J P Morgan & Co

Author: J P Morgan and Co

Excerpt from Letter From Messrs. J. P. Morgan and Co;, In Response to the Invitation of the Sub-Committee (Hon. A. P. Pujo, Chairman) Of the Committee on Banking and Currency of the House of Representatives: New York City, February 25, 1913

We suggest to you that such ills – and they are neither few nor trifling – as are existent in this country’s financial affairs are the outcome of a banking clumsy and outworn banking system system AT fault rather than of the schemes of men; and that to eradicate such ills at their source, there is needed not legislation upon some one or more isolated symptoms, but rather a careful diagnosis of our whole banking system; a study of the successful systems of other countries which for decades have been free from the periodic panics which have dis tressed this country; and finally co-operation among all committees in Congress which consider this subject, to the one end of wise and comprehensive – as contrasted with piecemeal – legislation.

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