Monopolies -- United States; Railroads and state -- United States
The foregoing discloses the manner in which these corporations, through
their managers, play the double _role_ of operating railroads and
operating in Wall street. To outsiders there seems to be but little
difference between what is known everywhere as downright gambling, and
Wall street operations. The gambler who risks his half-dollar on a game
at cards is punished for violating the law; but these Wall street
operations, which are but games of chance, are dignified with the name
of "speculations." Honorable men, reputed Christian men--Jew and
Gentile--all engage in them. While they prey upon the producer in
operating their roads, they prey upon the unsuspecting public in their
stock operations; and, by way of variety, occasionally devour each
other. Controlling, as they do, the means of transporting the products
of the country to market, as well as the coin of the country and the
stock market in Wall street, they are prepared to get up a "corner" on
any marketable commodity--upon the currency of the country, and upon
gold. In fact, they may have all the coin of the country under their
control, save the amount held in the treasury of the government. The
monthly reports of the secretary of the treasury show that while there
was the amount of about $100,000,000 in the treasury one year ago, there
is but about two-thirds of that amount now. The reports of sales show
that these Wall street operators have cornered about one-third of the
gold held by government within the last year. This cornering process
goes on, and is now reduced to a system. Suppose the secretary sells, in
the month of January, 1873, in New York, $6,000,000 in coin. It is all
bought and cornered by the brokers. The importing merchants require but
$3,000,000 during the same month to pay duties. The difference,
$3,000,000, is locked up in Wall street. This transaction, in a greater
or less degree, is repeated each month, and while the amount of gold in
the treasury is decreasing, that controlled by railroad brokers is
increasing. The treasury weakens, and these gambling rings and
combinations strengthen. It is only a question of time, under the
present system, when the treasury will be obliged to replenish itself by
purchases from the brokers. So completely are the finances of the
country under their control, the secretary of the treasury is obliged to
keep a large surplus of coin on hand to meet emergencies. In order to
prevent a panic, he is obliged to sell coin monthly, and whether the
financial condition of the treasury or of the country will warrant it or
not, he is obliged to pay some portion of the national debt as an
excuse for selling coin. These corporate rings are laboring to control
the gold of the country, and thus prevent the resumption of specie
payment. To make resumption impossible, they "bull" gold as well as
stock, and thus force gold sales by the secretary. The sooner they can
deplete the national treasury, the sooner can they become masters of the
situation.
Public-domain text, read in full here on John Shaqi.
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