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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... associates acquired their hold upon the Southern Railway , the Northern Pacific , the Reading , the Erie , the Père Marquette , the Chicago and Great Western , and the Cincinnati , Hamilton & Dayton . Often they insured the continuance ...
... associates , held such financial power in at least thirty - two transportation systems , public utility corporations and industrial companies - com- panies with an aggregate capitalization of $ 17 , - 273,000,000 . Mainly for ...
... associates , to that extent thus further en- trenching them . " The banks and trust companies are deposi- taries , in the main , not of the people's savings , but of the business man's quick capital . Yet , since the investment banker ...
... associates now enjoy that privilege . They control the people through the people's own money . If the bank- ers ' power were commensurate only with their wealth , they would have relatively little influence ́on American business . Vast ...
... associates , held $ 1,983 , - 000,000 in deposits . Control of these institutions means the ability to lend a large part of these funds , directly and indirectly , to themselves ; and what is often even more important , the power to ...