Bankers Quotes
The bill passed, but Jackson, true to his word, vetoed it.
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.
Stamp was a banker and the 2nd richest man in England at the time. Yet he warned about aspects of banking that needed reform and regulation.
He said this as he threw them out of his White House office.
Summarizing his conclusions of the Judiciary Committee investigations regarding Wall Street and the bankers' role in the Great Depression:
1st Viscount Bolingbroke. See {627799} for the origin of the bias against merchants and money men. It also represents a rigidity of class structure that characterized England until very recently. The landed gentry were the first class citizens. Usually titles went with the land. In America, someone who would be successful as a merchant or a banker could achieve the highest of social status and political influence. This was not true in England where a merchant that was far more wealthy than a landed lord was not accepted by the aristocracy.
This statement during the First World War so frightened the Woodrow Wilson administration that they jailed Debs for saying it and other similar statements like {640245}. The statement was generally suppressed with few newspapers carrying it. The problem for the administration was that enlistments might decrease and force them to draft the wealthy and their sons which was, with very few exceptions, not acceptable to the “upper classes”.
The two politicians were amazed as they learned more and more about some of industrial leaders of the country. This is the language they used in private communications.