Other People's Money: And how the Bankers Use it"The great monopoly in this country is the money monopoly. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men, who, even if their actions be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who, necessarily, by every reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all; and to this, statesmen must address themselves with an earnest determination to serve the long future and the true hberties of men." The Pujo Committee -- appointed in 1912 -- found: "Far more dangerous than all that has happened to us in the past in the way of ehmination of competition in industry is the control of credit through the domination of these groups over our banks and industries."... "Whether under a different currency system the resources in our banks would be greater or less is comparatively immaterial if they continue to be controlled by a small group."... |
From inside the book
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... combined with high constructive ethical and political thinking . After the man who knew most about the details of the Interior Depart- ment had been cross - examined by Mr. Brandeis he came and sat down by me and said : " Mr. Hapgood ...
... Combination concentration intensive and com- prehensive advancing on three distinct lines : First : There is the ... combinations of public service corporations and the formation of industrial trusts , OTHER PEOPLE'S MONEY.
... combination , however intensive , along these lines only , could not have produced the Money Trust - another and more potent factor of combination was added . Third : Investment bankers , like J. P. Morgan & Co. , dealers in bonds ...
... combined in the same persons . It was by processes such as these that Cæsar Augustus became master of Rome . The makers of our own Constitution had in mind like dangers to our political liberty when they provided so carefully for the ...
... combination . In the National City it is James Stillman ; in the First National , George F. Baker . Each of these gentlemen was formerly President , and is now Chairman of the Board of Directors . The resources of the National City Bank ...