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 34
... working people and understanding of them . Florence Kelley once said : " No man since Lincoln has understood the common people as Louis Brandies does . " While the majority of Mr. Brandeis's great progressive achievements have X PREFACE.
... common incident of size , he emphasized the possibility of efficiency through intensive development of the individual , thus connecting this principle with his whole study of efficiency , and pointing the way to industrial democracy ...
... common stock . Half of this $ 40,000,000 was taken by J. P. Morgan & Co. and their associates for promotion services ; and the $ 20,000,000 stock so taken became later exchangeable for $ 25,000,000 of Steel Common . Commissioner of ...
... common with the Morgan associates , conducting large joint- account operations with them . " THE EVILS RESULTANT First : These banker - barons levy , through their excessive exactions , a heavy toll upon the whole community ; upon ...
... common director , where it was shown that in making the contract , the cor- poration was represented by independent direct- ors and that the vote of the interested director was unnecessary to carry the motion and his pres- ence was not ...