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 32
... aggregate capitalization of $ 17 , - 273,000,000 . Mainly for corporations so con- trolled , J. P. Morgan & Co. procured the public marketing in ten years of security issues aggre- gating $ 1,950,000,000 . This huge sum does not include ...
... aggregate assets of these companies 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 ...
... aggregate bond investments of these three companies on January 1 , 1913 , was $ 1,019,153,268.93 . It was natural that the investment bankers should seek to control these never - failing reser- voirs of capital . George W. Perkins was ...
... aggregate wealth of America , or even of New York City . It lacks significance largely because its owners have only the income from their own wealth . The Astor wealth is static . The wealth of the Morgan associates is dynamic . The ...
... aggregate of the balances remaining in the banker's hands are huge . Thus J. P. Morgan & Co. ( including their Philadelphia house , called Drexel & Co. ) held on November 1 , 1912 , deposits aggregating $ 162,491,819.65 . POWER AND PELF ...