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“Money is Gold and Nothing Else”
The year is 1912 and banking titan J.P. Morgan was called to testify15
before a congressional subcommittee, called the Pujo Committee
which was tasked with investigating a “money trust” accused of using
power and influence to control the banking industry. Samuel Untermyer
was counsel and investigator for the government committee:
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?
Mr. Morgan. Not always. That is an evidence of banking, but it is not the money itself. Money is gold, and
nothing else.
Mr. Untermyer. Do you not know that the basis of banking all over the world is credit rather than gold?
Mr. Morgan. It is the basis of credit, but it is not the basis of money.
15 https://www.scribd.com/doc/144687491/JP-Morgan-Testimony-1912