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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... share . The dividend return on the stock investment is less than one- eighth of one per cent .; but the assets controlled amount now to over $ 500,000,000 . And certain of these assets had an especial value for invest- ment bankers ...
... share . When J. P. Morgan & Co. buy an issue of securities the purchase money , instead of being paid over to the corporation , is retained by the banker for the corporation , to be drawn upon only as the funds are needed by the ...
... share which they were entitled to receive as syndicate members . This sum of $ 62,500,000 was only a part of the fees paid for the service of monopolizing the steel in- dustry . In addition to the commissions taken specifically for OUR ...
... share in so profitable a field ? Why should not they themselves become investment bankers too , with all the new functions incident to ' Big Business ' ? " To do so would involve a de- parture from the legitimate sphere of the banking ...
... shares in the National City Bank are worth about $ 18,000,000 . Mr. Jacob H. Schiff aptly described this as " a very ... share . He is a director in 28 other railroad companies ; and presumably a stockholder in , at least , as many . The ...