The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1913-12-09
MONEY ERECTS, Then
DIRECTS, TRUSTS
Fayenner Says Money Trust First
Exacts It's Heavy Toll That Be
comes Burden Upon People
IMPORTANT IT BE DESTROYED
Without That Accomplishment It Is
gseless to Try to Extricate the
People From Tentacles

From Congressman c. H. Tavenner.
washington, December 9--Above
the industrial trusts is the Money
Trust. 1t covers above them like
giant among pygmies. It is the
creator and the fostering nurse of
trusts. 1t erects them, then directs
them. exacting first it's heavy toll
which then becomes forever a debt
and burden upon the common people.
OF paramount Importance then it
is destroy first the Money Trust.
without that accomplishment it will
be useless for the people to try to
extricate themselves from the tent
aeles of monopoly. The Money Trust
will find new forms of monopoly,
new financial devices to evade the
law. All such propositions as "put-
ing teeth In the Sherman Law" by
providing compulsory prison SEN
fences for those found guilty of vio-
1ating it will be useless to remedy
the situation If the control of the
credit and savings of the people is
left undispersed from the hands of
Few Wall Street giants of finance.
Indeed, as Louis D. Brandeis is
showing in his remarkably clear and
able series of articles in Harper's
Weekly, so powerful has grown this
credit monopoly that it is doubtful
n the captains of finance any longer
need to employ the holding company
and other corporate devices in order
to bring about monopoly in fact.
ne very fear of these financiers in
the hearts of corporation boars of d.
rectors, their absolute dependence
.u1on the Wall Street financial oil
sarchy, makes them obedient wlleth-
er the Money Trust has its members
IN those boards of directors or not.
All large industries require large
amounts of capital to carry on their
enterprises. Without credit they will
fall. But if there is only one
source to which they can go for Gre
dit in the amounts which they must
have, then that source becomes the
master of the industries without go
ing to the trouble of owning stock
IN them, electing friendly boards of
directors, or holding voting proxies.
The nurseing must obey the dictates
OF its mother or starve Therefore,
when there are two great competing
Industries, why go to the trouble of
uniting them in a holding company?
Neither will defy the command of
the Money Trust by engaging in &C.
tral competition. A division of the
trade Is the logical outcome. And,
like all despots, the Money Trust le-
v1es heavy taxation on it's crea-
lures and dependents, which, in
tnrn. wiring the tribute from the peo-
pie.
The Pujo Investigation showed
that the banking house of J. P. Nor
gan & Co. with its allies, control
corporations having an aggresate
capitalization of $22,245, 100000.
But, as Mr.. Brandeis shows, this does
not begin to estimate the financial
strength of the Money Trust. To
measure its direct control over cor
pcrations it is necessary to add sew
eral billions to the above sum.
These holdings and interests,
however, are merely indications of
the Money Trusts power. The cor
porations listed by the Pujo Commit
tee are the profits, the finished pro-
duct, and not the machinery of the
Trust. The menace Of the Money
Trust is it's control of credit, which