The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-31
WEDNESDAY. MAY 81. 1888.
INVESTIGATE TO THE LIMIT"

MO one will be surprised by the news that
L ' President Roosevelt has requested the
senate committee to push its investigation Of
the Morgans and other large bankers to the
limit 1t was Mr.. Roosevelt who took office
with a specific pledge to restore the temple
from the havoc wrought by the money
changers.
1t was Mr.. Roosevelt who suggested that
the senate committee turn its immediate at
tention from commercial to private banks.
So far there have been sensational ex-
posures, but only a beginning has been made,
despite the many weeks of hearings and more
weeks of preparation for the hearings There
still is much to find out about the National
City bank and the House of Morgan, and after
that there are at least score of others.
Only by making the investigation wide and
deep the public and congress get an &C
curate picture of the complicated and inter-
meshed financial machine which has almost
destroyed the nation.
1t is not enough to show the operations Of
a short market, as the committee started out
to do; or the system of beneficiary stock
lists, interlocking loans deposits, and director
ates by which Morgan controls banks, as the
committee now is doing.
The committee should reveal the working
of bull market, how the big boys deliberate
ly boost stock prices to unload on an unin-
formed public, how they rope in smaller banks
and investment houses to dispose of that stock
how they whip up public speculative mania by
propaganda and false tips.
The committee should reveal how the Wall
street bankers use their control over industry
to water stock, to overexpand equipment, to
produce beyond market demands, to batter
down wages
The committee should reveal how bankers
milk railroads and other industries through
reorganization rackets and receivership piracy.
The committee should reveal how banks,
through industrialists and trade groups, main
tain Hobbies to prevent congress from passing
remedial legislation relating to banks, public
utilities tariffs, and the general economic life
of the nation; how they influence foreign pol
icy. particularly their te-up with the NUM-
tons trust
The committee should reveal how big bank
ers, through campaign contributions, preferred
lists of stock clients and otherwise, exert in
fluence and in some instances gain control of
the major political parties and of national
administrations.
Pin-pricking of the House of Morgan and
others may be very exciting but nothing short
of surgical operation will do the job. The
investigation for diagnosis must be complete,
and the resulting operation must be complete.
otherwise, the public will get nothing out of
this but a brief Roman holiday.
We have had experience in this thing be-
fore. Twenty years ago the Pujo investigation
put the head of the House of Morgan on the
grill; the public just much shocked, just
as resentful, just as excited then as now.
Very little has been uncovered in this in
vestigation to date that was not revealed in
the earlier inquiry.
But it didn't get us anywhere. 1t was al
lowed to run off into an emotional debauch.
Doubtless that is why President Roosevelt has
felt it necessary to urge the present senate
committee to keep going until it gets to the
very bottom of the financial muck.
But to follow the Presidents suggestion the
committee must be given sufficient funds
larger staff of aids and experts for Mr.. Pecora,
and be ready to continue its investigation
through the summer and into the autumn If
necessary.