The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-07-15

With the aid Of the armed forces Of
America working in the interest of
Morgan, seized the Philippines and
Porto Rico and gained sovereignty in
many other islands, furnishing new
fields for Morgan exploitation.
Morgan and the associated capital
fsts working with him needed politi-
cal power and they seized it.
Again they ruled the government
during the Roosevelt administration,
tho with occasional difficulty. But
they ruled it. The hectic Teddy adj
mitted once in cooler moment that
he was a practical man and could be
dealt with. The Morgan strings were
tied to Teddy and the traces held
when they were needed.
We remember his hurried assent to
the ABSORPTION of the Tennessee Coal
and Iron company by U. S. Steel af-
ter conference with bankers. Later
Teddy publicly admitted that he had
permitted violation of the law, excus-
ing himself by saying that he had to
concede to the bankers to avert a
panic.
Held Taft and Wilson.
The Taft administration and the
Wilson one showed strengthening
of the Morgan power in Washington.
One of the first acts of the professor
president was the forcing thru of the
Federal Reserve Act which centralized
the operations Of the bankers and
whipped the little free-lance banks in
to line with the policies of Wall
Street. Morgan became a Federal
Reserve director.
The Civil War made the House of
Morgan a big American power.
The World War made it a world
power. @n%
Morgan was the loan shark who
bled European and American workers
alike during the great struggle. His
first loan of $5O,OOO,O0O to the French
government in 1915 was a picayune
affair compared to his next when, with
the aid of an organized syndicate of
1900 banks, he foated a $500, O0O, 900
loan to the allies in September, 1915.
Here again his control Of government
saved the deal. The act was contrary
to the rules of neutrality. 1t was ex-
pected that Wilson might stop it. But
Wilson did not stop it. He was Nor
gan president-put in with the aid of
Bryan, by the way.
Morgan's World War.
AS purchasing agent for the allies,
Morgan placed contracts for more
than three billion dollars worth OF
war materials. He received commits
sions on all these purchases, besides
the gains from the Manufacture, where
the work was done by companies in
which he was interested.
Later came loans that ran into the
billions, on all of which there was an
enormous rake-off. Morgan was the
greatest single war profiteer. 1t was
Morgan war.
James Pierpont Morgan, the elder,
may have been more of a financial
genius than his son. But James Pier
pont Morgan, the younger, is vastly
more powerful. AS the elder Morgan
inherited the power of his banker faith.
er, Junius, and increased it, so has
L the present lord of Broad and Wall
streets multiplied the power that he
: received.
Beats RothsehIds.
l The elder Morgan was the Ameri-
can ally of the Rothschilds-th Eu.
ropean banking trust. The younger
; Morgan has taken the leadership of
European finance away from the old
Jewish house. More than that. He
has risen to mastery that the Roth
schilds never possessed until today he
controls the cabinets of France and
Belgium and has just bent Ramsay
Macdonald to his will in the matter
of an assurance that the Dawes plan
would be enforced on Germany with
the force of the British Empire.
Morgan holds the worlds purse
strings, or rather strings to the big
gest purses. He is many times more
powerful than an industrial capitalist
whose personal wealth might be as
great. He is the leader of the worlds
banking trust, the master of credit
which is the basis of capitalist world
trade.
Ramsay Minds His Master.
With these credit strings Morgan
can perform his wonders; he can even
pull much advertised pacifist, Ram
say Macdonald, away from his con-
victions into virtual pledge of inter-
vention against Germany should she
default on the Dawes payments.
Against this world power an inter.
nationally organized fight must be
waged It must be centrally direct
ed war that will hurl its force united
ly into the fight where the fighting is
hottest.
It is obvious that the old Second
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