CONTROL OF WALL STREET.

Dominion, Volume 6, Issue 1707, 26 March 1913, Page 8

CONTROL OF WALL STREET.

PROPOSED LEGISLATION AGAINST ME. PIIiRPONT MORGAN. ' A Now York message to tho "Daily Mail" states that Bills designed to overthrow tho power of tho financial oligarchy which, it is contended, has acquired a monopolistic control over tho money and credit of the United. States, have been drafted by tho Committee appointed by Congress (o investigate the cxistenco of the alleged "Money Trust." A number of provisions aro aimed directly at the power of Mr. J. P. Morgan and company and the great allied privato banking houses. Thus it is proposed that. inter-State - companies, such as the Steel Trust, and railways shall not bo allowed to deposit funds with private banks, and that their issues of stocks and bonds shall bo made through public competition. : Finally, the committee plans to bring insurance companies under the direct control of the State by giving tho State power to appoint one-third of'their directors. With tho object of destroying tho "Money Trust," tho committee proposes legislation subjecting- clearing-hous-n, which, under tho present system, ore private associations, to Federal mid State control. It. recommends radical changes in tho constitution of the National Banks, whose director,? aro forbidden in future to sit on boards of potentially competing financial institutions. The committee expressed'tho conviction that the Stock Exchange, through the manipulation of stocks, forfeited its position as a genuine market and acquired tho character of a gambling house. It there-, foro proposes to place tho Stock Exchange under Government control with stringent provisions for the expulsion of members guilty of "rigging the market."

Farmers in Kent and Sussex suffering from a plague of rats, for tails of which tliev pay a penny each, are to turn out briefers to ivage war upon this and other species of vermin. In Buckinghamshire and Bedfordshire, where lxulfjers are plenliful, members of tlift Kent and Sussex badger clubs are capturing the animals for removal to the southern counties.