The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-12-03

bow to the dictatorship of the New York mag
mates who supreme over the credit of the
nation.
The scattered banks across the land not
directly linked up with this money combine are
affiliated with it indirectly through being the
repositories of its funds and the distributors OF
it's securities which last is so lucrative part of
their business none dares to secede. Thus the
Whole country groans beneath the octopus whose
body lies on New York. but whose tentacles
stretch out to San Diego, to Spokane to St. Paul,
to New Orleans, to st. Augustine, to Bangor, and
tc every point, in fact, where American capital
seeks investment. Not one man or woman can
escape the burdens it imposes or can avaid pay
ment of the silent, invisible tax it leves on its
subjects
The outside banks unconnected but subdued
participate in the activities of the money
trust whether they endorse its methods not
Says the report of the Pujo Commission:
Bankers and brokers anxious to be
permitted to participate in these transactions I'M
der the lead of the inner group that rule
they join when invited to do so, regardless of
their approval of the particular business, lest by
refusing they should thereafter cease to be in
vited" This is but to say that the Money Pow
er exercises the old right of all royalty
whose invitation is always command.
In common with all human associations, Mr.
Brandeis points out, this credit trust has evolved
an "ethics," code of ''morals' of course, ad-
mrably fitted for its own needs. One of the
principles of this rule of honor is that all the
combine groups shall each have its sphere of
activity" and that no other group shall interfere
inside that sphere underbid for securities OF
credit. Another is that when group has once
issued the securities Of given enterprise it
shall always thereafter have monopoly of that
privilege Everybody must be delighted to learn
how ethical these gentlemen are!
This whole system of the Money Power is the
parent of at least three gigantic and menacine
evils, says Mr. Brandeis the first of which is
that it is a holdup from which all suffer through
the increased cost of living occasioned by the ex
orbitant charges which the Trust is able to levy
on all industry and other enterprise.
Still more serious are the results that flow
from the suppression of competition he asserts
Real competition cannot exist among various
railways when all these are under one control
And the same applies to mines and industries.
monopoly arrests Development" says the
Pujo report, land through arresting develop
ment prevents that lessening of the cost of pro
ducton and of distribution which would other
wise take place"
However necessary new railway, a new
mine development or other work may be, it can
not be carried on if it appears to cross the trai
of the great interests; hence it is soon throttled
"The powerful grip of these gentlemen is upor
the throttle that controls the wheels of credit
and upon their signal, those wheels will turn OF
stop"
But far more serious" says Mr.. Brandeis
"even than the suppression of competition is the
suppression Of industrial liberty indeed of man
hood ITSELF which this overwhelming financia
power entails.
Thus, the financial situation which we nov
face is serious one and involves not banks alone
but our entire social life The correcting OF
these evils is the greatest task confronting the
present administration. But the very fact that
such articles these of Mr.. Brandeis can fine
their way to the public is one of the most encour
aging things of our time