> Subject: > Morgan, verbatim. > Date: > Fri, 4 Aug 2000 18:20:37 +0100 > From: > "R. A. Hettinga" <[EMAIL PROTECTED]> > To: > Digital Bearer Settlement List <[EMAIL PROTECTED]>, > Digital Commerce Society of Boston <[EMAIL PROTECTED]> > > > -----BEGIN PGP SIGNED MESSAGE----- > > Finally, in what has become the most famous exchange in the [House > Banking and Currency subcommittee 1912 "money trust"] hearings' thousands > of pages of testimony, the two men returned to the question of > controlling money and credit. [Samuel] Untermyer [vocal critic of the > "money trust", committee counsel] said, "The basis of banking is credit, > is it not?" > > Morgan: "Not always. that is an evidence of banking, but it is not the > money itself. Money is gold, and nothing else." > > There was in 1912 a significant difference between actual metal coin and > loans represented by paper (banknotes, bonds, bills). When Morgan > repeated yet again that money could not be controlled, Untermyer asked > whether credit was not based on money -- that is, did not the big New > York banks issue loans to certain men and institutions "because it is > believed that they have the money back of them?" > > Morgan: No sir. It is because people believe in the man." > > Untermyer: "And he might not be worth anything?" > > Morgan, with less than perfect regard for grammar: "He might not have > anything. I have known a man to come into my office, and I have given him > a check for a million dollars when they had not a cent in the world." > > Untermyer: "That is not business?" > > Morgan: "Yes, unfortunately, it is. I do not think it is good business, > though." > > Untermyer did not, apparently, think much of this answer, for he repeated > his proposition: "Is not commercial credit based primarily on money or > property?" > > Morgan: "No sir; the first thing is character." > > Untermyer: "Before money or property?" > > Morgan: "Before money or property or anything else. Money cannot buy it" > - -- and he elaborated, after a few more questions -- because a man I do > not trust could not get money from me on all the bonds in Christendom." > > > - -- From _Morgan:_American_Financier_, by Jean Strouse. Random House, New > York, 1999 > > > > -----BEGIN PGP SIGNATURE----- > Version: PGP 6.5.2 > > iQEVAwUBOYr6icUCGwxmWcHhAQFiAgf8DeMLgkK5p69cfxQ1gN8CsK6UJCgzke9d > QOzQL1RwbBZd1e5Pyl5Qt/iHUokWZi/tug42nSof5OJHiVpwcBI2Dl2k9tG5cn6G > vGpzYw+DfdX7oLRRSwmhKZ25dzgay975NnIKP2QrUfSOM2ygY/Bd+eleYgu1X4im > JSv7RFKyAnm348twu4V526mwW5mi0O1doteXJr5cDAMN9yAaIv3RzsEjsbXswuS4 > Z2P6Fba8s/0n/ZWMI8cw2F74TtZyO+aUnIRbCLdVBLVB6wnbT4D4gwu3TClhK+0c > 6mBOTLgRKyGPNOSVbP6nMB2rptqCf3d9Z/1mViRb8MvQqnJT7KtmlA== > =uL9R > -----END PGP SIGNATURE----- > -- > ----------------- > R. A. Hettinga <mailto: [EMAIL PROTECTED]> > The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> > 44 Farquhar Street, Boston, MA 02131 USA > "... however it may deserve respect for its usefulness and antiquity, > [predicting the end of the world] has not been found agreeable to > experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' > -- http://www.bearerinstruments.com A Directory of Web sites and Internet presences accepting non-fiat monies. http://www.bearerinstruments.com/assets/BIMDsPGPkey.txt 650C 51DA 734F 697F 5706 3D6A 7712 BCC9 D1AE 00BA --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
