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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... ive prices ; and merchandise well bought is half sold . But these bond and stock merchants are not disposed to take even a slight risk as to their ability to market their goods . They saw that if 12 OTHER PEOPLE'S MONEY.
... risk on account of the facilities of the principal groups for placing issues of securities through their domination of great banks and trust companies and their other do- mestic affiliations and their foreign connections . The ...
... risk . " In the case of the New York subway financ- ing of $ 170,000,000 of bonds by Messrs . Morgan & Co. and their associates , Mr. Davison [ as the Pujo Committee reports ] estimated that there were from 100 to 125 such underwriters ...
... risk of what the bonds would realize and of being required to take their share of the unsold portion . " THE PROTECTION OF PSEUDO - ETHICS The organization of the Money Trust is in- tensive , the combination comprehensive ; but one ...
... risks incident to any attempt of individual stockholders to interfere with an existing manage- ment is ordinarily prohibitive . Proceedings to avoid contracts with directors are , therefore , sel- dom brought , except after a radical ...