Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909Various
History
Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909
Various
United States -- Politics and government -- Periodicals
The wealth of the nation has been, and is now being, concentrated in
the hands of a few. Individuals have been, and are now, accumulating
such vast fortunes that our President has advocated a course that
amounts to confiscation, as the only remedy for the evil.
The money market can be so manipulated by a few men, that they are
able, at pleasure, to make or unmake panics; to stagnate business; to
appreciate or depreciate the value of stocks and bonds, and to cause
untold suffering to the people. Innocent investors are carried from
their feet by the maelstrom of speculation in money.
No great enterprise, be it for the public good or not, can be
accomplished without first obtaining the consent of a few men who
control the money market. A few millions of actual investment in
Railroad stock, it has been demonstrated, can be manipulated so as to
control stacks of railroads amounting to over a billion dollars; when
the maturing crop of the farmer is ready for the market, the volume of
currency in circulation is not great enough to move the crop to market,
and the men in power reap large profits out of the money furnished for
this purpose. A panic follows and the farmer is made to suffer and
either hold his grain or sell it on a declining market.
The control of this greatest of all powers on earth should be taken
from the hands of the few and deposited where it belongs, viz., into
the hands of the Government. When this shall have been done all the
ills which flow from this source will be healed.
It has been well said by the immortal Lincoln that this is a government
of the people, by the people and for the people; and yet, we find that
the place where there is the most need of governing the people for the
greatest benefit of the whole people has been neglected.
Money is the controlling factor of all human agencies. Regulate it, and
a proper regulation of most great evils will naturally follow.
Money is controlled by the banker, not because he owns all the money
which he controls; but because the masses of the people deposit their
money with him and thus he gains power over not only the little capital
which he invests in the stock of the bank, but over the very large
volume of deposits which his many customers leave with him.
The great power of the banker is a power placed in his hands by the
people. The money which really gives him power is not his own, but
belongs to the depositor.
If this great power were given by the people to our Government, it
would be more impartially exerted, because the Government is the
people. The people would thus be protected from loss of deposits
by failing banks, absconding bankers and rascally bank officials.
Combinations of the people’s money in the hands of a few men, to
benefit the few men at the expense of the people would cease.
Public-domain text, read in full here on John Shaqi.
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