by James Turk
Gold Money
The following exchange occurred on December 18, 1912 when J.P. Morgan – the most influential American financier and banker of his time – was called to testify before Congress.
Mr. Untermyer:
I want to ask you a few questions bearing on the subject that you have touched upon this morning, as to the control of money. The control of credit involves a control of money, does it not?
Mr. Morgan:
A control of credit? No.
Mr. Untermyer:
But the basis of banking is credit, is it not?