The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-17
Schiff Would Have Nat
ural Laws Only
Check.
LEGISL A TION
INJURING BANKS
Financier Believes There Are
Enough Statutes on Books to
Control Situation if They
Are Properly Enforced.
He Is Strong Propo-
nent of Publicity.

Washington. January ie-Lioerty OF
individuals 10 concentrate money and
power TO the limit OF their ability was
advocated to-day before the House
money trust committee by Jacob H.
Schifr. of the New York banking firm
Of Kuhn Loeb & Co.
Mr.. Schir declared that individuals
should be allowed 70 exert their utmost
efforts 70 concentrate fortunes ana
power. until the laws of nature caused
the attempted monopoly TO fall OF Its
own weight" He was opposed. now
ever. TO concentration through corpora
tions and holding companies MI
Schiff could not say whether concentra-
ton had as yet reached point "here
it is dangerous.
Believes 1t a Menace.
The New York banking fnancier
followed George NJ. Reynolds. OF
Chicago. on the stand. Mr.. Reynoids
told the committee that he had STUDIED
the concentration of money and credl,
and that he believed at the point II had
now reached. it was "a menace 70 the
progress of the country He said thao
competition in banking should be
revived.
The committee adjourned after to-
days session until next Wednesday
when H. p Dawson. +. l.. Hine, Geo
baker.
representing banks and banking houses
in New York and Chicago. VIII be
heard The committee expects 10 CON
cIude its public hearings next FRIDAY
and TO begin Immediately the writing
of its report When the com mittee
reconvenes. plans for taking OF the
testimony of William Rockefeller VIII
be mado.
In the course OF Mr.. Schif's examina-
he
positors in banks were sufficiently pro
tected under the present law II ac-
rninistered and+ kept up to the teach
ings of experience" He said that he
could see no objection to one banking
institution selling securities TO another
bank which it owned. Prudence, ne
said would prevent the officers of a
bank from accepting TOO much OF
dorrbtftri security.' He thought THIS
matter could be safely left 20 the self
respecting men" on the board OF direct
ors and that no further law was
necessary.
Then you think the less law the
better for banks and trust companies?
asked Mr.. Untermyer-
Yes" asserted Mr.. Schiff- Too
much law can crush the life out of a
bank
No Concern to Him.
Mr.. Schif said that he had observed
a concentration of the control of money
and credit into the hands of few cor
porations during the last few years,
and that the control Of these corpora
tions had been centralized in the hands
of few men,
Has this been a subject OF concern
TO you?' asked Mr.. Untermyer-
No il has not.
Would that be subject OF concern
70 YOU il il continued to drift until all
control was in the same hands?
Il can't answer that question said
Mr. SChif
Have you considered the possible
effect of this concentration upon your
own credit?
Il do not require credit" Mr. SchIff
replied
Mr.. Schif said that he believed II
would be better If clearing houses were
incorporated.
DO you see any objection to en-
forcing the publication of bank assets?
asked Mr. I ntermyer-
The more publicity we can have
about banks the better said MI
Schif.
Mr.. Schiff further said he would not
Continued on Third Page.)