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
Results 6-10 of 13
... supply each other with funds as farmers and laborers coöperate through credit unions ? Then cities would get , instead of 2 per cent . on their balances , all their money was worth . The Commonwealth of Massachusetts holds now in its ...
... and to avert it by timely measures . New England's leading banking houses were ready to coöperate " with the New Haven management in taking generous commissions for marketing the endless supply of SUPERFLUOUS BANKERS 133.
... supply of new securities ; but they did nothing to protect the investors . Were these bankers blind ? Or were they afraid to oppose the will of J. P. Morgan & Co. ? Perhaps it is the banker who , most of all , needs the New Freedom ...
... prominent officers and directors of the largest manufacturer of electrical machinery and supplies in the United States is highly significant . • " It is possible that this relationship to such a BIG MEN AND LITTLE BUSINESS 159.
... supply funds for Union Pacific improvements ; nor did these issues supply funds for the improvement of any of the companies in which the Union Pacific invested ( except that certain amounts were advanced later to aid in financing the ...