

REVIEW OF REVIEWS. 



merce Commission was given real 

 powers oi rate regulation. Government 

 "by commission " succeeded govern- 

 ment " by Morgan." 



It is still too early to compare re- 

 sults. 



In the absence of a statesmanlike 

 policy in Washington toward banking, 

 there developed during Mr Morgan's 

 period oi leadership a banking govern- 

 ment independent of the official author- 

 ity. 



If there had been a great central 

 institution of banking treated under 

 governmental authority, with govern- 

 mental participation in its management, 

 re would have been no necessity for 

 asking Mr. Morgan, from time to time, 

 in critical emergencies, to assume the 

 dictatorship of banking. He did not 

 seek it. He was in effect selected for 

 the responsibility. He was chosen be- 

 cause, in character and genius and ex- 

 perience, he was best fitted for the task. 

 The absence of an adequate banking 

 system in the United States was respon- 

 sible for the extent and violence of 

 the periodical money panics which have 

 swept over the United States. Mr. Mor- 

 gan was born in the midst of one of 

 them, in 1837 — which was precipitated 

 by Jackson's war on the second United 

 States bank. He started in business in 

 another — that of 1857. He gave enor- 

 mous aid in restoring the business of 

 the country after the panics of 1873, 

 1884 and 1893. President Cleveland 

 appealed to him -and not in vain — for 

 financial aid in 1894. He stood for 

 sound money in the depression and 

 crisis of 1896. In the panic of 1907 

 he became, by reason of absence of gov- 

 ernment elsewhere, what might be 

 termed " Governor of the Bank of the 

 I "nitecl States of America." No one can 

 measure the extent of the services he 

 performed at that time for the safe- 

 guarding of corporate and commercial 

 credits ; and yet those who hated him, 

 charged him with having actually pre- 

 cipitated the panic. It was his hand 

 that stayed it. 



THE MONEY TRUST. 

 After the storm was over, the official 

 government stepped in, representing 



popular fear of "financial concentra- 

 tion"; and the 'Money Trust " issue 

 so called, though there was no trust, 

 only co-operation, appeared. The ob- 

 ject of the hue and cry seemed to be 

 to destroy the banking regulation which 

 existed by a process of natural, econo- 

 mic selection, without putting anything 

 constructive and effective in its place. 

 The champion of destruction became 

 Untermeyer. The Pujo Committee 

 room became a battle ground. The aged 

 commander-in-chief was hastened to the 

 firing line. His appearance there, and 

 his simple elevating declaration that 

 character was the true basis of credit, 

 threw his enemies into confusion. 



Soon after his examination he sailed 

 for Europe. He viewed once more the 

 mysteries of Egypt. Once more he 

 feasted his art-loving eyes upon the 

 majestic dome of St. Peter's. And then 

 the great brain, the rugged body, and 

 the unconquerable spirit of Morgan suc- 

 cumbed to death. The end came at the 

 Grand Hotel in Rome on March 31, 

 1913. If he had lived seventeen days 

 longer he would have been seventy- 

 six years old. 



A MERCHANT IN CREDITS. 

 Mr. Morgan generally spoke of him- 

 self as engaged in the banking busi- 

 ness, but when he gave an art 

 museum to Hartford, Connecticut, he 

 dedicated it to his father, " Junius Spen- 

 cer Morgan, Merchant." Yet his father, 

 like himself, was a banker. The use of 

 that term, "merchant," was suggestive 

 and significant. Merchant in credits, 

 Morgan used the power of deposits, 

 given to him as trustee by the confi- 

 dence of the world, as a statesman em- 

 ploys parliaments and diplomacy, and 

 a general marshals an army, for 

 national upbuilding. Like the mer- 

 chants of old, of Venice and Spain, 

 Holland and England, whose ships 

 explored unknown seas and shores, 

 he was bold and strong, and adven- 

 turous, and his enterprises encircled the 

 globe. 



Morgan's death ends an era in Ameri- 

 can finance. Who and what next ? 



