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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... contract between a city and a public utility that exists in this country , a definite grasp of the gas business was necessary - com- bined , of course , with the wisdom and originality that make a statesman . He could not have invented ...
... contract . But when it financed its $ 170,000,000 bond issue it was agreed that J. P. Morgan & Co. should receive three per cent . , that is , $ 5,100,000 , for merely forming this syndicate . More recently , the New York , New Haven ...
... contracts of a corporation whether with one of its directors individually , or with a firm of which he is a member , or with another corpora- tion in which he is interested as an officer or director or stockholder . The objection ...
... contract with the Reading , of which Mr. Morgan ( or a partner ) is a director . The Reading buys its passenger cars from the Pullman Company , of which Mr. Morgan ( or a partner ) is a director . The Pullman Company buys ( for local ...
... contracts between a corporation and a director , or between two corporations with a common director , where it was shown that in making the contract , the cor- poration was represented by independent direct- ors and that the vote of the ...