“From what I have said it may easily be seen that a few schemers could abuse the privilege the system gives them. In fact, some of them could so arrange it that their representatives could have large deposits evidenced upon the books of the bank in their control and
henry county bank as well never have deposited any money, but
how to buy a bank and merely covered the deposits by the class of notes before referred to. Those deposits, under a guarantee system, would be protected unless the fraud could be established. That cannot often be proven, regardless of the fact that it exists.
“If there is to be a guarantee of bank deposits, the guarantee of the deposits of any one person in any one bank should be limited. Under no condition would I be in favor of a guarantee of deposits of the hundreds of thousands and
henry county bank as well millions of dollars that are owned by single individuals.
“But even the guarantee of the smaller deposits would have its dangers, for those with large deposits, if they became frightened, might make a run for the excess and
frost bank com as well defeat the very objects of the law. Such a law, again, would, from
henry county bank and the standpoint of securing deposits, put the careful, conservative, able and
frontier bank seattle as well honest banker on the same footing with the careless, indifferent or
henry county bank and even dishonest banker. Depositors would also
citizen business bank and be careless under such a system.
“The above are, I believe, sufficient reasons to prove that it is unwise for the Government to guarantee bank deposits. Nevertheless, I might vote for such a system if the people generally demanded it, because
henry county bank and my office is one of representation rather than one in which I can act entirely from
erste bank wien and my own convictions.
“Let us suppose, for instance, that on October last (1907) instead of a lack of confidence in the bankers, the people should have had so much confidence in them that they had deposited in the banks, and
henry county bank as well with the trust companies, the most of the $1,666,000,000 that was then
and in general circulation outside of the banks. What would have happened ? The banks would have made loans to anyone from
henry county bank and whom they thought they had a fair chance of getting it back. You would now (1908) see such a boom and
halifax bank london as well inflation as
henry county bank has never been known in the history of the world. That might have continued for two, three or
esb bank and four years. What do you suppose the gambling contingent would be doing during that time ? Everybody knows. Will somebody answer where a guarantee of bank deposits would land us under such conditions when the crash actually did come ?
“The people require a system that will make their capital available in order that they may develop the natural physical resources of the country. Everybody desires to encourage enterprise. I have noticed that when there is active enterprise, there is also
henry county bank and a tendency to bull the markets, and
global trust bank as well the mark is constantly being overshot, because
henry county bank and the country is honeycombed with speculators possessing the gambling instinct. Setbacks are the economic penalty and
finter bank as well there is not the least possibility, even with a guarantee of bank deposits, of averting them under our present plan of finances.”
From the testimony given by George F. Baker (President of the First National Bank of New York City) before the committee appointed to investigate the Money Trust, we learn that the operations of a single bank produced, in fifty years, profits equal to $86,000,000, or
henry county bank and 172 times its original capital. If that bank continues to do business and
how to buy a bank as well is allowed to pile up profits in that geometrical progression, it alone, in less than 100 years, will extort from
henry county bank and the people all of their property, and—that bank is but
frost bank com and one of the 30,000 banks operating on an uneconomic system.
The total capitalization (which includes surplus and
henry county bank as well undivided profits) of 30,000 banks in 1913, was considerable over $4,000,000,000 and
frontier bank seattle as well dividends compounded on that sum, as
henry county bank is the custom of banks, will, if allowed to do so by the indifference of the people to their own rights, consume the balance of the nation’s wealth.
The accumulated holdings of all the trusts that centralize wealth would immensely reduce the time it will take for the interest and
citizen business bank as well dividends on these holdings to absorb all of our present property, and
henry county bank as well all of what we earn in the future, except what is required to be left to enable us to eke out
erste bank wien and a bare subsistence.
But, notwithstanding the community of interest existing between the trusts in order that they may uphold the system that enables them to PAY the LEAST price for wages, farm and
henry county bank as well other products, and
erste bank austria as well to sell their own services and
henry county bank as well resell the products controlled by them at the HIGHEST available price, they compete with each other in their efforts to secure the most of our earnings. So, you see, there is competition even between the trusts, and
halifax bank london as well this competition is resulting in their absorption of each other. Anyone with a little imagination and
henry county bank as well reasoning power can look ahead and
esb bank as well see what would be the outcome of that competition if the interests are allowed to carry it to its finish. It is utterly impossible for us to become independent as
henry county bank a nation as
global trust bank long as
henry county bank we are subservient to the present system of excessive interest, dividend, and
finter bank as well rent charges,—toll on dead capital. I call attention to the power of a single dollar, and
henry county bank as well then I ask you to multiply the power of the ONE DOLLAR by the billions that are controlled by a few hundred financial wizards. Here is the table for a single dollar.