illions, thereby transferring
from the people to the "System," in this one instance alone, 380
millions. And, further, after the people had been shaken out of their
stocks and bonds and the millions of their savings--in the Steel Trust
alone 380 millions--the "System," having these securities in its
possession, began to inflate prices for the purpose of again selling to
the people; in December last they had inflated the prices of billions of
stocks and bonds to their old false figures, and were then preparing to
unload them on to the people; in the case of the Steel Trust stocks and
bonds the price had again mounted to 760 millions. In compliance with my
warnings the people began in December last to unload upon the "System"
the billions they then held at these inflated prices, and they have
continued to do so ever since, and have suffered no hardship by the
forced selling into which I have frightened them. I further know that
they will find good use for this money at a later period in buying back
from the "System" these same securities at their true worth; in other
words, that before I am through with my work they will be able to
repurchase from the "System" for 380 millions or less the Steel stocks
and bonds now selling for 760 millions.

5. I do know that one of the most colossal impositions ever perpetrated
on the whole people of any nation is that formula which the "System" has
so insidiously instilled into the minds of the American people during
the last century, to wit: that they must do nothing which might disturb
the "System" in its use at two to four per cent. per annum of all the
people's savings, deposited in banks and trust companies throughout the
country; that if they do, there will be a Wall Street panic, and thereby
all the people will be made to suffer great hardships. On the contrary,
I know that if the people do what is necessary to shake off the
"System's" strangling grip upon their savings, the "System" will suffer
death, and everlasting profit and advantage will accrue to the nation.
Though it be necessary for the people to withdraw from the banks and
trust and insurance companies their billions of savings, and even though
such withdrawal must cause a temporary business crash and the failure of
many of the financial institutions of the country, the sacrifice would
be many thousand times compensated for by the benefits that would follow
in its train. I will go further and state that if such radical a