rous of
investing it, purchased from the clerk the $75,000,000 of Amalgamated
stock which he, the clerk, had previously purchased from the treasury of
the Amalgamated Company, Mr. Rogers promptly paying for said purchase
with the $75,000,000 check or its equivalent, which has already done
such yeoman service.

The organization of the Amalgamated Copper Company of New Jersey now
being complete, and the company being in possession of all the property
which had formerly belonged to Mr. Rogers and William Rockefeller, and
which had cost them $39,000,000, and the clerk having again come into
possession of his $75,000,000 check, and Mr. Rogers and William
Rockefeller being the sole owners of the $75,000,000 of Amalgamated
stock, the second part of this transaction was completed. The third
began by the office-boys and clerks resigning from their positions as
directors and officers of the Amalgamated Copper Company of New Jersey
in favor of the more responsible and better known "Standard Oil"
votaries. Mr. Rogers and William Rockefeller then had the National City
Bank of New York offer for sale to the public the $75,000,000 of stock
in such a way that, although it was then the private property of Mr.
Rogers and William Rockefeller, the public were led to believe it was
the property of the Amalgamated Copper Company. Simultaneously, the
National City Bank of New York offered to loan the public its deposits
at the rate of ninety cents on the dollar, on any amount of the
Amalgamated stock it, the public, purchased; whereupon the public,
taking advantage of this offer, agreed to purchase from the National
City Bank of New York the $75,000,000 of stock for $75,000,000, thereby
enabling it to certify upon its books that the $39,000,000 it had loaned
to Messrs. Rogers and Rockefeller had been repaid, and enabling Mr.
Rogers and William Rockefeller, after paying said debts to the National
City Bank of New York, to become the absolute owners of $36,000,000 of
money, none of which they had owned before, and which they had "made" as
absolutely as though they had coined it by permit from the Government
of the people who had parted with it.[3]

The fourth part of the transaction began when months afterward the
public, who had borrowed their money from the National City Bank of New
York and other banks and trust and insurance companies to buy
Amalgamated stock at 100 cents on the dollar, were compelled to repay
it, and to do so were oblige