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40-615: Beginning in the late 1800s, a concern regarding the power of bankers and monopolies began to grow. This led to a breaking point in July 1911, when Congressman Charles August Lindbergh asserted that a banking trust existed within the United States and that it should be investigated. A move to create an investigation was then made on February 7, 1912, when the democratic Money Trust Caucus decided to pass House Resolution 405. Not long after this resolution's passage, amendments followed placing

80-679: A $ 1 million dollar endowment fund for the Metropolitan Museum of Art . Baker had been a member of the museum board since 1909. Baker donated $ 2 million to Cornell University for the construction of the Baker Laboratory of Chemistry, as well as Baker dormitories, and he endowed the Baker Lecture Series, the oldest continuous lectureship in chemistry in the United States. He made other large donations to charitable causes throughout New York City and funded

120-554: A Republican against the Republican incumbent, Joseph A. A. Burnquist . Lindbergh was endorsed by the Farmers Nonpartisan League , which called for government ownership of some agricultural enterprises, such as mills, plants, and grain elevators. Many of his campaign speeches were attended by thousands of supporters. But due to his opposition to American entry into the first World War and his connection to

160-689: A dozen railroads, several banks, scores of industrial concerns. Baker was "closely associated with" Morgan, the late 19th-century and early 20th-century U.S. robber-baron , monopolist, and Wall Street banker "in his manifold enterprises", according to Richard Boyer and Herbert Morais's 1955 book, Labor's Untold Story . The book notes that "Morgan and associates organized super-trusts in steel ( U.S. Steel ), shipping ( International Mercantile Marine ), and agricultural machinery (International Harvester);" and it also "had its hands in other fields—the railroads (where...some 30,000 miles of railway were controlled), anthracite coal (where from two-thirds to three-quarters of

200-631: A fortune after the Civil War in railroads and banking, and at his death was estimated to be the third-richest man in the United States, after Henry Ford and John D. Rockefeller . Baker was born in Troy, New York , to Eveline Stevens Baker and George Ellis Baker , a shoe-store owner who was elected in 1850 on the Whig ticket to the New York State Assembly . At 14, young George entered

240-577: A handful of men held manipulative control of the New York Stock Exchange and attempted to evade interstate trade laws. The Pujo Report singled out individual bankers including Paul Warburg , Jacob H. Schiff , Felix M. Warburg , Frank E. Peabody, William Rockefeller and Benjamin Strong, Jr. The report identified over $ 22 billion in resources and capitalization controlled through 341 directorships held in 112 corporations by members of

280-499: A memorial plaque in the columbarium at Lakewood Cemetery in Minneapolis . According to his wishes, son Charles scattered his ashes near Sauk River over the place where the first Lindbergh home once stood. George Fisher Baker George Fisher Baker (March 27, 1840 – May 2, 1931) was an American financier and philanthropist . Known as the "Dean of American Banking", he was also known for his taciturnity. Baker made

320-620: A strong proponent of the investigation himself, eventually came to be the committee's counsel. Despite being called the Pujo Committee, in March 1912, approximately a month after it received authorization, Pujo's wife became ill, forcing him to take an indefinite leave of absence from the investigation. His successor was Representative Hubert D. Stephens of Mississippi. The investigation originally intended to examine data from 1905 to 1912 regarding all loans of $ 1,000,000 or greater; however,

360-682: A successful law practice. Evangeline often had difficulty raising her two surviving step-daughters, who both eventually moved away. Evangeline often threatened Lindbergh with divorce; he caved in to her demands, fearing a divorce would cost him his seat in Congress. After further problems, Evangeline began to live in a separate residence in 1909. They separated in 1918, their only child being the famous aviator Charles Lindbergh , who also became an antiwar leader. Charles August Lindbergh died in 1924 in Crookston , Minnesota , of brain cancer . He has

400-538: Is a list of businesses in which Baker held a controlling or otherwise significant interest during his lifetime. In 1869, Baker was married to Florence Tucker Baker, a daughter of Benjamin Franklin Baker and Sophronia J. (nee Whitney) Baker. Together, they were the parents of: He was a member of the Jekyll Island Club (aka The Millionaires Club) on Jekyll Island, Georgia . He was also a member of

440-660: The First National Bank of the City of New York . The first national bank to be chartered in New York City under the National Currency Act of 1863 , it became a forerunner of today's Citibank, N.A. Baker became First National's president at age 37, on September 1, 1877. His 20,000 shares were worth about $ 20 million ($ 572,250,000 today ). He retired as president in 1909, and became chairman of

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480-615: The Minnesota Farmer–Labor Party ticket. Lindbergh's campaign was cut short by his death. He would have been the first Minnesota governor from the party if he had been elected. In 1887, Lindbergh married Mary LaFond, with whom he had three daughters, Edith, Lillian and Eva. Edith died at less than one year old. Mary LaFond died in 1898. In 1901, Charles married Evangeline Lodge Land (1876–1954). In 1902, they settled in Little Falls, Minnesota , where Lindbergh established

520-609: The New York Yacht Club , having been elected in 1895. Baker died in New York City on May 2, 1931. Baker lived on Madison Avenue in New York City, and maintained a summer property on Jekyll Island near Brunswick, Georgia , and had an estate in Tuxedo Park, New York . In 1929, Baker commissioned the construction of a unique Pierce-Arrow town car for the wedding of his daughter. Built by LeBaron ,

560-766: The S.S. Seward Institute in Florida, New York , where he studied geography, bookkeeping, history, and algebra. At 16, he was hired as a junior clerk in the New York State Banking Department . Baker did not attend university, but instead enlisted in the 18th Regiment of the Massachusetts Volunteers at the start of the U.S. Civil War , and achieved the ranks of first lieutenant and adjutant . In 1863, Baker, along with his mentor, John Thompson , and Thompson's sons Frederick Ferris Thompson and Samuel C. Thompson, co-founded

600-613: The United States with his mistress and their illegitimate infant son, Carl, in 1859. Lovisa became Louisa and young Carl became Charles August Lindbergh. They settled in Melrose , Minnesota , and had six more children together. August worked as a farmer and a blacksmith for 26 years before marrying Louisa in 1885, having become a widower in 1864 with the death of his first wife in Sweden. Charles August Lindbergh studied law at

640-580: The University of Michigan Law School , graduating in 1883, and was admitted to the bar that same year. Lindbergh served as prosecuting attorney for Morrison County, Minnesota , from 1891 to 1893. He was elected to the United States House of Representatives in 1906 as a Republican , serving in the 60th , 61st , 62nd , 63rd , and 64th congresses . In 1912, he supported Theodore Roosevelt's unsuccessful third party Progressive bid for

680-609: The 1913 Federal Reserve Act . Lindbergh is best known as the father of famed aviator Charles Lindbergh . Lindbergh was born Carl Månsson , in Stockholm , Sweden , to Lovisa Carlén, the 19-year-old mistress of Ola Månsson , a peasant member of the Riksdag of the Estates and a bank manager. When accused of bribery and embezzlement, Ola Månsson changed his name to August Lindbergh, left his wife and seven children, and emigrated to

720-637: The Bankers Use It . House of Morgan partners blamed the April 1913 death of Morgan on the stress of testifying in the Pujo hearings, though other health factors were certainly involved. Charles August Lindbergh Charles August Lindbergh (born Carl Månsson ; January 20, 1859 – May 24, 1924) was a United States Congressman from Minnesota's 6th congressional district from 1907 to 1917. He opposed American entry into World War I as well as

760-605: The Comptroller of the Currency furnished only a fraction of the overall data, hampering the investigation's scope. Three sections of the economy were the focus of attention: clearing houses, the New York Stock Exchange , and the growing concentration of wealth within the economy. Witnesses were first examined on May 16, 1912. The committee concluded that clearing house associations (associations created for

800-529: The Federal Reserve and big banks. He also wrote an anti-war polemic titled Why is Your Country at War? In 1918, under the Comstock laws , federal agents destroyed the printing plates of both publications. The latter was posthumously released in 1934 under the revised title Your Country at War, and What Happens to You After a War . In the first chapter, Lindbergh wrote, "It is impossible according to

840-595: The Money Trust Hunt—'a Swede who dreams', a fellow member described him—Charles A. Lindbergh." Lindbergh declared, "This Act establishes the most gigantic trust on Earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized, the people may not know it immediately, but the day of reckoning is only a few years removed ... The worst legislative crime of

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880-506: The Socialistic Farmers Nonpartisan League, Lindbergh was attacked by the press and there were often protestors who pelted him with eggs and rocks. Lindbergh's son Charles worked as his driver and "never forgot the hostile crowds that harassed his father, or the way the press derided him." Lindbergh's 1918 bid for governor ultimately failed. In 1924 , Lindbergh was once again a candidate for governor on

920-494: The United States. The report revealed that at least eighteen different major financial corporations were under the control of a cartel led by J. P. Morgan , George F. Baker and James Stillman . These three men, through the resources of seven banks and trust companies (Banker's Trust Co., Guaranty Trust Co., Astor Trust Co., National Bank of Commerce, Liberty National Bank, Chase National Bank, Farmer's Loan and Trust Co.) controlled an estimated $ 2.1 billion. The report revealed that

960-677: The White House. In 1916 he unsuccessfully campaigned for a seat in the United States Senate . When World War I broke out in Europe in 1914, Lindbergh was vocal that the United States should not become involved. In 1916 he lost his United States Senate bid to an opponent who openly advocated American intervention in Europe. In March 1917 as a lame duck member of the House, Lindbergh was one of only 14 congressmen to vote against

1000-689: The ages is perpetrated by this banking bill." In 1917 Lindbergh brought articles of impeachment against members of the Federal Reserve Board of Governors , including Paul Warburg and William P. G. Harding , charging that they were involved "... in a conspiracy to violate the Constitution and laws of the United States ;..." In 1913 Lindbergh published Banking, Currency, and the Money Trust , which attacked

1040-604: The arming of United States merchant ships. By 1917, the third year of the Great War, Lindbergh's son was aged 16, which meant some possibility of conscription. In Congress, Lindbergh was one of the first outspoken critics of the Federal Reserve . His stature grew when he was featured in an article in The American Magazine : "It was a Swede from Minnesota who first raised in Congress the hue-and-cry of

1080-495: The big press to be a true American unless you are pro-British. If you are really for America first, last and all time, and solely for America and for the masses primarily, then you are classed as pro-German by the big press which is supported by the speculators." These beliefs would influence his son, who would later famously oppose American intervention in World War II . In 1918 , Lindbergh ran for governor of Minnesota as

1120-475: The board. He was succeeded in the presidency by Francis L. Hine, the former vice president of the bank. An avid investor, he held interests in many corporations and was the largest stockholder in the Central Railroad of New Jersey . He was a director in 22 corporations, which with their subsidiaries had aggregate resources of $ 7.27 billion. He was the largest individual owner of U.S. Steel stock; in

1160-617: The boards of these clearing houses to stifle any competition that might arise from smaller upstart banks by simply telling their member banks not to act as their clearing agents. In fact, the Panic of 1907 started with the closing of the Knickerbocker Trust Co., when its member clearing bank (the National Bank of Commerce of New York) refused to act as its clearing agent anymore. The committee discovered that, much like

1200-422: The car's roof line was 5 inches taller than standard models so Baker could keep his top hat on. Trim lining in the rear compartment is made of 24-carat gold, as are perfume dispensers and an intercom. Baker provided much of the initial funding for Harvard Business School with a 1924 grant of $ 5 million, for which Harvard gave him an honorary doctorate and named the library after him. In 1922, Baker established

1240-404: The clearing houses, certain predatory listing practices were forcing certain restrictions on both members and non-members of its exchange. Additionally, the committee discovered large amounts of "unwholesome speculation" and price manipulation, citing examples of large groups colluding for profit and ultimately driving companies out of business. The committee discovered that several forces, such as

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1280-479: The clearing of checks to and from individual banks) based in New York were gaining power at the public's expense. This was done via minimum capital requirements as well as predatory membership and discriminatory member policies. The report states, "Non-member banks must engage a member bank as its clearing agent, which in effect leaves its future up to the discretion a single bank." This clause allowed member banks and

1320-478: The consolidation of banks and interlocking directorates (small groups of the same men serving as directors on several different boards) had led to increased wealth accumulation of 42.9% of America's total banking resources held by its twenty largest banks. Furthermore, and surprisingly to the investigators, it was found that "180 individuals" covering "341 directorships in 112 corporations...[possessed] $ 22,245,000,000 in aggregate resources of capitalization." Finally, it

1360-449: The early 1920s, his shares were worth some $ 5,965,000 (equivalent to around $ 83,245,000 in 2017 dollars), according to a May 4, 1924, article in Time . The April 14, 1924, edition of Time said of Baker: True, he is twice as rich as the original J.P. Morgan , having a fortune estimated at 200 millions. True, at the age of 84 when he has retired from many directorates, he dominates half

1400-701: The empire headed by J. P. Morgan. Although Pujo left Congress in 1913, the findings of the committee inspired public support for ratification of the Sixteenth Amendment in 1913 that authorized a federal income tax, passage of the Federal Reserve Act that same year, and passage of the Clayton Antitrust Act in 1914. The findings were also widely publicized in the Louis Brandeis book, Other People's Money and How

1440-539: The entire shipment was in Morgan hands)." Other Morgan monopolies included electrical machinery ( General Electric ), communications ( AT&T , Western Union ), traction companies ( IRT in New York, Hudson & Manhattan), and insurance ( Equitable Life ). In 1934, Time called him "the richest, most powerful and most taciturn commercial banker in U. S. history", while an article in Newsweek described him as one of

1480-620: The failure of the Senate to pass the bill to amend section 5241 of the Revised Statutes, and the lack of any authoritative decision by the courts sustaining the committee's right to access the books of the national banks, the Pujo Committee Report concluded in 1913 that a community of influential financial leaders had gained control of major manufacturing, transportation, mining, telecommunications and financial markets of

1520-625: The investigation of the Money Trusts into the hands of then-chairman of the Banking and Currency Committee, Arsène Paulin Pujo of Louisiana. Pujo submitted a resolution, later amended and passed by a vote of 268–8, to establish the footing upon which the rest of the investigation would base itself. As early as December 12, 1911, the lawyer Samuel Untermyer supported the creation of such an investigation, encouraging Lindbergh to continue fighting for its creation despite early setbacks. Untermyer,

1560-553: The most imposing figures in banking history. In the November 1994 issue of Worth magazine, James Grant, editor of the financial newsletter Grant's Interest Rate Observer, calls Baker a hidebound turn-of-the-century banker who always got his loans repaid. Baker was famously silent in public, never commenting on events or giving interviews, until 1922, at age 82, when he gave his first newspaper interview. Thereafter, he spoke occasionally at luncheons and gatherings. The following

1600-475: Was concluded that a system known counterintuitively as "Banking Ethics" restricted competition among banks and firms. Despite the fact that lead attorney Samuel Untermyer had predetermined that no money trust would be found as part of the Investigation because “There is no agreement existing among these men that is in violation of the law”, and despite the refusal of aid by the Comptroller of the Currency,

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