Newark leader. ([Newark, Ohio]) 1917-1946, 1921-07-01
MORE BUSINESS IN GOVERN
MENT
Continued from page one

Jne house Vi MoI gan ~ wv
New York;
Charles A. Sabin of the Guaranty
Trust Company of New York;
C. E. Mitchell of the National City
Bank of New York;
William Kent of the Bankers Trust
Company of New York;
Paul Warburg of Kuhn, Loeb q
Company;
H. C. McEldowney of the United
Trust Company of Pittsburgh;
Benjamin Strong of the New York
Federal Reserve Bank;
Secretary Mellon; and
Secretary Hoover.
Commenting upon this now cele-
brated banquet, the Journal of Com
merce, 80 Broadway, New York, has
this to say:
"a meeting of the best financial
minds has been inaugurated by Pres
ident Harding and his advisors as a
means of considering the nations in
dustrial outlook with particular refer
ence to the question of extending
further loans of American capital to
foreign governments"
This is but the beginning. 1t is al
ready announced that the Government
will exercise a supervisory control OF
the private investments of our inter-
national bankers in foreign countries.
This is to be done ostensibly to pro-
mote foreign trade. Blind indeed the
man who does not see how completely
this government supervision" of the
private foreign loans of our bankers
will commit our government to in
surfing the collection of these loans.
This is the most insidious, the most
dangerous method of involving our
Government in entangling alliances
and European complications.
President Harding's White House
dinner to Morgan, II, and his asso-
ciates was a great event for the
Money Power. 1t was the first of its
kind in history. Do you marvel that
there is a great rejoicing in Wall
Street?
The New York Journal of Com
merce halls it as
"a new era in the relationship Of
the United States Government and the
G,.o..o1o1 o,o1 h11CinnCc Inadnrc
is believed to have been inaugurated
in the conference to which President
Harding summoned several New York
bankers on Wednesday night. These
bankers returning yesterday from the
meeting, which was participated IN
bv representative Of the Cabinet, OBJ
served the customary reticence in dis
cussing what had taken place. They
did not, however, hesitate to show
their qualification at the develop
ment."
One thing is clearly manifest from
the report which these bankers made
to their associates in New York upon
their return, and that is that they
have found the President plant to
their will.
The Journal of Commerce says:
Zone thing which Wall Street took
extreme satisfaction in yesterday was
the evident willingness of President
Harding to learn. He admittedly is
not an expert in financial affairs, but
he is ready to accept advice and will
ing to be set right where he is
wrong"
A beautiful spectacle, indeed-the
President of the United States sitting
at the feet of j. Pierpont Morgan, ii.
Great teacher! Willing pupil! When
ever he should chance to be wrong
Morgan will "set him right"
1t surely was a great day for Wall
Street
When J. Pierpont Morgan, l, used
to visit the White House, his private
car always made the run from New
York to Washington and back "be-
tween two days" But now J. Pier
pont Morgan II comes and goes with
a blare of trumpets. He is greeted
and feasted in the "white light of
publicity" by President Harding, who
walks boldly in-where others would
not have dared to tread decade ago.
Is it courage or is it just plain COM
monplace laundering?
This administration is surely strong
for the House of Morgan.
On June 10, Secretary of the Treas
ury Mellon held an important confer
ence in his office at the Treasury De-
partment.
J. Pierpont Morgan was there by
special invitation. The conference
was for the purpose of ascertaining
whether or not adequate financial
relief" is no available for the live
stock industry through private bank
ing channels.
The New York Journal of Com
merce commenting on the conference
says:
at was developed at the conference
today that the reliance of the cattle |