The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-04-30

We have here precisely the state of things which
preceded the downfall OF 1887. Banks made large
capital of othcrs who could themselves find safe
and profitable employment for it, and yet that sys
tenn, like the present. was specially intended to d.
mnish the power of the fep over the many. How
it has succeeded in accomplishing that object the
list Of dividends will show. No better evidence OF
the unsoundness OF system, and its generally I'M
poverishng effect, could be presented than is to be
found in such a list as the one here presented.
When the large and small capitalists could freely
invest their savings, dividends were limited to
about the legal rate of interest, and all were equal
Now that it cannot be SO invested, dividends are
large, and the little capitalist has nothing. This
would seem TO be arisf0cratic yet it Ia the natural
result of tariff styled democratic.
The natural consequence of this abundance Of
money" as it Ia called, is that every man desires
to avail himself of the opportunity to improve his
lot, or his farm, by having road. Legitimate
trade diminsbes, and every town, every city, and
every county ia anxious to avail itself OF the op-
portunity to give its bonds in payment for road,
or bridge. some description Of Improvement
that may enable il to draw to itself the business
that now goes elsewhere. Cities run races in the
building Of steamships; and the ordinary modes OF
obtaining capital for the purpose not being suffi-
Gent to crafty the eager desire of spectators,
Congress is besieged with applications for lines OF
ships to all the ports Of Europe, Africa, and Asia
and lines of road from north to south, and from
east to west covering the whole ground from the
lakes to the Isthmus Of Panama, and from the At
lantic to the Pacific.
The whole energies of the nation are now given
to machine making, at expenditure 90 enormous
that when the day Of trial comes, as come it must
the anin will be regarded fit only to be chroni-
cled on the same page with our own OF 1896, and
that of England in 1876. The Government 10 per.
forming its part of the work by the establishment
of numerous lines Of ships, various regiments Of
troops the grant Of land for making roads, for mil.
itary services, and for various other purposes all
involving vast expenditure, sacrifice Of reyc-
nue., for the purposes those TO which was
applied the surplus of 1885, and to produce
inepitabIy the same results The people are build
ing up machines, in the form Of new States, upon
one OF which, California, there has been expended
amount OF labor and capital sufficient, had il
NAMED at home, to produce cloth, iron and other
commodities, to the extent Of at least a hundred
millions per annun and that result obtained with
out the enormous loss Of life and sacrifice of
morals that have accompanied the settlement of
this new State. We have established there the
largest gaming house in the world, and most of the
persons who visit II, well az most OF those who
send merchandise to it, are either already ruined
in a fair way to become SO. Another such ma
chine we are building up at the Salt Lake, md q
third in New Mexico; while hundreds Of thousand,
are focking to Texas and Arkansas, Wisconsin
Iowa, and Minnesota, producing nscsssify for the
construction of new roads, and diminishing every
where the poper to improve old ones, because OF tho
dispersion Of the population the loss OF labor and
consequent diminution Of production. Every where
il is the same The new roads make fortunes for
the middionen who negotiate the loan, and for the
happy of the lands and lots, and the makers
of thesc fortunes build palaces, while the term Of
life of many Of those fortunes is dependent entirely
upon the length Of time that is to eapse before il
shall be discovered that blanks which make large
dividends at one time, must inevitably make sinai
ones at another, when large fortunes will shrink
into email Ones the case at the close OF ou
former road making mania, and the recent one o
England.
II seems everywhere 10 be forgotten tina. the cm
grant ceases to bc producer from the moment h'
leaves his farm, hs plantation his furnace, mil
or mine, ard that then for year or two he mus