Monopolies -- United States; Railroads and state -- United States
The importing merchant must buy gold of the brokers (who are the
railroad managers) at its market value, to pay government duties on
their imports, and thus the companies make the difference between the
price paid and the price obtained. When some favorite railroad stocks
are to be forced upon the market, these brokers, who can do so at
pleasure, supply the money market, and sell the stocks at a large
profit; and when the object is to reduce the value of stocks, they
withdraw from circulation a sufficient amount of the currency to cause a
stringency in the market, until their end is accomplished. Controlling
absolutely the gold market, as well as the secretary of the treasury in
his financial operations, they have only to corner a few millions of
currency to make the entire commerce of the country subserve their
special purposes. With all of their interests united, all their business
concentrated in Wall street and controlled by six or eight leading men,
they regulate the finances, fix the value of the produce of the country,
and hold the producers of the great west in a state of vassalage which
has no precedent, even in despotic countries. The secretary of the
national treasury, who is supposed to control the financial department
of government, is in fact the servant of these men, and whatever policy
is beneficial to their interests must be adopted by the government. To
the uninitiated it may appear impossible for a few men in New York to
exercise a controlling influence over the financial policy of the
nation, but if we remember that all the wealth of these corporations,
actual and fictitious, is concentrated in that city, or controlled by
men doing business there, and that an immense stream of money, received
by these corporations from passengers and shippers, is constantly
flowing into Wall street from all parts of the country, we can
understand their power and appreciate their influence. The fact that it
requires more than twice as much money to pay the interest on the bonds
issued by these corporations, and dividends on their stock, as would pay
the interest on the national debt, is significant. When private
corporations combine their interests and become so powerful as to
require an annual expenditure of more than twice the amount expended by
the United States government, and when their revenues more than
quadruple those of the government, they must of necessity exercise a
controlling influence over the financial and industrial interests of the
country. This fact is now being demonstrated by a combination of the
railroad corporations of the country, as the people know to their cost.
Public-domain text, read in full here on John Shaqi.
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