Other People's Money, and How the Bankers Use ItBrandeis, Louis Dembitz
History
Other People's Money, and How the Bankers Use It
Brandeis, Louis Dembitz
Banks and banking -- United States; Finance -- United States
Florence Kelley once
said: “No man since Lincoln has understood the common people as Louis
Brandeis does.”
While the majority of Mr. Brandeis’s great progressive achievements
have been connected with the industrial system, some have been
political in a more limited sense. I worked with him through the
Ballinger-Pinchot controversy, and I never saw a grasp of detail more
brilliantly combined with high constructive ethical and political
thinking. After the man who knew most about the details of the Interior
Department had been cross-examined by Mr. Brandeis he came and sat
down by me and said: “Mr. Hapgood, I have no respect for you. I do
not think your motives in this agitation are good motives, but I want
to say that you have a wonderful lawyer. He knows as much about the
Interior Department today as I do.” In that controversy, the power of
the administration and of the ruling forces in the House and Senate
were combined to protect Secretary Ballinger and prevent the truth
from coming to light. Mr. Brandeis, in leading the fight for the
conservation side, was constantly haunted by the idea that there was a
mystery somewhere. The editorial printed above hints at how he solved
the mystery, but it would require much more space to tell the other
sides, the enthusiasm for conservation, the convincing arguments for
higher standards in office, the connection of this conspiracy with the
country’s larger needs. Seldom is an audience at a hearing so moved as
it was by Mr. Brandeis’s final plea to the committee.
Possibly his work on railroads will turn out to be the most significant
among the many things Mr. Brandeis has done. His arguments in 1910–11
before the Interstate Commerce Commission against the raising of rates,
on the ground that the way for railroads to be more prosperous was to
be more efficient, made efficiency a national idea. It is a cardinal
point in his philosophy that the only real progress toward a higher
national life will come through efficiency in all our activities. The
seventy-eight questions addressed to the railroads by the Interstate
Commerce Commission in December, 1913, embody what is probably the most
comprehensive embodiment of his thought on the subject.
Public-domain text, read in full here on John Shaqi.
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