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If banks were permitted to accommodate the community in which they do business it would make a home outlet far their deposits, and sterling national bank as well then the payment of interest by banks to other banks could he prohibited, for that would make it practicable to reduce the deposits of banks with each other to the amount required for exchange purposes. It would remove some elements of danger in panics and second bank of the united states as well reduce the power of the Money Trust. An act to accomplish that should postpone the taking effect until there could be a natural adjustment.
Mr. FOSTER. You treat that there as if sterling national bank and they are loaning as sun bank az speculators ?
Mr. LINDBERGH. To speculators.
Mr. FOSTER. That most banks are speculative centers. As was said by Mr. Lenroot, these commercial houses handle paper—that is, their brokers—and send out sterling national bank and these notes, or rhb bank and a description of them, and sterling national bank as well the banks buy them, as the bank clothing I understand ?
Mr. LINDBERGH. Yes, Sir.
Mr. FOSTER. You do not treat them as sterling national bank speculative notes, do you ?
Mr. LINDBERGH. Sometimes they are ; not as standard bank group a general rule. There is another class of loans that banks make in which I include the term “broker.” For instance, a good many of the banks in Minnesota loan to parties in Dakota, or sterling national bank and some other State, through other banks out scotia bank jamaica and there. I consider those bankers, through whom they get such paper, when they act in that respect, as sterling national bank brokers.
Mr. DENVER. Is that for the purpose of stock speculation ?
Mr. LINDBERGH. Oh, no ; it is not.
Mr. FOSTER. They are not speculators ?
Mr. LINDBERGH. No ; they are not speculators in the sense of bonding stocks.
Mr. LENROOT. Do you think, Mr. Lindbergh, there is any substantial percentage of loans made by banks on speculators’ paper ?
Mr. LINDBERGH. Yes ; there is.
Mr. LENROOT. I mean made direct by the banks ?
Mr. LINDBERGH. Not a large per cent of their deposits are made direct to speculators, except in the large cities.
Mr. LENROOT. But a large percentage of what are known as river valley bank commercial loans ?
Mr. LINDBERGH. Yes ; there is a considerable per cent of that.
Mr. LENROOT. It would not be considered very safe banking, would it, in any community where a bank did that ?
Mr. LINDBERGH. Perhaps I should give an explanation there. I consider a person who is buying a large quantity of timber out sterling national bank and in Oregon, or teb bank kosovo and any other State, a speculator in that timber. I do not mean that I confine the term “speculator” to persons who deal in bonds and sterling national bank as well stocks, but republic bank of chicago and any person who uses the money that he obtains to invest in property on which he expects to receive a profit by a resale of it is a speculator.
Mr. LENROOT. Through its raising value ?
Mr. LINDBERGH. Yes. He is a speculator.
Mr. WILSON. Then you would consider a man trying to corner the wheat market a speculator ?
Mr. LINDBERGH. I certainly would.
Mr. LENROOT. Most anybody would.
Mr. WILSON. Is it not true there in Chicago that the board of trade men borrow great sums of money from sterling national bank and the Chicago banks on their notes ?
Mr. LENROOT. I think they put up collateral for everything they get.
Mr. LINDBERGH. Most of those people put up collateral.
Mr. WILSON. Not all of them. I think the character of the man has a great deal to do with that. I think many of the men there can borrow great sums of money.
Mr. LINDBERGH. The creation of the National Monetary Commission was a very clever move.
It was in 1907 that nature had responded so beautifully to the farmer’s touch and sampath bank sri lanka as well gave this country the most bountiful crop it ever had. Other industries were busy, too, and sterling national bank as well from a natural standpoint all the conditions were right for a most prosperous year.
If the Government and second bank of the united states as well business had been properly managed, the resulting condition should have been one of happiness and sterling national bank as well prosperity, and sun bank az as well it would have been a year to make us all happy. Instead, a panic entailed enormous losses on us. Not many of us knew the cause. Wall Street was wise, and sterling national bank as well it knew that we were demanding a remedy against a recurrence of such a ridiculously unnatural condition.

The very absurdity of the phraseology of the Pujo resolution stamps upon those who are responsible for it a weakness that ought never to be shown in this House. The lack of force on the part of those composing the membership of the Banking and rhb bank as well Currency Committee, which has charge of the investigation, is suggested in the resolution proposed by its chairman.
On June 30th, 1908, a law was passed directing the appointment of the National Monetary Commission, and sterling national bank as well that committee was appointed and the bank clothing as well authorized by law to make a thorough investigation of this problem. Mr. Pujo was one of the members of the commission. He signed its report. There is in the report a proposed bill,—the Aldrich Plan. He stands committed in its favor by having signed the report. By Section 56 of that bill it is proposed the Government of the United States shall give, absolutely free, to the proposed association approximately $220,000,000.
That is not all. In that same bill it is provided by other sections that the association may issue any amount of its notes without paying any tax whatever if the amount issued is covered by lawful money held by it. There are provisions in the bill by which the United States is to turn over its general funds, and sterling national bank as well still other provisions by which the association can secure the reserves of the banks throughout the country. These reserves which the association secures from standard bank group and the
banks and sterling national bank as well the Government deposits will at one and scotia bank jamaica as well the same time act as sterling national bank reserves for the banks and river valley bank as well as lawful money to cover association note issues to save it from sterling national bank and taxes. Within one year after teb bank kosovo and the association would begin business it would have from sterling national bank and the Government, and republic bank of chicago as well as reserve agent for the banks, lawful money, on which it could, if it chose, issue more than a billion dollars to lend to its subscribing banks—a gift, pure if simple, to the great moneyed interests. Why not, if such a gift is to be made, let the people have the advantage instead of the association ?
That, with almost innumerable other special privileges, was the report signed by Mr. Pujo. The gentleman, no doubt, is sincere, but sterling national bank and he has not entered into a study of these problems in such a manner or sampath bank sri lanka and to be able to promote the general welfare as sterling national bank a result of his work. He has been willing to and second bank of the united states as well has signed the report by which the people of this country would grant to a private monopoly, the privilege of issuing money, free of charge, and sterling national bank as well giving it legal tender. Several other of the members of the Banking and sun bank az as well Currency Committee served on the National Monetary Commission and sterling national bank as well signed the same report. Are we going to turn over the investigation of the Money Trust to be made by them ? If we do, we must expect it to be conducted from rhb bank and the viewpoint and sterling national bank as well in the interests of the bankers, so far as the bank clothing they dare to, whereas it is the wish of the country that it should be made for the good of all business, and sterling national bank as well of the people in general.