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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... directly controlled by the Morgan associates , held $ 1,983 , - 000,000 in deposits . Control of these institutions means the ability to lend a large part of these funds , directly and indirectly , to themselves ; and what is often even ...
... directly or in- directly ( through exchange ) for mere promo- tion or underwriting services . In other words , nearly one - seventh of the total capital stock of the Steel Corporation appears to have been issued directly or indirectly ...
... directly - as voting trustee , executive committee man or simple director . 1. Banks , Trust , and Life Insurance Companies : First National Bank of New York ; National Bank of Commerce ; Farmers ' Loan and Trust Company ; Mutual Life ...
... directly and visibly , extends , for First : There are 56 other corporations ( not included in the Pujo schedule ) each with capital or resources of over $ 5,000,000 , and aggregating nearly $ 1,350,000,000 , in which the Morgan allies ...
... directly or indirectly in the New Haven Railroad balance sheet . The New Haven , like most large corporations , is a holding company also ; and a holding company may control sub- sidiaries while owning but a small part of the latters ...