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The Commoner.
VOLUME 13, NUMBER 5
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The Commoner.
ISSUED VEEKLY
VHntnrntl aC thi PrintrtOliM at Llnla, N-sfersuika.
An n!nnil-(jj:iuii matter.
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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
