Show I i NO MONEY TRUST POSSIBLE DEClARES y t HOUSE OF MORGAN i r Responsibility for or Cash ash andI and I Credit relit Concentration Laid t C on Bad Currency Laws I j j. j ASHINGTON ASHINGTON Fob Foh 27 A A general generalI I t W W dental denial of ot tho the existence or bURy of ot a n. money trust was j presented to the House money trust committee today in a n. lon long letter sent cent b by J. J P. P Morgan Mor an Co at the invitation In of or tho the committee Upon tho the receipt of ot tho the Morgan letten let let- I t ten tor r Chairman Pujo gave s-avo out a 0 letter written to Morgan Co saying that i r t the Invitation to Morgan Co had I It January 2 27 and that the tile committee had been boom at t work worl on Its Us re report ro ro- I port for tor a month Your lour memorandum the reply concluded con con- eluded cd manifestly comes too lato late tot to tobe tobo be bo of ot value alue t The lie Morgan letter laid at tho the door of or ortho tho the present banking nn and curr currency nc laws the responsibility for tor an any concentration concentration tion tian of money and credit that may exist I Public Opinion n a Safeguard In its conclusions as to the committees committee's committees committee's commit commit- tees tee's activities the letter said Wo We venture to submit that In a D. strong public opinion there lies the greatest safeguard of ot the community I The Thoo public are aro the ones who entrust bankers with such Influence and power i as they thoy today have ha In every oven civilized cl Iland I Iland land and nd the p public is unlikely I I I y to en- en en cp- cp cpI I trust ill po Ua JI iu to 1 weRK v ui or u 4 C 11 u yu v. v Your coun counsel asked wi witnesses whether j the present power held by bankers In Inthis inthis this country would not be a menace menaco It If It 11 lay in evil hands hond If Congress Cons were to fall into evil hands bands tho results might t bo be deplorable Out But to us it seems as little likely that the citizens of or this tills 1 country will fill Congress Con with Ith rascals 1 na us It I is that the they will entrust the leadership of ot their business and ond financial finan- finan i dal cial affairs to a a. set of or clever rogues Tho letter says ays that such uch concentration concentration tion of or money mone as has occurred Is duoto duo duoto duoto to the antiquated banking system and the natural law which In in ever every country creates some one city as the tho thoI f I- I great grent financial center t. t lIou That part of or the moe money trust resolution resolution resolution tion declaring that It Is generally be- be that groups of financiers create create cre cre- ate avert ert and compose panics was particularly par palO attacked b by the tho letter Morgan Morgan Mor Mor- IorI I gan an 8 Co r set ct forth that nn any withholding withholding withhold withhold- ing of ot monc money or credit b by one man in I an any market would be bo promptly relieved re relieved re- re Hoyed b by the automatic flow then of or credit from from from- lom some seine altogether foreign source We We regret sal said the letter that a 3 belief bellef so Incredible so o abhorrent anti and so harmful to the country countr should for a moment have havo found lodgment any any- any 1 I 1 where And we wo welcome your investigation gation as ns an opportunity to state I that to tho the extent of our observations and I experience there Is not even cn a n particle of ot truth In the thc Idea Iden that In rim whole or I part the financial convulsion con of or 1007 was brought on through tho the design of or I any man or men I Tho letter further po pointed out that the Individuals to whom is attributed d I. I tho the power to create creato panics were th the ones to suffer most by the severe shrinkage e in values alues of or securities during during dur dur- ur ing InS the 1907 panic To support tho the contention con con- that a control of ot money and credits existed tho the letter said the committee has considered tables of ot so called Interlocking directorates from which exe exceedingly mistaken inferences hMO have been publicly drawn The Tho letter i said that these directors represent only quarter one of the boards on which they serve sere It Is preposterous to suppose said the letter that every even interlocking di director director director di- di rector has full control In over every organization organization organ organ- with which ho Is connected Cannot Exist Ex bit Perhaps the greatest harm the letter letter let let- ter continued in the presentation re referred referred re re- to lay In the further unwarranted unwarranted unwar unwar- ranted rante Inference to which has been given Iven wide publicity that the v vast st sum of oC was In cash or liquid form torm subject to the selfish use or abuse of or In individuals l Such an Idea excites tho the public mind to demand the tho correction tion lion of ot a fancied situation which in our mind does not and cannot exist |