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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... competition than any- thing accomplished by the trusts , for they strike at the very vitals of potential competition in every industry that is under their protection , a condition which if permitted to continue , will RO VINU render ...
... competitive conditions in the industrial world . · • " If the arteries of credit now clogged well - nigh to choking by ... competition in large enterprises will become possible and business can be conducted on its merits instead of being ...
... competition in the railroad and industrial world . " HAVING YOUR CAKE AND EATING IT TOO But the power of the investment banker over other people's money is often more direct and effective than that exerted through controlled banks and ...
... competitors . They are so still in some small , or purely local matters ; but both are devoted co - operators with the Morgan associates in larger and interstate trans- actions ; and the alliance with these great Boston banking houses ...
... to come to the financial relief of any corporation which is already the prey of another " reputable " banker . " The possibility of competition between these banking houses in the purchase of securities , " says 44 OTHER PEOPLE'S MONEY.