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


angry spirit that the railroad denounced the
Interstate Commerce Commission to supervise
operations yet greatly has the idea of the
supervision the by board sitting at
Washington grown in the popular mind and so GREATLY
HAVE THE RAILROADS PRosPERED UNDER THIS Law
since 1887 the only changes asked by the people have
strengthen the law and enlarge the powers of the
mission And the chief desire the railroads is TO GET
UNDER THE PROTECTION OF THE NATIONAL BOARD
escape from the tyannies and operations Of various State
boards
bankers Of the United States will have accept the
idea currency system because
the power of emergency prevent
paniCs and maintain stable of interest through
out the country great power the uncontrolled
discretion of private citizens.
PRIVATE credit left where belongs under the
system exclusively the of the PRIVATE banker The
PUBLIC credit reserved the nation The Govern
not interfere with any national bank IN its or
binary operations any under the system than under
old not force any bank either to grant to refuse
credit any individual not force bank to discount
single It every banks relations with its
toners unchanged and unaffected.
The added cognizance only Of the twelve
Banks but these be managed by local directors
tohrds Of whom will always be chosen by their stock
holders-the bano that in all ordinary operations the banks
closely managed by the bankers without interference
by Government the railroads managed by rail
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 of late years shall show by three highest
Expert authores-hrs President George M Reynolds OF
the Continental and Commercial National Bank of Chicago
This bank its holding of the deposits of other banks the
arges States In address before the National
Congress in Chicago December H. 1911 Mr. Rey
nods said:
THE MONEY POWER OF THE COUNTRY NOW LIES
IN THE HANDS OF A DOZEN MEN I 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
ciate George Baker of the First National teyng before
Pujo Committee last winter admitted almost great
centraon of power described by Mr. Reynolds
both vehemeny denied the existence of Money Trust
because they said in substance these reserves Of other
concentrated in such vast heaps under the control
Morgan MIR Baker and their associates only because the
owners money trusted these bankers in their integrity
and prudence and FOUND BY EXPERIENCE THAT THE
MONEY WAS USED PRoFITABLY TO ITS OWNERS The
other could withdraw the funds at will There no
agreement compuon and therefore Money Trust
Everything entirely voluntary legal regular.
Mr. admitted that the concentration of capital had
gone pretty far-prbaby far enough and that in the hands
it would be extremely dangerous But he added
that only great and good could retain the conf
dence of degree be inrusted with such
power by other bankers voluntarily
Without such concentrations of both credit and capital the
vast undertakings and the extraordinary overcapitaizaon
of many which the country has witnessed would be i'm
possible.
Undoubtedly these eminent bankers who have been and still
are in control of credit handled all money
10 them PRuDENTLY AND PRoFITABLY FOR THE OWN.
Frs OF THE MONEY But how have their operations
The pubic interest?
IL coffee valorzaton scheme, in the manipulation of
the Coal roads making the Steel Corporation
deposits millions of Americans through the banks
by these of Credit overcapazsd companies
TO distribute stock the public prices
uecessaries Of life to
The peoples money against