“MONEY TRUST”

Poverty Bay Herald, Volume LX, Issue 18064, 15 April 1933, Page 4

“MONEY TRUST”

ATTACK ON WALL STREET ‘ ‘ DISGRACEFUL FAILURE ’ ’ NEW YORK, Feb. 24. j Americans’ lack of confidence, I verging at times upon panic and de--1 spair, can only be remedied, it is deI dared, by drastic action, whereby the j safety of money in banks is guaranteed "and ‘the Money Trust of Wall Street” is shorn of power. | Mr. William McAiloo. Secretary of the Treasury in President Wilson’s Administration, and new United States senator-elect for California, describes the credit structure of the country as “a disgraceful failure,” and the banking system as “the worst in the world.” Senator Logan, who leads the cam•paign for reform, says that the Amc- , rienn people to-day are virtually . slaves of the “Money Trust.” In using this term he is referring to a small group of great banks which : have, he says, “their vice-like grip on trade and industry through a web of interlocking directorates.” ! “Seven J. P. Morgan banks,” Seni fttor Logan adds, “have 2242 director‘ships in various great corporations.” Mr. Henry Font said to-day that lie was not yielding to the requests of the Detroit bankers to pour in enough : cash to tide them over their present difficulties. But he had promised not to withdraw deposits, excepting as his | business might require. I’d his opinion, the money system of the United States has broken down and must, be severely overhauled by | Congress. “Now,” he says, “is tho ideal time for a change in the American banking system.”