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Did you know in that in 1891, private bankers stated that they were going to refuse to renew loans, foreclose and take possession of farms east and west of the Mississippi by 1894?
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The Full Story
"We can take two-thirds of the farms..."
By 1891, bankers had spent a decade creating economic booms and depressions that enabled them to buy thousands of farms and homes for pennies on the dollar.
A memo sent out by the American Bankers Association showed that they were planning another bust cycle:
"On September 1st 1894 we will not renew our loans under any consideration. On September 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price...Then the farmers will become tenants as in England..."
1891 American Bankers Association, as printed in the Congressional Record of April 29, 1913.
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