Investigation of the Money Trust. No. 1-[2]: Hearings Before the Committee on Rules of the House of Representatives, on House Resolutions 314 and 356. Friday, January 26, 1912 |
Common terms and phrases
Aldrich Amalgamated Copper Co American Bank of France bankers banking house banking system banks and trust believe bills bonds and stocks cent central money power CHAIRMAN Chicago circulation Clearing House collateral commercial commodities clause competition Congress conspiracy in restraint currency DANIEL deposits directors discount dominated enterprise gentlemen give Government bank groups Guaranty Trust Co HARDWICK Harvester Trust interest International Harvester International Harvester Co investigation Investors issuing houses J. P. Morgan legislation LENROOT LEVY loans Loeb & Co mittee Monetary Commission money system Money Trust mortgage National Bank National City Bank note issue panic proposition protection question referred regulate resolution restraint of trade savings banks securities sell Sherman law situation statement Steel Corporation stockholders stocks and bonds thing tion to-day trust companies underwriting United States Steel UNTERMYER Wall Street wealth York City York Stock Exchange
Popular passages
Page 34 - As a banking establishment, if we thought it advisable to apply different rates, we could easily become the masters of the market. But in our position of Bank of France, organized to serve the interest of public credit in a democratic country, we do not believe ourselves justified to use this option.
Page 34 - ... which is always painful for commerce and industry. The stability and the moderation of the rate of discount are considered as precious advantages, which the French market owes to the organization and traditional conduct of the Bank of France.
Page 16 - ... and all other details thereof. "(j) The management and operations of the New York Stock Exchange and the New York Clearing House Association are, or may be, directly or indirectly, dominated, controlled, or otherwise affected by any individuals or groups of individuals who control or are influential in directing the use or deposit of the funds of national banks in the city of New York, or of interstate railway or industrial corporations...
Page 32 - No banking or financial institution underwriting industrial stocks or bonds of a speculative character or lending money thereon shall become a depositor, borrower, or rediscount any of its securities, directly or indirectly, with the Government bank of the United States or its branches. No banking institution allowing its officers, directors, or stockholders to use the deposits of the bank for private profit, directly or indirectly, or through the cooperation of others for like purpose, shall be...
Page 25 - ... Reserve Association to buy and sell in foreign countries prime bills of exchange, many of which would be of American origin. These various provisions give a national and international currency to notes, acceptances, and bills of exchange based on the agricultural and other products of the United States. The methods by which our domestic and international credit operations are now conducted are crude, expensive, and unworthy an intelligent people. The annual value of the products of our industries...
Page 32 - ... with the Government bank of the United States or any of its branches. It will be the policy of the Government bank and its branches to discriminate against those banking and financial institutions carrying demand loans against their borrowers. And whereas upon the demonetization of gold, which...
Page 32 - States is authorized to issue an annual increase of 3 per cent of lawful money of the United States, same to be used and paid out as is the money now received from the taxes of the people. The above percentage of annual increase of the money of the United States shall not be changed without six months...
Page 25 - ... transportation and distribution, we can realize that the movements of these products through various stages from the producer to the consumer requires the use of an enormous amount of credit and cash. To form an accurate estimate of the magnitude of our credit structure, we should add to this our accumulations of wealth and capital and the sums used in connection with our foreign trade. It is the function of a sound monetary system to take care of these vast operations without friction and in...
Page 25 - ... IT IS expected that any congressional or other investigation will expose the existence of a "money trust" in the sense in which we use the word "trust" as applied to unlawful industrial combinations, that expectation will not be realized. Of course, there is no such thing. There is no definite union or aggregation of the money powers in the financial world. There certainly is none that can be said to be in violation of existing law. If, however, we mean by this loose, elastic term "trust...
Page 25 - ... conducted are crude, expensive, and unworthy an intelligent people. The annual value of the products of our industries is estimated at thirty-five thousand million dollars. If to this vast sum is added the cost of transportation and distribution, we can realize that the movements of these products through various stages from the producer to the consumer requires the use of an enormous amount of credit and cash. To form an accurate estimate of the magnitude of our credit structure, we should add...