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nydus/Other People's Money, and How the Bankers Use ItPublic

Louis D. Brandeis provides an analysis of the American money trust and the concentration of industrial power. The text examines the business developments and financial practices that emerged following the advancements in steam and electricity.

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Table of Contents

CHAPTER X THE INEFFICIENCY OF THE OLIGARCHS

Thus farmers, workingmen, and clerks are learning to use their little capital and their savings to help one another instead of turning over their money to the great bankers for safe keeping, and to be themselves exploited. And may we not expect that when the coöperative movement develops in America, merchants and manufacturers will learn from farmers and workingmen how to help themselves by helping one another, and thus join in attaining the New Freedom for all? When merchants and manufacturers learn this lesson, money kings will lose subjects, and swollen fortunes may shrink; but industries will flourish, because the faculties of men will be liberated and developed.

President Wilson has said wisely:

“No country can afford to have its prosperity originated by a small controlling class. The treasury of America does not lie in the brains of the small body of men now in control of the great enterprises.... It depends upon the inventions of unknown men, upon the originations of unknown men, upon the ambitions of unknown men. Every country is renewed out of the ranks of the unknown, not out of the ranks of the already famous and powerful in control.”

THE END

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