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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... existing systems . The acts of this inner group , as here described , have nevertheless been more destructive of competition than any- thing accomplished by the trusts , for they strike at the very vitals of potential competition in ...
... existing policies and inter- est on existing investments . The three great companies - the New York Life , the Mutual of New York , and the Equitable - would have over $ 55,000,000 of new money to invest annually , even if they did not ...
... existing conditions of combina- tion , relief through other banking houses is precluded . " It can hardly be expected that the banks , trust companies , and other institutions that are thus seeking participation from this inner group ...
... existing manage- ment is ordinarily prohibitive . Proceedings to avoid contracts with directors are , therefore , sel- dom brought , except after a radical change in the membership of the board . And radical changes in a board's ...
... existing management of a corporation to ascertain whether it has been well or honestly managed . " Mr. Max Pam proposed in the April , 1913 , Harvard Law Review , that the government come to the aid of minority stockholders . He urged ...