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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Feb. 7, 1913)
- 'WyBpHT? u. The Commoner. VOLUME 13, NUMBER 5 K 4 s J,v The Commoner. ISSUED VEEKLY VHntnrntl aC thi PrintrtOliM at Llnla, N-sfersuika. An n!nnil-(jj:iuii matter. Wftt&MM X. HYtVAff TTilltnr mill Pimprtptnr mniiititH lfitltor Cnuiuira W. But an Filtirnl HinmK ami Rhhhkwi OttVr safari th ictfc atr On Vn..... SJ.fl Six Month .,...,. .30 In CI11I111 oil ITlvw or morn, pur yar.. .73 Thrne Moath. ..... -Z3 3 Intel Copy....... 5 Sample Coptesi Fr.. Foritlan Pout, S2o Extra. fnin.'JORfPTIOWS can be ant direct so Tfc Com monur. Thiy can ilImo tan simt through nrtTV3papr-i whlult havi afvirrtii!il n. elubblna: rate, or thranh rmtttl ntfsnf.'t, whr aub-nffitnM havi bn p palnti!ii. All rtmitcanrti:i ahouUi b ant by poot officii mony ir'r xpr(!Mn arrter or by bank rtrafJ on N.'W York or Chtaagw. Do not and IndlvMwiJ cliitalrii, stamp or mrniy RffiMfflWiiM Th! dnc on your wrapper abowi tnn tlnnh tn whlh ynur flubticrlytton ta oahi. Tfca.i .ran nary J I. 'li nwimi tbat payment hai b.n nt fSVY,011 an'1 incluiHnjr th at Jnuurt of Janaary. IJIJ, hm wirr-i ar refiulvitii afor mty had nnn riMi!lvii bufortt this date en wrapper an fe chanawl. CYinvrcn ow nnrmsa ftubribr3 reqmstln a cbanffn of addrttuH mmit fffvis oM aj well as raw adUfifiiii. ADVEi?wn( Rtiua win b fnrntabert upoa application. Addriian all mmmtrnta.-uHniM ta THE COMMONER, Lfncoln, Neb. A QC RATION OP KHRQiSM Litfe pveHenfcs no example of herefera eqnal to that t the moral hero. The pause 01! heroism. wbtah nerves a man. to a1 phiystaal ton teat, that makea him face a cannon,, a Wujl ruffian or a blazing fire 1-s purely m, i aterial courage, after all, and may be exer'iHrjsro' by one who h a moral eoward In every ainat America has one very eonspiwoua example of the latter kind of heroes, though the former the example of moral courage, of herofam, are aftev all very numroira, but their being very modest, we do not discover them until some great event colts them to our attention. T&ey are seen in every walk rf life, every day and In the moat humble eircumatafteea. Great la physical heraftm, bn-t moral here-tem la greater. It hi moral heroam that enable one to de vote hla life to trwth without fear of cmw queneea. Ct ta mral heroiam that enables hini to say, though he had occupied a eoaapfcuoua poaitin before the world. "Tea, yeiterdaVY did believe tana and ao; I did proclaim aueh a thing to-be truth, but today, r see a newer light and today that truth of yesterday In the glare 0 this greater light I aee covered with error The light of truth today shall eonanme the error of yeaterday. error 0E That would be an example of moral heroiam It la moral heroiam that strengthens one when a haaty word haa been apofc n a wSrd w Z?d? and tl3' t h the 9ieake?of that word, to aay, "T waa in error I ahoold rmJ have aaid that Let me recall it' Or, if he be the one for whom the cutting word was Hd en fur woa f r at aat -Wnc fit aentrur word. Theae are examples of morM heroiam with which, we dairy meet. ,re S e mo?aI hero who fo"owa truth wher ever she may lead, though It be the nJh t financial ruin, of loat friendship? of tliX ti fij'S011?41 OT other Prment, ya even though she lead him down thron "h ? SI P valley of the shadow of death a e dark This la the character of heroic deeds tw Omaha Chancellor. ' Qniah7 ln tfee 00i)eQ Q WO RK1XG FOR THE PEOPLE hJ?t W B- Shenandoah, Va May I aay a word in The Commoner I Lantf 2' kickln5 aaenfae 1 i advertised a few years ago. I need I? to I? i?n6owonmmTJ Tb6n U firat art?d ? ".: K the coTmofpeoe ev 'seeeei 8 0 0 An Appeal to Reason fa its hwn of Jannary 13th, the New York Mail printed the following interetting editorial: Tk eridence thaa far given in the money trust investigation by congress, when taken to gether, reveala an astounding and perilous situ ation in this rountry, a situation that must and will be changed. The only question li whether the change is to rome thron?h a bitter, costly and unnecessary struggle between the aroused masees of the American people and the concentrated and leagued power of money and credit control, or whether the remedy ia to be reached through ralm, intelligent, volnntary action by those who dominate the present monstrous and Intolerable alliance of national banks, trust companies, rail road and industrial corporations and other public service Institutions. There can be no longer any doubt that the dan?(r to the nation Is a real one. There has been much heat and much exaggeration. Politi cal and journalistic demagogues have been at work. Personal malice, envy and deadly finan cial rivalries and feuds have played their part in whipping up excitement and ill-feeling. But fcfce responsible testimony taken by the Pujo eonmfttee under the authority of congress raises an issue tremendous in its character and magnitude, an issue based on. the solid granite of proven fact. It may be a technical error to call the swift concentration of control of money and credit in the United States a money trust. The words are Immaterial. It may be that this new and sinister power over the financial, commercial and pro ductive activities of the country has been brought out largely within the letter of existing laws. That, too, is unimportant. The American people have shown in the last ten years in dealing with similar Issues that they will find a way to break through anv conceiv able devices that can be contrived by greed and cunning, and that economic freedom, without which social justice and political stability is impossible, can not be destroyed. In the last national election, only a few weeks ago the nation gave an impressive demonstration of Its present Intelligence and temper. WHY FORCE ANOTHER CLASH? ..Ji? i'ime H3 come when the dominant lead- ?i finaiiCiai PLer in the United states must consider whether they will deliberately engage SLffi0"11, Wtr for contro1' Hk the long aid disastrous fight to maintain Interstate indu o LSf SrtIn SPlte f the Sherman act? and to defeat the movement for the government tfie abolition of the iniquitous rebating svstem That war was waged in circumstances that brought distress and confusion. ThTre was ?nlnd af7?4ce the one side and an increS ing Instinct for vengeance on the other Gref t names and great interests were en-ulfed reputation of the AmertSS bSSSs" Sn throughout the world was stained and confidence Out ?f SQ entePri!es s seriously shaken rSL J X. reck of conSIct the competitive secuTe SfrJT lmerged triumphant lid FnTted' ISfs"116' "7 the Snpreme court the -1? the light of recent events would It not h wiser and safer and in accordance with natfcmn! present startling concentration of power nwr porting the reforms nece-sarv to 1 LJ?d ??P irPo0 zzvSi WT Mas- -5iaai35s THE PEOPLE WILL HATE THEIH WAT tie masters of Wall Zfrt.3e consent ot reasonable. Tner have tLJ?y m not "n- the teeth ofeatnd 5 ? odeent In tat. IBM all ottlr pepts SdD 'TOCaUons: 3 that n t&fcSsi 5MS.Sr5 great, however captained by men of genius aim courage, or cowever intrenched behind tS technicalities of existing: laws, can enter udo a struggle against the aroused majority with sbv hope of success. 7 One has but to consider the things established under oath before the Pujo committee to realize the Imperative necessity for a change in condi tions to safeguard the liberty of business enter prise in America. Shall this change com as th result of intelligent and patriotic co-operatfon between the masters of Wall street and the official representatives- of the people at large or shall it come as the result of another dNas trous and humiliating struggle? The uncontradicted evidence taken c he Pujo money trust committee in Washington shows clearly that the Morgan-Stillman-Baker group in Wall street stands at the head of the impressive combination of money and Tedit control which hasso shocked and alanLPd the country. Their immediate instrument oi rower consists of J. P. Morgan & Co., the National City bank, the First National bank, the Guaranty Trust company, the Bank, of Commerr thQ Chase National bank and the Bankers Trust company. These, with their subsidiary com panies, and with the Mutual and Equitable Life Insurance companies, control about a billion and a quarter ot dollars. Through direct own rshlp, identity of directors, voting trusts or com-munity-of-interest arrangements, the colcssal assets of these Institutions are domlnafd and, for practical purposes, controlled by Mr Mor gan, Mr. Baker and Mr. StIIlman ani chair obedient lieutenants. The money hierarchy thus established has been shown to be domlnantly affiliated with or In actual control of national banks, trust com panies, inssnee companies, railroads, com mercial and industrial corporations and public service enterprises scattered all over the coun try. This mighty alliance of wealth, wbich Is dominated by the Morgan-Stillman-Baker group and its partners and agents in and out of Wall street, consists of one hundred and twelve cor porations, administered by three hundred and forty-one directors, with total capital and re sources representing almost exactly twenty-two and a quarter billions of dollars. The distribu tion of this controlled and affiliated 'power 13 given thus: One hundred and eighteen directors in thirty-four banks and trust companies, having total resources of 52,679,000,000 and total de posits of $1,953,000,000. Thirty directors in ten insurance comcanies having total assets of ? 2,2 9 3,0 00,000. One hundred and five directors in thirty-two transportation systems having: a total cap'taii zation of $11,7S4,000,000 and a total mileage of 150,200, without counting express companies and steamship lines. Sixty-three directors in twelve public utility 5 -75Uons QavinS a total capitalization of KV lo0,Q00,000. ALL POWER TO ONE PIiACE This represents a rapid centralization ot power over industry, commerce aji enterprise without a parallel in the history of the world, iwen if the size of the interests thus combined under the direction or potential influence of a few arch-millionaires were but half true, the situation ought to stir the conscience and ei cite the fears of the most conservative citizen. it must be evident that no new large enterprise can be established in any part of the country f t111!33 lts securities are under-written by or with the sanction of the Morgan-Stillman-Jaker triumvirate. The evidence shows that thirty-six issues of stock made through this group, with opportunities for domination in each oa?i'iireprf!eilt aggregate value of more than a Diiiion, three hundred and sixty-eight millions 01 dollars. rwl BeiVrfio is said to be even more power iui than Mr. Morgan, admitted on the stand that ne could not recall a single transaction in the Unit 7e,?rs whIck amounted to more than ten Sro!0?11"? i whlch J- p- Morgan & Co., the First National bank, Speyer & Co., Kuhn, Loeb & U., Lee, HIgginson jb Co., Kidder, Peabody Z. V?" Ue Illillo!s Trust and Savings company or the First National Bank of Chicago did not have a hand. . j ponder that Mr. Baker frankly admitted to the Pujo committee that in his judgment thl3 Xe,mreI cas concentrated such almost unthinkable power in a few hands, had gone far enough. He had just acknowledged that in