Farhan Akhtar Quotes

Clark, after becoming one of the richest men in America, wanted to go into National Politics, but most people hated him so he could never win elected office. At the time, Montana selected their Senators by a vote of the State Legislature. So Clark bribed enough members of the legislature to become the Senator. However, the bribery scheme became a public scandal and the Senate refused to seat him. So the legislature had another vote in the next legislative session and Clark won again, and that time no one had the evidence of the bribes. But then, more about Clark became known, and he just served the one term.

See {586119} for an earlier English version of this point.

It is interesting to compare this quotations to one from John Adams {44514} a century earlier or the commonly held view of many critics a century later. Perhaps these “new trends” are not so new after all.

1st Earl of Beaconsfield

It took until the Presidency of Theodore Roosevelt until monopolies were regulated. Like many of the rapacious businessmen of his era, bribery of public officials was so common that he had no problem admitting this to a reporter who was interviewing him. His father Cornelius, one of the great, creative industrialists of America, was not at all of the same mindset or the same corrupt character and saw corporations and the Railroads as having an important role in America with substantial obligations to the society which enabled the economic development and supported the railroads. He described his son as a “blockhead”. William goes down in American history as the arrogant industrialist and capitalist whose wealth was produced by his talent of being born to the right father who built the great empire. At that time the bribery of members of Congress was direct with cash going directly into their pockets, unlike modern times where it is indirect in the form of Campaign contributions.

Leaders of nations for years only trusted as truly patriotic those man—usually nobles of the aristocracy—who owned land. If an invader came and seized their land, they would lose their wealth. However money is fungible, and a banker can easily move his money abroad and join another nation or side in a war. If the country is ruined by war, the manufacturer cannot obtain labor or raw materials, The financier depends on none of these and so hs not the vested interest in the welfare of the nation.

Most of the Founding Fathers would be scandalized by the banking and finance system we have in modern times. See {615649} for a similar view and {615650} for another quote by Adams regarding banks. Also {630667} for an Engish quote regarding banks. Interestingly, Adams was a very conservative politician and generally supported the establishment, but banks at that time were not thought of as part of the establishment. They had a somewhat unwholesome reputation at best.

The public had been roused by the meatpacking scandal and the other exposes of the leading muckraking journalists—of which Baker was one. President Roosevelt had galvanized and led the public opinion to pressure congress and major great reforms were under way that would change America forever—see New York Times editorial {86516}.