President Wilson, when Governor, declared in 1911:
“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, states-men must address themselves with an
earnest determination to serve the long future and the true liberties 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 elimination 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.” . . .“It is impossible that there should be
competition with all the facilities for raising money or selling large issues
of bonds in the hands of these few bankers and their partners and allies, who
together dominate the financial policies of most of the existing systems. . . .
The acts of this inner group, as here described, have nevertheless been more
destructive of competition than anything accomplished by the trusts, for they
strike at the very vitals of potential competition in every industry that is under
their protection, a condition which if permitted to continue, will render
impossible all attempts to restore normal competitive conditions in the
industrial world.
Interesting set of observations.
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