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 18
... received , as syndicate managers , $ 12,500,000 in addition to the share which they were entitled to receive as syndicate members . This sum of $ 62,500,000 was only a part of the fees paid for the service of monopolizing the steel in ...
... received an underwriting commission of $ 6,800,000 . The exaction of huge commissions is not con- fined to trust and other industrial concerns . The Interborough Railway is a most prosperous corporation . It earned last year nearly 21 ...
... Receiving deposits and making loans therefrom should be treated by the law not as a private business , but as one of the public services . And recognizing it to be such , the law already regu- lates it in many ways . The function of a ...
... receiving deposits : Provided , That such bank , trust company , financial institution , banker , or firm of bankers is located at or engaged in busi- ness at or in the same city , town , or village as that in which such national bank ...
... receiving deposits would be prevented from being a director of a national bank ; and the reasons underlying that prohi- bition apply equally to trust companies and to private bankers . 3. Other Corporations . The interlocking of banking ...