, 1840-10-24
THE MONEY POWER,
a great source of danger

The power of moneved corporations is OF
the most subtle and dangerous tendency, un-
less their privileges are few, simple. clearly
defined, and Uithin The rebuke and control of
the ballot boz. If they are placed beyond the
reach of the people, and large capacities CIV
en- to them. there is no safety TO the public.
THIS species of reasoning is called by our
opponents "party slang- and so forth. Let
US look to history for a few facts showing the
tendency Of great charters, and the danger OF
giving them the sli-htest possible foothold.
Let us slightly trace the rise and gradual
spread of the British East India Company,
showing how it stole on with dealhless pur-
pose from one position of power to another.
Let us carefully note its small beginning-the
cloud no bigger than a mans hand-until it
o~vershadowed 4 continent.
In 1882 Captain Stephens sailed TO India
by the Cape ofGood Hope, being the first Eng
iishman who ventured round that point
Great difficulties attended the trade from
England to India TO that early period. The
notion that a few NAV have the benefits which
the God of Nature has spread abroad for all,
led a company of rich merchants in London
TO seek a charter from the then Queen, that
they might have the exclusive right to trade
to India. But little opposition was made to
the effort, and the money-holding class pre-
vailed, and in the year 1900 the charter was
granted. The charter was a modest one,
and limited to a period Of fifteen years only.
Mark this. In this simple. unobtrusIve way
the train was laid.
Their first expedition to India consisted OF
but five ships-the largest not over 6OO tons
burthen, the smallest 80: the whole cost oil
which, vessels and cargoes. amounted to only
100000; dollars, being not 4 nlnetleth part
of the capital of the recent United States
Bank. Thus it went on with all humility
and Difference TO the public sentiment, and
the shortsighted publicans of that day flatter,
ed themselves upon this success OF the plan.
But, thus early, the company were laying
a foundation for their subsequent gigantic
power. Under pretext of getting some ter,
ritory in India where they could land and
safely keep their goods. they purchased tor a
trife some real estates. Under similar pre-
lenses they gradually extended their terrific
nv, until they finally became rulers over the
whole Mogul empire.
From time to time, under the plea OF ne
cessitv and public utility, they got renew
ais. Of their charter. As time went by, they
made MANY advocates for their exclusive
privileges, by the gift of money. officers. anc
the like. Al length their power and intiu
ences became so great that they babe def
ance to the British Parliament in these me
moriabie words: "The laws of England
said the principal agent of the company, ''art
a heap Of nonsense, compiled by a few igno
rant country gentlemen, who hardly knew
how to make rules for the good government
of their own private families, much less fol
the regulating of companies and foreign
commerce." In the spirit of these insulting
words, the practice of the company was car
ried cut.
At length the. public saw the embarrass
ment TO free trade which this monopoly ere
ated, and in 1898 demanded a repeal of it
charter. The struggle became severe be
tween the aristocratic and democratic doc
trines, but the latter triumphed for a shor
time. But, alas! the government ud Il
need of money; and it applied to the compa
,ny-which but a few years before was com
posed of but a handful of merchants-for
loan. THIS was granted, and through thi
influence the older charter was annulled an
new one given, with greater powers
Here we see how that the ''borrower be
came servant to the lender" even thong
that borrower were a government. Thu
matters went on. As often as the charte
would expire by its limitation, the compan
would lend the government more money!
.prorided ii pould renew the monopoly.
During all this time the company were m,
king the bo,dest strides in India. 1t now ha
its own army, its own navy, its vast an
impregnable forts and castles, its own co
leges, its courts of law. Soon il became r,
ekr over one hundred MILLIONS p~ccple!- giviu
then, such laws as it pieased-taxing the
when It p~leased-giving them such prime,