The Dawson news. (Dawson, Ga.) 1889-current, 1925-05-12
GREAT IS THE POWER
OF NEW YORK BANKS
FINANCIAL INTERESTS HAVE
NO TROUBLE GETTING MA
TION-WIDE HEARING.
READ IN REMOTEST SECTIONS
Ranking Fraternity, as Result, Act
frequently as Unit. Propaganda Is
Most Skillful and Thoroughly Dis
siminated of Any in Country.

Most Skillful and Thoroughly Dis
sininated of Any in Country.
In days gone by political dema-
oogues and the more radical newspa-
oers used to rave and rant vastly more
than they do now about the wall
Street Octopus" whose financial
tentacles" extended clear across the
country, writes Frank Kent, the
Washington correspondent of the Bal
timorc Sun.
There is still a certain amount of it
here and there, but as previously
pointed out, the hostility of the people
toward the big financial interests has
diminished in proportion as they have
become shareholders in the large in
dustrial corporations, and the Money
Devil" no longer inspires the active
dread and hate its mere mention once
evoked.
OF course, there never was any real
foundation for the theory that few
great New York bankers, with SIMS
ter intent, secretly plotted to nomi-
nate presidential candidates, pull the
political wires, control the govern
ment and run the country. There are
a number of reasons why this never
was so.
In the first place, it could not be
done without disclosing their hands,
which would be dangerous to them
and their interests.
In the second place, it implies that
these are supermen, of keen political
insight and gifted with unusual ability
to direct the destinies OF men, which
is not the case. There are exceptions,
OF course, but most of them are quite
ordinary fellows without any particu-
lar talent or information outside the
field of Enthusiastically with none
Of the gifts required for such an enter
prise
In the third place. they are just as
human, Just as patriotic and no more
selfish or sinister than thee rest OF us.
Reach Every Banker.
However. conceding all these things
10 be true, it is not possible for an
observant person to cross the coun-
trv and talk with the bankers in the
small towns-from 1000 up to 10000
without grasping the fact that the
great figures of finance not only can
reach when they want every banker
and banking institution from coast to
coast, but in a political campaign, or
on a public issue, when theN banking
interests in New York think alike
thew not only can but do reach them.
They get to the whole banking ira
ternity from one end of the country
to the other the New York viewpoint
and the New York feeling as to Wheth-
er this candidates success would be
for the best interests of business or
whether the passage or defeat OF this
measure would be best
1t is perfectly legitimate. There is
not the slightest reason 1t should nor
be done. They are entirely within
their rights, but they do do it, and not
many bankers themselves realize the
extent and the effect.
Even little reflection is enough to
show that the propaganda that goes
out from the big banks is the most
skllful and thoroughly disseminated
OF any in the country; that the bank
ing interests, big and little, are more
firmly knit together, not only by mu-
tuality of interests but by actual or
ganization than any other element;
that when in New York fixed con-
wction on public matter is enter
tanned that conviction is communicat-
ed with extraordinary swiftness and
clarity to every banker in the coun-
try Not one is so remote as not to
know exactly how the New YORK
banks feel about things.
How the Word Is Spread.
There are various ways in which
the word is spread First, there are
the weekly or monthly Letters" issued
by the great houses in New York and
Chicago, which have a mailing list
which includes every little bank. These
letters" are prepared by high-priced
publicity men, presumably to discuss
general business conditions, but the
enlghtening paragraph upon the cur
rent public or political issue is always
there-not conspicuously enough 10
justify anyone in protesting about n
nancial dictatien," but there, Just the
same.
Then another way is by the bulle-
tins issued at regular intervals by the
National Association of Bankers and
by many of the state associations.
Still another way is by personal cor
respondence between men in the big
gest banks with personal friends in
the smaller banks and by those IN the
smaller banks with their friends in the
Still smaller banks, until it gets right
down to the end Of the line in the VII
iage banks
Unconscious of Power.
The curious thing is that those at
the top of this banking game are not
completely conscious of the enormous
power and extent of their machine
and those down the line are to some
extent, too, unconscious that when
Iney. get the word OF what New YORK
thinks through the various channels
OF communication it is@a machine IN
operation. Most bankers will deny
mat there is such a thing as bank
ing propaganda machine, and be per
leCtIy sincere about the denial he
explanation of that is that there IS
something about banking that bhghts
me imagination.