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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... practically no large enterprise can be undertaken successfully without their partici- pation or approval . These bankers are , of course , able men possessed of large fortunes ; but the most potent factor in their control of business is ...
... practically nullified by courts in creating two unfortunate limitations , as concessions doubtless to the supposed needs of commerce . First : Courts held valid contracts between a corporation and a director , or between two ...
... practically banishing all criti- cism of the dominant power . And even where the board is not so dominated , there is too often that " harmonious cooperation " among directors which secures for each , in his own line , a due share of ...
... practically in declaring them valid . It is the directors who control corporate action ; and there is little reason to expect that any contract , entered into by a board with a fellow director , however unfair , would be subsequently ...
... com- panies , would practically compel the Morgan representatives to resign from the directorates of the thirteen banking institutions with which they are connected , or from the directorates of all the 80 OTHER PEOPLE'S MONEY.