The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1924-09-15

atOr AIdrlCn, m predicted that AT
some later stage in the course Of the
legislation that same provision would
again make its appearance in the
bill.
Shows Monopoly
Therefore I covered in my argu-
ment the railroad bonds provision
and discussed 1t thoroughly.
I presented facts to show that rs
/ per cent of the railroad bonds which
would be affected by the provision
were held by banks in New England
and easern States, and only Is per
cent distributed throughout the
West, Middle West and South.
With its highly organized banking
system the entire holdings would be
at the command of the big group
banks.
In course of my argument I was
also able 70 demonstrate that legis-
lation would operate to place the
money trust in a position to con
troll for their " advantage any is
sue of emergency currency.
When Government bonds were
made the basis for national bank is
sues. il was avowedly for the pur-
pose Of enhancing their market val
ue. It had that effect. 1t would
have a like effect upon railroad. mu-
nicipal and other bonds. 1t would be
difficult to conceive of a better way
to boom the market for railroad
bonds than to put behind them the
mandate of the law. compelling ma
tional banks to go into the market
and bid for thine.
Could anything be conceived by the
ingenuity of nan that would more
quickly enhance the price of railroad
bonds held by a limited number CT
speculative banks and by a few CAPT.
~talists, or better promote certain
great related interests?
In the course of ms speech on = G
emergency currency bill I showed
clearly how the industrial and bank
ing interests are closely controlled
by a small group of fnanciers. / as.
serted that fewer than 100 men ron
troll the great business interest of
the country.
The following day the great news
papers Of the country, with very rare
exceptions, denied my statements
and denounced me as a demagogue.
The Review of Reviews editorially
characterized my u%tterances as sen
sational and much to be regretted.
A few days later 1 replied to my
critics and out Of the Directories of
Directors and other record data
proved my assertions, and demon
strated that, in fact, less than a
dozen men control the business of
the country-indeed, that Standard
Oil and Morgan are the real business
kings of America.
In a way the public had under
stood the railroads had consolidated
and even that the great manufacture
combined to control production and
prices. But I think 1 may say that
never before March, 1908, had the
facts been brought together in any
discussion in Congress.
1 then demonstrated through an
analysis of the directories that the
railroads. telegraph. shipping, street
car and interurban lines, cable, tele-
phone, express. mining, iron, coal,
oil. gas, electric light, manufactur-
ing, steel. agricultural implements,
machinery of all kinds, cotton, wool
ems. tobacco, sugar and the food
products are completely controlled
and mainly owned by a small group
Of men.
Statement Proven
I was very much interested anil
rot a little gratified a few years
later 10 have the statements I made
in 1908, as applied to the control of
capital and credit. coorrobrated by
the president of one of the largest
banks in the United States-Georgc
NJ. Reynolds Of the Continental and
Commercial Bank of Chicago. On
Dec. Is, 1911. he was a speaker at
the somewhat exclusive banquet Of
the National Business League of
America.