The new freedom : $b a call for the emancipation of the generous energies of a peopleWilson, Woodrow
History
The new freedom : $b a call for the emancipation of the generous energies of a people
Wilson, Woodrow
United States -- Politics and government -- 1913-1921; United States -- Social conditions -- 1865-1918
You will notice from a recent investigation that things like this take
place: A certain bank invests in certain securities. It appears from
evidence that the handling of these securities was very intimately
connected with the maintenance of the price of a particular commodity.
Nobody ought, and in normal circumstances nobody would, for a moment think
of suspecting the managers of a great bank of making such an investment in
order to help those who were conducting a particular business in the
United States maintain the price of their commodity; but the circumstances
are not normal. It is beginning to be believed that in the big business of
this country nothing is disconnected from anything else. I do not mean in
this particular instance to which I have referred, and I do not have in
mind to draw any inference at all, for that would be unjust; but take any
investment of an industrial character by a great bank. It is known that
the directorate of that bank interlaces in personnel with ten, twenty,
thirty, forty, fifty, sixty boards of directors of all sorts, of railroads
which handle commodities, of great groups of manufacturers which
manufacture commodities, and of great merchants who distribute
commodities; and the result is that every great bank is under suspicion
with regard to the motive of its investments. It is at least considered
possible that it is playing the game of somebody who has nothing to do
with banking, but with whom some of its directors are connected and joined
in interest. The ground of unrest and uneasiness, in short, on the part of
the public at large, is the growing knowledge that many large undertakings
are interlaced with one another, are indistinguishable from one another in
personnel.
Therefore, when a small group of men approach Congress in order to induce
the committee concerned to concur in certain legislation, nobody knows the
ramifications of the interests which those men represent; there seems no
frank and open action of public opinion in public counsel, but every man
is suspected of representing some other man and it is not known where his
connections begin or end.
I am one of those who have been so fortunately circumstanced that I have
had the opportunity to study the way in which these things come about in
complete disconnection from them, and I do not suspect that any man has
deliberately planned the system. I am not so uninstructed and misinformed
as to suppose that there is a deliberate and malevolent combination
somewhere to dominate the government of the United States. I merely say
that, by certain processes, now well known, and perhaps natural in
themselves, there has come about an extraordinary and very sinister
concentration in the control of business in the country.
Public-domain text, read in full here on John Shaqi.
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