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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... Society is a stock company and is controlled by $ 100,000 of stock . The dividend on this stock is limited by law to seven per cent .; but in 1910 Mr. Morgan paid about $ 3,000,000 for $ 51,000 , par value OUR FINANCIAL OLIGARCHY 15.
... Society . His direct income from this investment was limited by law to less than one- eighth of one per cent . a year ; but it gave legal control of $ 504,000,000 , of assets . It was wealth which enabled the Morgan associates to buy ...
... no lack of industrial leaders . ENGLAND'S BIG BUSINESS England , too , has big business . But her big business is the Coöperative Wholesale Society , with a wonderful story of 50 years of beneficent growth 208 OTHER PEOPLE'S MONEY.
... Society runs this general principle : Go direct to the source of production , whether at home or abroad , so as to save commissions of middlemen and agents . Accordingly , it has buyers and warehouses in the United States , Canada ...
... Society makes its purchases , and manufactures its products , in order to supply the 1399 local distributive , coöperative societies scattered over all England ; but each local society is at liberty to buy from the wholesale society ...