Monopolies -- United States; Railroads and state -- United States
Money is said to be "power," and when a certain interest or locality has
the absolute control of this "power," all others must suffer. One means
of stripping railroad magnates and Wall street gamblers of this power
would be the resumption of "specie payment." As we have shown, under the
present financial and tariff policy of the country, this is out of the
question. With our legal tender decisions, our depreciated currency, and
our tariff system, the balance of trade is largely against us; our coin
is being shipped to other countries, not leaving us sufficient for the
purposes of resumption, or for circulation. Add to this the fact that
the Wall street brokers own or control most of what is in the country,
and the truth is patent that resumption cannot be effected until the
whole financial policy of the government is remodeled. Will an increase
of the banking facilities of the country under the present system
accomplish this object? We answer, No. An increase of banks, and of the
currency, would only afford temporary relief. Suppose $100,000,000
should be added to the present amount of currency, and that it should
all be distributed in the west and south. Wall street operators would
only have to increase their operations to gather the whole of it under
their control. They now, in their various ramifications, own and control
capital more than sufficient to pay the whole of the national debt and
leave them a large surplus. While the distribution of additional
currency through the country might afford them temporary relief, under
the combined management of railroad corporations and Wall street
brokers, and without any change in their present system, they could and
would soon absorb this surplus of currency, and resume the absolute
control of the finances of the country. The people would again be in
their power, with an additional burden imposed upon them, "to-wit"--the
payment of the interest on an additional $100,000,000 of government
bonds. Would a change in the banking system of the country take from
these monopolists the control of the finances of the country? This
would depend upon the character of the change. If the secretary of the
treasury, or his department, should retain the entire management of the
system, no real relief could be expected. While the general government
has the exclusive right to regulate the coinage and value of coin
(money), it is the assumption of power not delegated to vest in one man,
or department, the exclusive management of the finances of the entire
country, not only of the government, but of all private persons. We do
not comprehend the wisdom of fixing and limiting the amount of currency
the country may have for a circulating medium, and empowering one man to
decide, how, when, and where it shall be distributed. Conceding to the
general government the power to charter banks and issue treasury notes,
the power is not exclusive. There is no limit to the volume of gold and
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