Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-02-27
MORGAN LETTER
ON SO-CALLEO
MONEY TRUST


eral denial of the existence or posi-
( bility of money trust was present
ed to the house money trust commit
/ tee today in long letter sent by ]. p
/ Morgan & Company, at the invitation
o. the committee. Upon the receipt
of the Morgan letter Chairman Puiu
gave out a Letter written to Morgan
q Company, saying that the investiga-
ton into Morgan & Company had end
co January %, and that the commit
tee had been at work on its report
Tor month.
Your memorandum. the reply con-
cluded, "manifstly comes 100 late to
Is of value
The Morgan letter laid at the door
o. the present banking and currency
law the responsibility for any con
Centration" of money and credit that
may exist.
In its conclusions as to the commit
tees activities, the letter said:
We venture to submit that in a
stong public opinion there lies the
greatest safeguard of the community.
The public are the ones who entrust
bankers with such influence and pow
er as they today have in every civiliz-
ed land and the public is unlikely to
entrust that power to weak or evil
baods Nour counce1 aclad utitnascac
whether the present power held by
bankers in this country would not be
a menace if it lay in evil hands. If
congress were to fall in evil hands
the results might be deplorable. But
to us it seems as little likely that the
citizens of this country will fill con-
eTess with rascals that will entrust
the leadership of their business and
logues."
The letter says that such concen
tlation of money in New York as has
occurred is due to the ''antiquated
banking system" and the natural law
which, ''in every country creates some
one city as the great financial center
That part of the money trust reso-
luton declaring that it is generally
believed that groups of tinanciers ere
fte avert and compose panics, was
particularly attacked by the letter
Morgan & Company set forth that any
Withholding of money credit by one
man in any market would be prompt
ly relieved by the automatic flow of
credit from some altogether foreign
source
1--WE regret said the letter. that
a belief so incredible, so abhorrent
and so harmful to the country should
fol moment have found lodgment
And we welcome your in
Vestigation as IN opportunity for us to
srate that the extent Of our observa- /
tons and experiences, there is not
even a vestige Of truth in the idea
that in whole or in part the financial I
of 1907 was brought on /
through the design of any man or
men" /
Separate views We're filed by Sena'
tors Newlands, Tillman, Pomerene, |
Gore and Lippitt.
Senator Newands said he agreed |
with tine conclusions reached in the !
main report. Senator Tillman ap. |
proved the general conclusions with |
particular reference to the decisions |
of the supreme court, but said he was
rot now prepared to say that a new
rational commission should be estab-
l.shed for the better administration of
the antitrust law.
II am inclined to believe that we
have too many commissions now COM
POSED largely of socalled lame
ducks"
He said: Congress ought to per-
form its own functions, rather than
them to the commissions
created by executive appointment"