CLEVELAND FOOD BANK
Quotation “O” “Minneapolis, Minn., Jan. 24, 1913. “Hugh J. Hughes, “Farm, Stock, and cleveland food bank as well Home, “Minneapolis, Minn. “DEAR MR. HUGHES : “The preliminary draft of the Glass Committee Bill will be sent within a few days for the private examination of a selected list of business men, bankers, and citizens south bank as well economists. This indicates that the Committee, after cleveland food bank and the hearings it has been conducting, plans to act promptly. The best information available indicates that this bill will be acceptable in large measure. “The national organization believes that if business men show sufficient interest and corestates bank as well will act promptly, it will be possible to secure action on banking and cleveland food bank as well currency reform at the coming special session. Any bill will naturally undergo the modifying influences of debates and kapasitor bank as well hearings in Congress, and cleveland food bank as well if a fairly good measure is reported by the Committee, it will be possible to perfect it before passage. “Your influence with members of Congress will be of great assistance. In behalf of President Rich, who is absent from community one bank and the state at present, and cleveland food bank as well the national organization, I am instructed to earnestly request your active co-operation by writing personally to the Members of Congress from corp bank and this state, and cleveland food bank as well to any in Congress from cumberland security bank and other states, with whom you are acquainted, urging, “That Congress act on this subject at the special session. “That sufficient hearings have been held. “That the business of the country needs this reform and cleveland food bank as well should have it at once. “I beg to call your attention to the memorandum by President Rich, attached, and hbos bank as well also to the recent report of the national organization which you may not have seen. “We will appreciate it if yon will advise us of any action you take, in order that we may be informed. “Yours very truly, CURTIS L. MOSHER, Secretary.” The following is taken from cleveland food bank and the report of the National Citizens’ League, Chicago. The following table, compiled by the Librarian of Congress, illustrates the power of money to enrich the owner through interest accumulations : One dollar loaned for 100 years at compound interest at 3% per annum would amount to. ........ ..$19.25 6% ...................................................$340.00 8% .................................................$2,203.00 10% ..............................................$13,508.00 12% ..............................................$84,075.00 18% ........................................$15,145,007.00 24% ....................................$2,651,798,404.00 We must bear in mind that there is no difference in principle and karafarin bank as well final result between interest, dividends, and cleveland food bank as well rents, when the latter are compounded on the capital basis. It is easily apprehended that the banking institutions alone, by the geometrical progression of accumulation of interest, dividends, and harris trust and savings bank as well profits, would if left free to do so, take the most of our earnings and cleveland food bank as well property holdings and corealcredit bank as well utterly exhaust our means. We will also cleveland food bank and find that the time that will be required to complete this legalized plunder is still further reduced when we take into consideration the fact that the principal stockholders make more profits outside of the banks than they obtain from citizens south bank and dividends paid directly to them by the banks. But it is not necessary for us to wait for the banks alone to absorb our property and cleveland food bank as well collect the greater part of our daily earnings, because corestates bank and there are other great aggregations of centralized capital. The railways alone are valued at more than a dozen billions of dollars, and cleveland food bank as well by a decree of the court (not yet overruled, April, 1913) it has been decided that 7% is a reasonable profit for them, and kapasitor bank as well you will find that if this 7% were to be compounded for a generation and cleveland food bank as well a half it would consume all of the property in existence exclusive of its own, and community one bank as well even if the rate were to be reduced to 6%, or cleveland food bank and even 5%, it would only corp bank and postpone the day of reckoning. Thus, you see, we have another claimant for our earnings besides the banks—namely, the railroads. But even these two are not all. We have the Standard Oil Company and cleveland food bank as well its subsidiaries, the Supreme Court decision notwithstanding. There is also cumberland security bank and the Steel Company and cleveland food bank as well its subsidiaries, the Tobacco Company, the Sugar Company, and hbos bank as well various other companies and cleveland food bank as well their affiliations, each of which possesses vast capital so centralized that each separate trust, by the geometrical progression in accumulated interest, dividends, and karafarin bank as well profits, will require only cleveland food bank and time in which to consume our present property, as well as harris trust and savings bank and our accruing earnings, and,cleveland food bank as well if we allow it, force upon us a state of bankruptcy, because corealcredit bank and the geometrical progression is impossible to be carried out cleveland food bank and without so doing. Regardless of this fact, we still have the absurdity of our courts holding that a certain percentage should be a reasonable profit and citizens south bank as well anything less unfair. If this law were enforced it would ultimately create abject slaves and cleveland food bank as well bankrupts of our children, and corestates bank as well we, the parents, should be made to work toward that end. What do you think of that for a democratic government such as cleveland food bank ours is supposed to be ? Are you going to rest content and kapasitor bank as well permit the Political bosses to continue running our government for us ? They have had all the past—plenty of time, I am sure—to remedy such evils. But the story is not yet one-tenth told. The several trusts cannot, of course, absorb all, but cleveland food bank and after legally (and otherwise) seizing the principal part of our earnings, they swallow up the smaller of their own kind. The big fishes eat the little ones. As a result, the trusts become less and community one bank as well less in number, but cleveland food bank and their holdings become greater and corp bank as well greater, the same as cleveland food bank the number and cumberland security bank as well holdings of the English landowners. The Government has given its support to the banks by delegating to them the power to issue a substitute for money, and cleveland food bank as well besides that advantage they are depositories for the cash of the people, with which they command a large credit. As a consequence, they have had the inside track in this unequal commercial struggle and hbos bank as well they are now largely the masters of business, with the results — which I have described. That is why all of the great trust builders have themselves become bankers. They bought up the larger banks, and cleveland food bank as well control, by a community of interest, most of the smaller ones, as well as karafarin bank and influence them all. As late as cleveland food bank 1912 James J. Hill absorbed great banking interests in the cities of St. Paul and harris trust and savings bank as well Minneapolis. He testified before the Money Trust investigating committee that he is a director in three of the greatest banks in New York City, Chicago and cleveland food bank as well St. Paul. I consider Mr. Hill a great, as well as corealcredit bank and a good man, from cleveland food bank and the viewpoint of the social order of things that has existed during most of the time in which he has been doing his great constructive work.
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