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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... . ! They desired to manufacture them also . They became promoters , or allied themselves with promoters . Thus it was that J. P. Morgan & 2 Company formed the Steel Trust , the Harvester Trust OUR FINANCIAL OLIGARCHY 9.
... and the Atlantic Coast Line ; or between the Westinghouse Manufacturing Com- pany and the General Electric Company ? As the Pujo Committee finds : " Such affiliations tend as a cover and conduit for HOW THE COMBINERS COMBINE 47.
... manufacturing companies ; in many gas , oil and water com- panies , extensive users of iron products ; and in the great wire - using telephone and telegraph companies . The aggregate assets of these differ- ent corporations - through ...
... Manufacturing Company and the General Elec- tric . The nexus between all the large poten- tially competing corporations must be severed , if the Money Trust is to be broken . PROHIBITING CORPORATE CONTRACTS IN WHICH THE MANAGEMENT HAS A ...
... manufacturers not otherwise excluded from the operation of the act . Like- wise banks and trust companies located in cities of less than 100,000 inhabitants might , if thought advisable , be excluded , for the present if their capital ...