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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... directors . It was in this way that the Morgan associates acquired their hold upon the Southern Railway , the ... directors . Often without even such excuse the investment banker has secured a place upon the Board of Directors , through ...
... Directors , decides that the corporation shall issue and sell the securities , decides the price at which it shall sell them , and decides that it shall sell the securities to himself . The fact that there are other directors besides ...
... Directors . The resources of the National City Bank ( including its Siamese - twin security company ) are about $ 300,000,000 ; those of the First National Bank ( including its Siamese - twin security company ) are about $ 200,000,000 ...
... stock , which the Reading bought at $ 160 a share . He is a director in 28 other railroad companies ; and presumably a stockholder in , at least , as many . The full extent of his fortune was not HOW THE COMBINERS COMBINE 29.
... director in 22 corporations having , with their many subsidiaries , aggregate resources or capitalization of ... directors in at least 27 other corporations with resources of $ 4,270,000,000 . That is , the First National is ...