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MONEY TRUST INVESTIGATION

INVESTIGATION

OF

FINANCIAL AND MONETARY CONDITIONS
IN THE UNITED STATES

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1912

SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY.

HOUSE OF REPRESENTATIVES.

ARSÈNE P. PUJO, Louisiana, Chairman.
WILLIAM G. BROWN, West Virginia.

GEORGE A. NEELEY, Kansas.
ROBERT L. DOUGHTON, North Carolina. HENRY MCMORRAN, Michigan.
HUBERT D, STEPHENS, Mississippi.

EYERIS A. HAYES, California.
JAMES A. DAUGHERTY, Missouri.

FRANK E. GUERNSEY, Maine.
JAMES F. BYRNES, South Carolina.

WILLIAM H. HEALD, Delaware
R. W. FONTENOT, Clerk.

A. M. MCDERMOTT, Assistant Clerk.
I

D. OF D.
FEB 25 1913

MONEY TRUST INVESTIGATION.

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY,

HOUSE OF REPRESENTATIVES,

Washington, D. C., Monday, December 9, 1912. The subcommittee met at 11 o'clock a. m.

Present: Messrs. Pujo (chairman), Stephens, Daugherty, Byrnes, Neeley, McMorran, Hayes, and Guernsey.

Present also: Samuel Untermyer, Esq., of New York City, counsel for the committee.

The CHAIRMAN. Before proceeding to the regular order the chairman will hand to the representatives of the press the following statement:

In resuming the inquiry the committee feels that the many unauthorized, misleading, and inspired reports that have been circulated concerning its work and plans should be corrected and that the public should be warned against placing any credence in them. There has been a consistent hostile effort in certain directions to embarrass the inquiry. No statements have been made or will be made or authorized on behalf of the committee at any time except such as may be openly announced at the hearings.

At no time has there ever been any friction, misunderstanding, or difference either among the members or with or between counsel. The utmost harmony has prevailed from the beginning, and the reports to the contrary have been sheer fabrications. Nor is there any authority for the persistent published report as to proposed remedies or legislation. The question has never been before the committee and it would be premature to consider it. The committee is not yet in possession of the facts on which to base a judgment. It has barely reached the threshold of the inquiry, so that any opinion as to its action is decidedly premature, to say the least.

Attention is again called to the announcement made at the outset of the hearings in May last, and since frequently repeated, that the terms of the resolution under which the committee is acting can not be fully carried out unless or until Congress shall have enacted the bill that has passed the House and is now pending in the Senate removing all existing doubt as to the power of the committee to inquire into the part, if any, that is played by the national banks in the alleged concentration and control of money and credit.

Meantime the committee will press forward with the other heads of the inquiry with a view of submitting an intermediate report accompanied by such recommendations as may be deemed wise.

The postponement over the presidential campaign was taken pursuant to the frequently announced determination that this important investigation should not be subject to the criticism or suspicion of being in any way influenced by or connected with political exigencies.

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