Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-04-13

RsafS
THE RICHMOND ENQUIRER.
By R1Tcm1E & DUNNAvANT.
TUESDAY MORNING. APRIL 1s, 1855.
rHE,CoMPANY OF THE CREDIT MoBILIER.
Duf,nS conversation on the difficulty Of prevent.
inc tha erection OF monied arstocracies. We were
much impressed by the force and originality Of some
views prelen,sd on the occasion by very intelligent
citizen of Northern Germany, an ardent Democrat
in whom love for liberty was not less conspicuous
than the deep searching philosophical acumen which
characteristics the nober inteeots Of the Fatherand.
Monied arstooracy," said he, "s the pure resut OF
bad government. Like every other species OF arls'
tooracy, it finds s root in chartered privileges. IL
the free governments Of America would avoid this
worst of arstocracies they need only exercise cau'
ton 10 the formation aud regulation OF private cor
oorations. Prevent the accumulation Of Immense
means or powers In the hands Of single corporations.
Lat each be restricted in the amount Of it's capital.
Let none exercise powers beyond the necessities Of
i,s existence. Keep each distinct from every other
Never permit them to csntraizs or consolidate. That
10 all. Other associations which grow mp without
the aid Of chartered imrnunies the healthy re.
suit Of concurrent individual enterprise These will
never impede the operation Of free government"
Our own reflections on this text have only served
to convince US more deeply of ts entire accuracy
Indeed We have been unable to discover in all history
sngle instance OF an srstooraoy founded on aDS
basis other than that OF exclusive facilities for the
acquisition and continued possession Of property,
created by legislative authority. Every hereditary
lox, hoNk IN ia
nediaeval legislation which placed the monopoly OF
landed property in the hands of military commanders;
and its political Importance only co'e1ists with the
arbitrary immunities of entsilment and primogenl-
ture.
The facility with which Legislation can create
monied ariatooracies is nowhere better eIempliaed
than in our own history. politiosinauence more
extended or more effective in the State Of New Jersey
than that exercised by single railroad company -
Wherever 10 one of Western States, Congress has
voted subsdy of alternate sections OF land to rail-
road corporation the immediate result has been new
phase of political organisation. And We may well
lear that the Incorporation Of single company, with
similar concessions Of public domain for the consruc
ton of Psoio railroad will enable such company TO
control presidential election, within fifty years after
the act Of Incorporation.
Nor doee This system OF government patronage
furnish the only instance in which legislative enact
msnt has armed individuals with undue extent o.
political influence. In no case has the money pow
or been more strikingly coupled with immense gov
srnmsntal influence centred In the hands of one man
thsn In that developed by the history Of the United
ststes' 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
:sith the Bank, but it was unable to withdraw the
concentration Of financial power created by sucb
connection The United States Bank continued to
exist o. an Incorporation of the State of PennsyVa
MIS- welding power scarcely less than when It e1er
osed the fiscal agency Of the central government
One gigantic intellect controlled its operations
Nicholas Biddls became financial sutocrat, third
estate" in the direction of nstiona! politics. Mer
chant princes courted his favor. Statesmen ooeyeo
bis behest The thropg Of his dependents Increased
until 90 many interests were identified with hls own
that for their sake be found it necessary to unite th'
dictatorship of commerce with the autooracy O
snanoe. 1t was Napoleonio attempt, and proved
worse than Russlan campaign The same mer
who fawnsd on him In the day Of his power. rsvied
jackals who thus insul.ed the disabled lion' Whef
the proud, the wealthy and the gifted assailed him
he retorted with truthful satire. Why sirs this is
servile insurrection"
But va intend this article for the consideration OF
French sfsirs, and, as Frenchman would say, "ls
y, return to our nuttons."
There l. no hereditary aristocracy in France. .
dukes, prince, marquises and counts, there Ia 81
abundance but thess are not arstocrats. These ii
ties convey no political power. They are even use
lees political Instruments In the hands OF the gres
ssntrsl power. The code civile, the destruction o
ieudslism. has let nothing OF French aristocracy eI
9spt Its empty inslgnis.
There are but two governmental powers left II
R'rancs-the Emperor and the Bourse. And the lat
;sr 10 no contemplate rival of imperial authority
Napoleon Ill has no more difficult task than to holc
III. Bourae in check. To control II entirely il
Impossible No hetter plan could be devised for
JUS. equipoise, than mammoth financial establish
nent which shall partially control the Bourse, and II
it. turn be within the reach of an Imperial. The So
ciete GexeTas ds Credit inobi!ieT supplies this Go
sderatum with tolerable sufIlciency.
Binoe the days of Laws bubble, no financial insti
tuition has attracted general attention than tina
of the Credit Mobilier. Among the public generally
it exists az q vague phenomenon. They hear occa
sicna evidences OF the extent of Its operations
the amount of its profits, but few have taken the
'rouble to investigate the machinery which move.
this vast agRomsration of nonopoliss. The valua
bic compendium of French fnanoiering furnished by
Monseur P. j. Proudnon. enables us to abstract ar
outline of its nature and tendency. The present
company was founded in November, 1852. 1t wa,
an enigma even to the financial world. Enquiries
were banded as to its objects and guarantee The
answers elected Of the most opposite and con-
Trajectory nature. Notwithstanding these evident
aausss for detrust the personnel who instituted the
scheme, commanded public confidence with unparal-
;eled eucoees At the head Of these figured all the
financial notsbllities Of France. Messrs. Pereire
Sould, d'Richtal, Audrs, Ssilliere Mobiles, and
host Of other monetary leadera were among Ito foun.
iers Immediately on their issue, the shares of the
Company commanded q premium. In a very short
time these shares, the par value of which 10 500
francs, rose to 1900.
The following summary will furnish birds eye
OF the extent and variety Of operations attempt.
ed. We give literal translaton from The statutes
Of the Company:
q The founders. considering the important ser
s,oes 20 be secured by the establishment of com.
pany having for its object the assistance OF the
development OF industry, Of public works, aud to
operate by means Of consolidation in one common
tund the conversion OF individual titles of different
enterprises they have fixed the basis and the statutes
of joint stock company under the denomination Of
3octeis Generate de Credit Mobiiiey."
The duration of the company is fixed at 20 years,
counting from the 18th November. 1852. The CAPT.
stock fixed a, 10000 OOU francs divided into 100 900