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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... efficient , made efficiency a national idea . ( It is a cardinal point in his philosophy that the only real progress toward a higher na- tional life will come through efficiency in all our activities . The seventy - eight questions ...
... efficiency was a common incident of size , he emphasized the possibility of efficiency through intensive development of the individual , thus connecting this principle with his whole study of efficiency , and pointing the way to ...
... single concern ) loyal and efficient service in the banks - like that rendered by Mr. Davison and Mr. Lamont in the First National - was rewarded by promotion to membership in the firm of J. P. Morgan & 36 OTHER PEOPLE'S MONEY.
... , in the interests of the general public . For interlocking interests breed in- efficiency and disloyalty ; and the public pays , voudes be the good arrish ) in higher rates or in poor service , a large INTERLOCKING DIRECTORATES 61.
... efficient form of organization , would not remove the objections . For even more important than efficiency are in- dustrial and political liberty ; and these are imperiled by the Money Trust . Interlocking directorates must be ...