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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... extends further . The Pujo report shows that its directors ( including Mr. Baker's son ) are directors in at least 27 other corporations with resources of $ 4,270,000,000 . That is , the First National is represented in 49 corporations ...
... extends , for First : There are 56 other corporations ( not included in the Pujo schedule ) each with capital or resources of over $ 5,000,000 , and aggregating nearly $ 1,350,000,000 , in which the Morgan allies are HOW THE COMBINERS ...
... extends to the Kansas City Terminal Railway Company , for which they have marketed since 1910 ( in connection with others ) four issues aggregating $ 41,761,000 . But no member of J. P. Morgan & Co. , of the National City Bank , or of ...
... extend into many of the cities throughout this and foreign countries . " The patronage thus proceeding from the inner group and its sub - groups is of great value to these banks and bankers , who are thus tied by self - interest to the ...
... The intimidation which it effects extends far beyond " the banks , trust companies , and other institutions seeking participation from this inner group in their lucrative underwritings " ; and far beyond 48 OTHER PEOPLE'S MONEY.