The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-05-31
With the State Press
Decentralization of Money Control.

'J-ndersfandf said John Shelton Williams In
the course of an address before the North Caro-
lima Bankers association" Understand Il
IS not assumed promised that the
new currency law win perform the func-
lions Of Divine Providence, shower blessings on
everybody or establish universal prosperity. Nor
viii il bolster up save banks tmpToVldently,
reckieesly or corrupty managed. Il is intended
% enable banks honestly and sagacloasy con-
Quoted to enjoy the legItimate results of their
own integrity and Eacity. 1t + hoped and
believed that this law Will prevent the alternat-
ing money Eluts and money famines daily re-
PORTED In the newspapers, hy providing sup
elies Of money to flow automatically. responsive
Further in this connection Mr. VIII
AIMS said that the new currency measure is
aenocratlc essentially. Il looks TO decentralza-
ion Of direct financial control, to financial local
elf government so far ia consistent with
stability and the general safety; to currency
which will be worth its face value everywhere
which VIII he based on the actual values 1t pur-
ports 10. represent, as we'll rs the faith and
feait of the general government, and which
eet viii he elastic, expanding to meet needs
V here and when they develop recedIng when
qot needed a system fitted to meet any emer-
serry moving smoothly and noiselessy for the
rdinary uses Of business in tranquil times. We
Io not propose TO use violence to force dis
.ntegration and decenlrai N ton. to do anything
with a Jolt and a Jerk. n Is understood clearly
that rush headloug and at fun speed over an
evil an obstacle may cause deraliment or
iarring uncomfortable ard bad for passengers"
In thus succincgiy ard candidly epHomZ-
.rz tho objects of the administration currency
law Air Williams also suggests banking and
Currency vices which have made conprehen-
slve reform policy altogether necessary. And
IN this relation, among other things, he re-
ferred the evils incident 10 the control Of the
country's money, which by virtue Of Republic
san policies, had passed largely under the domi-
mating influence of a few men identified with the
banking interests of New York. Mr. Williams
was especially happy lucid, and eloquent when
/ Tortraytng this condition. although impressive
and forceful No gaiusay the truth of
the statement belttie the gravity Of its sig
nihcance as thus voiced by Mr.. Williams:
When q dozen men among themselves
1000 million dollars. and through q system OF
interlocking directorates control as much mare.
directing amount equal 70 the total currency
supply for 100, 600. 600 people. should realize
that such power is peril, not only TO our COM
nerca and 10 the people at large. but to the
government itself"
1t is fairly we'll known who he these money
lords of Amerca--their names and the esti-
mated totals Of their gigantic fortunes have
been frequently published And because Of
their power control the New York money
market and the power of New York as the
great money center of the country. a condi-
ton of national subsection TO the sway of these
men and the power Of this city, have condi
lions developed which vitality affect and fire.
quenty endanger the prosperity Of the people
Of the entire country In reminding OF these
things John shelton Williams points out that
New York has become 1.-The walled city from
which the barons have levied tribute in a ter
ritory and population vaster than any lord
hing of the Middle Ages dreamed of. yet
times using methods ruthless and savage
these Of the fiercest Of the robber mobiles. No
sudden swoop by a feudal magnate his
peaceful neighbors was a moro cruel or shame
less plunderng expedition than Of the
transactions which have been brought to light
by which.the shareholders OF railways and othor
great enterprises. established build up the
country and promote the public interests,
despoiled. The purpose should be TO change
the relation of New fork the country, gen.
orally from an attitude of dominating
ship TO friendly partnership. Big as New York
is, it is not big enough to direct the destinios
Of this continent"
Aye, of "a verify. Nor should twelve Ameri-
can men ever be rich enough, or If rich
enough. mighty enough to sit in financial
dominion the millions Of American citizens.
I}ut, however obvious this truth, the ringing
words in which John Shelton Williams
pressed 1t, viii set a-snarling all the predatory
interests OF Wall Street. This goes without the
saying. The sound of fury or derision will
come enough from various champions and
organs of special privilege. But Williams.
nevertheless said that which will impress hon.
est business however big it be however lit
tie, that In the mind and heart of the admin
istration courageously pulsing the square
deal purpose; that from the citizenship of
America Is about To be lifted the yoke of bond
age to New York money kings, which has al
ready too long served to menace and at times
Cypress and destroy legitimate business aspir