I wonder if the chairman will allow me to comment in agreement and describe a situation parallel to his own experience. In the late seventies and the early eighties. this Senator from New York had many meetings with representatives of savings banks. Savings banks began in the Northeast. New York is one of the centers. They were originally charitable institutions. Their names tell you: The Immigrant. the Bowery. the Seamens Bank. the Immigrant Bank. Metropolitan Life Insurance grew out of a German group. You can tell the extent of the wage system in America by the extent of these banks.
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Immigrant