What Did J.P. Morgan Mean?

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?

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