Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-12-21

The COnsolidationists are moving IN
Congress. Wheeler's bin for a grand
national bank is being favorahly dis
cussed. 1t cdntemplates a capital fixed
at one hundred millions, in shares OF
one thousand dollars; subscriptions TO
be made, three-fourths in legal-tender
notes and the balance in gold coin.
Should the required amount not be sub
scribed within given time, any nation
al bank is authorized to merge the
whole or part of its capital in the con-
Germ on the same terms, accepting the
shares of the corporation in lieu Of its
own. The central Office is to be located
in New York, and the branches in the
fifteen largest cities of the Mon. Pro
vision is also made for two departments,
one for the banking and the other TO
consist of three commissioners for each
office, to be chosen by the PresideE& the
Governor of the State in whish the
branch is located, and the managers,
these said commissioners being empow-
cred to issue notes TO the banking de-
partment, for which gold coin viii be
required as security, to one-fourth the
amount of the first two hundred
million dollars, The passage of this
measure would complete the gigan-
tic strides being made toward CEN
traIizstion at the North, looking to the
control Of the greatest of all the mod
ern powers-the capital, and therefore,
the energies and ultimately the govern
ment Of the country. The great tele-
graph monopoly-the Western Union
COmpany-has purchased the New
York Tribune, to be used as an organ of
defense in all its schemes Of consolida-
ton and ACKNOWLEDGMENT, which con-
template the " g0bbling1 of the whole
telegraph system Of the country. In
addition to which, we have the news of
a possible consolidation of the Pennsyl-
vania Central Railroad Company with
the New York Central and the
Baltimore and Ohio, all three control
ling an active capital of nearly one
thousand millions Of dollars, and TWEEN
ty-fivc thousand miles of railroad in
complete running order, and as many
miles in process of construction, Or con-
templsted as feasible plans. In these
three financial movements lies a greater
danger to the liberties and perfect free
dom of the people than all that Grant
and Radicalism have yet accomplished,
put together. These monnpolies are
marching through the country with giant
strides, swallowing all small cOmpeti-
tors and making it all but impossible to
stay them. The ease with which char
ters are procured and the facilities with
which corners are made, combined with
the prevailing passion for wealth born
of the corruptions Of the late war, rem
der that easy of accomplishment, which
in ante-5elllHn days were impossible.
Consolidation is the order of the day.
The steamship companies plying be-
tween European ports and New York
the other day made their combination,
and the result is a stated price Of passage
for poor emigrants, as well as travellers
for pleasure. As viii be seen from
our Geographic dispatches on our first
page, Jay Gould confesses to a
of roads from New
York to San Francisco, under the
control of one set of hands," the
combined capital of which amounts 10
hundreds of millions, and the extent to
many thousands Of miles in length.
Consolidation, consolidation is the bane
and curse of the times. 1t paralyzes in
lividual effort, and cows the most en-
spirits. What can we do to
save ourselves from its all-Powerful
grasp?