BANKERS AND GREAT WAR

Northern Advocate, 7 February 1936, Page 5

BANKERS AND GREAT WAR

U.S. INQUIRY ACCOMPLISHES LITTLE

I United Press Assoclation.-By Electric Telegraph.—Copyright. ] (Received 10 a.m.)

WASHINGTON, February 5

The committee of the Senate, which has been investigating the transactions of tlie J. P. Morgan Company and its associate concerns during the Great War, officially closed its sitting today with a general feeling of amity on all sides.

However, very little was accomplished tofvards determining the reasons why America entered the war. In fact, from the point of view of Mr G. P. Nye (Republican—North Dakota) and his associates, who undoubtedly wished that the bankers’ pressure forced President Wilson’s hand, the inquiry might be described as a failure. The commission issued a statement to the effect that nothing had been produced to the discredit of Mr Morgan or his bank.

Mr Morgan replied: “I have had a fine time. I would not have missed the investigation for the world.”

The last day of the sittings had been devoted to a general discussion' of war debts, in the course of which Mr T. W. Lament, of the Morgan firm, and Mr W. H. Leffingwell, who was in the Treasury during the war, contended that the loans to the Allies were soundly issued, but that mistakes after the war were made by all the Governments, “including this one.” Members of the committee questioned Messrs Lament and Leffingwell at length, seeking some suggestion from'them of a feasible means of adjusting war debts. Although Mr Lamont advanced no definite formula for the collection of the debts, he expressed the opinion that a lump sum would be an admirable settlement. He thought fresh negotiations might lead to such a payment if they were free from any political influences.