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
Results 1-5 of 17
... holding companies , and par- ticularly by the formation of industrial trusts . The rapidly accumulating savings of our people sought investment . The field of operations for the dealer in securities was thus much enlarged . And , as the ...
... holdings of stock in banks and trust companies . The Armstrong investigation disclosed the extent of financial power exerted through the insurance company holdings of bank and trust company stock . The Committee recommended legislation ...
... holdings in the Central Railroad of New Jersey . He was its largest stockholder - so large that with a few friends he held a majority of the $ 27,436,800 par value of outstanding stock , which the Reading bought at $ 160 a share . He is ...
... holding company also ; and a holding company may control sub- sidiaries while owning but a small part of the latters ' outstanding securities . Only the small part so held will be represented in the holding company's balance sheet ...
... holding about 92 1/2 per cent . of the aggregate banking resources of Boston , are interlocked . But even the remaining 9 banks and trust companies , which together hold but 7 1/2 per cent . of Boston banking resources , are not all ...