Frenzied Finance, Vol. 1: The Crime of AmalgamatedLawson, Thomas William
History
Frenzied Finance, Vol. 1: The Crime of Amalgamated
Lawson, Thomas William
Amalgamated Copper Co.; Gas companies -- Massachusetts -- Boston; Insurance -- United States; Speculation; Standard Oil Company
But to return to "Standard Oil's" financial weavings: Their next move
was to use Standard Oil stock as the basis for loans, that is, as
collateral for money borrowed from the banks, trust and insurance
companies, and treasuries of other great corporations and estates. The
money thus acquired was paid out to purchase the control of banks and
trust and insurance companies in all parts of the United States, the
Standard Oil ownership being represented by dummy directors and
officers.
The next move represents another of the dazzling devices of finance in
which "Standard Oil" is adept, and brings the process of artificial
expansion still further along. Control of a certain number of these
savings and national banks and trust and insurance companies having been
acquired, the funds of each were so manipulated by depositing those of
one institution with another, and the latter's in turn with the first,
as to swell the deposits of all and create in all of them an apparently
legitimate basis for increases of capitalization. At the same time there
was shown an apparently legitimate necessity for the establishment of
additional banking and trust companies, which were duly organized and
their assets juggled around by the same process. The result of all this
manipulation defies description. Throughout the series of correlated
institutions loans and deposits are multiplied in such an intricacy of
duplication that only a few able experts, employed by the "System"
because of their mathematical genius, are able to unravel the tangle to
the extent of approximating the proportion the legitimate funds bear to
those which have been created by the financial jugglery I have
indicated.
When "Standard Oil" had gathered into its net sufficient of the
important private institutions of finance there still remained the
federal Government, the largest handler of money in the country. It was
not hard for "Standard Oil" to introduce its expert votaries into the
United States Treasury and thus to steer the millions of the nation into
the banks subject to the "System's" control. This accomplished, the
structure was complete and the process of "making" dollars proceeded on
a magnificent scale.
That there may be no possible doubt in the minds of those of my readers
who are unacquainted with such matters that I am citing every-day, actual
happenings, I will tell just how the Daly-Haggin-Tevis-Anaconda-Amalgamated
transaction was worked out, showing that but for the existence of the
National City Bank of New York, or a like institution of the people, it
could not have been brought about.
Public-domain text, read in full here on John Shaqi.
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