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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... increased by huge railroad consolidations , the development of the holding companies , and par- ticularly by the formation of industrial trusts . The rapidly accumulating savings of our people sought investment . The field of operations ...
... increased in the last eight years to $ 1,817,052,260.36 . At the time of the Armstrong investigation the average age of these three companies was fifty - six years . The growth of assets in the last eight years was about half as large ...
... increases the burden of the consumer even more in other ways . Monopoly arrests development ; and through arresting development , prevents that lessening of the cost of production and of distribution which would otherwise take place ...
... increasing at the rate of over $ 30,000,000 a year . Massachusetts state and municipal bonds have , within a few years , come to be issued tax exempt in the hands of the holder , whereas other classes of bonds usually held by savings ...
... increasing extent , se- lect Massachusetts municipal issues for high - grade bond investments . Certainly Massachusetts cit- ies and towns might , with the coöperation of the Commonwealth , easily develop a " home market " for " over ...