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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... influence or the control of his customers ' proxies . Such seems to have been the fatal en- trance of Mr. Morgan into the management of the then prosperous New York , New Haven & Hartford Railroad , in 1892. When once a banker has ...
... influence ́on American business . Vast fortunes like those of the Astors are no doubt regrettable . They are inconsistent with democracy . They are un- social . And they seem peculiarly unjust when they represent largely unearned ...
... influence is exerted - visibly and directly - as voting trustee , executive committee man or simple director . 1. Banks , Trust , and Life Insurance Companies : First National Bank of New York ; National Bank of Commerce ; Farmers ...
... influence " of the three allies , directly and visibly , 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 ...
... influence certainly 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 ...