOW LIES
IN THE HANDS OF 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
troll THE QUESTION OF WHETHER LARGE LOANS
SHALL BE MADE TO BANKING CORRESPONDENTS
THROUGHOUT THE COUNTRY"
The late j. P Morgan his intimate banker
cate George Baker of the First National testyng before
the Pujo Committee winter admitted almost great
centraon of that described by Mr. Reynolds
But vehementy denied the existence of Money Trust
because they said substance these enormous reserves of other
in such vast heaps under the control
of Mr. Morgan their 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 no
agreement and compuon and therefore Money Trust
Everything was entirely voluntary, legal, regular
Mr. Baker admitted that concentration of capital had
gone pretty aprbaby far enough and that lin the hands
of bad would be extremely dangerous But he added
in effect only great and good could retain the conf
dence of such degree be ntued with such
power by other bankers voluntarily.
such of both credit and capital the
vast undertakings and the extraordinary overCapazatiOn
of many trusts which the country would be inn
possible.
Undoubtedly these eminent bankers who have been still
are in control credit handled money
to them PRUDENTLY AND PRoFITABLY FOR THE OWN
Frs OF THE MONEY their operations affected
the public interest?
In the coffee vaorzation scheme manipulation of
the Coal roads the making of the Steel Corporation small
deposits millions of Americans through the banks used
by these Masters overapazed companies
to distribute the public prices
necessaries of life
peoples money has thus been used against themselves