Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-05-01
MONIED ARISTOCRACY.

During a conversation on the difficulty Of pre-
venting the erection Of monied aristoeraeies, We
we're much impressed by the force aud originality
OF some views presented on the occasion by very
intelligent citizen of Northern Germany, an ardent
Democrat, in whom love for hoerty was not less
conspicuous than the deep searching philosophical
acumen which characteristics the nobler intelects Of
the Fatherland Monied aristOcracy," said he,
" is the pure result Of bad government Like every
other species of aristeeraoy, it finds its roots in
chartered privileges II the free governments Of
America would avoid this worst Of aristoeracies
they need only exercise caution in the formation
aud regulation of private corporations Prevent
the accumulation Of immense means or powers IN
the hands Of single corporations. Let each be re-
stricted in the amount Of his capital. Let none
exercise powers beyond the necessities Of its exis
tence. Keep each distinct from every other. Never
permit them to eenfralize or consolidate. That is
ell. Other associations which grow up without the
aid of chartered immunities the healthy result
of concurrent individual enterprise These will
never impede the operations Of free government"
Our own reflection on this text have only served
to convince us more deeply of its entire accuracy.
Indeed we have been unable to discover in all his
tory single instance of aristOcrscy founded on
any basis other than that Of exclusive facilities for
the acquisition and continued possession ofproperty,
created by Legislative authority. Every hereditary
arstoeracy Of the present day, traces back to the
medieval legislation which placed the monopoly Of
and its political Importance only co-exsts with the
arbitrary immunities OF entailment and pFimogeni-
tUre.
The facility with which Legislation can create
monied aristOcracies is nowhere better eXemplifed
than in history, political influence is more
extended or effective in the State Of New Jersey
than that exercised by single railroad company
Wherever in one Of our Western States Congress
has voted subsidy of alternate sections of land to
a railroad corporation, the immediate result has
been q new phase Of political organization. And
we may well fear that the incorporation of single
company, with similar concessions ofpublio domain
for the construction of Pacific railroad, will ena-
BILE such company to control presidential election
within fifty years after the act of incorporation.
Nor does this system Of government patronage
furnish the only instance in which legislative enact
ment has armed individual with an undue extent Of
political influence In no case has the money pow
er been more strikingly coupled with immense gov
ernmental influence centred in the hand Of one man,
than in that developed by the history Of the United
States Bank. The Federal Government invested
this corporation With powers of national magnitude
When the dangers of the system became apparent
the General Government withdrew from connection
with the Bank, but it was unable to withdraw the
concentration of financial power created by such
connection The United States Bank continued to
exist as an incorporation of the State of PennsylVa
MIA, welding power scarcely less than when it
ercised the fiscal agency Of the central government
One gigantic intellect controlled its operations
Nicholas Biddle became financial sutocrst, sthrl-
estate in the direction of national politics Mer-
chant princes courted his favor. Statesmen Obeyed
his bebest The thrOng of his dependents increased
until so many interests we're identified with his own
that for their sake he found it necessary to unite
the dictatorship of commerce with the auLocracy of
finance. 1t was Napoleonic attempt, and proved
worse than Russian campaign The same men
who faWned on him in the day Of his power reviled
him in the hour Of disaster. They were not vulgar
iackals who thus insulted the disabled lion. When
the proud, the wealthy and gifted sssailed him,
he retorted with truthful satire Why sirs, this is
a servile instruction !"-RiehmOnd Enquirer.