The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-06
WHOLE NO. l6.

polite. Many of those engaged in
banking are public-spirited. excel
lent gentlemen. But we do think that
it will be an evil day for the republic
when its affairs are controlled and di-
rected by those who make living by
lending money. And vet. that is what
seems to be impending in the near
future.
We quote:
of bankers of the United States, W hich is an
nounced to commence at association hall in
New York city, on the 18th of September.
was issued on Monday and sent to 6, 800 banks
which are expected to be represented. The
call. which is signed by James Buell., the
president OF the Importers & Traders ma
tional bank OF New York, sets forth the ur-
gent necessity of a full attendance on account
OF the magnitude of the subjects to be dis
cussed. 1t refers to the heavy and "discrim-
mating taxation under which the banks are
placed, and states that united effort will be
necessary to obtain a repeal of the present
laws. 1t then continues: beside this vital
question OF tax repeal, which is so necessary
for the prosperity of business and for the
very existence of our banks in many parts of
the country, there are other practical subjects
to be discussed. Prominent among these is
the unrestricted power to issue municipal.
county: and other bonds, by which heavy
burdens OF taxation fare being foisted upon
the people These burdens are now SO heavy
that they are a frequent menace to our pub
lie credit at home and abroad Unless some
ludlclous restrictions can be devised to stop
these reckless issues of bonds, the outcry i'll
favor OF reputation will be oftener heard in
the future, although it is evident to any re-
fiecting citizen that the issuers ofsuch bonds
are the men who should be punished, and
not the honest men who have given their
money in good faith for them
The convention will last for three days,
and during the session the questions of the
reconciliation Of silver, the resump ption of
specie payments and the union of the banks
for the refunding OF the debt will be discuss
ed.
These $500 banks probably repre-
sent an average capital Of 5000. 900
each or one billion tuo hundred and
sirty millions Of dollars. This is Il
fearful power to be welded by any
one concentrated society. 1t repre-
sents hundreds of thousands of the
ablest. shreWdest and Wealthiest men
in the country, interested as stock
holders, officers and employees. It
represents other hundreds Of thou
sands of the leading lawyers retained
in the different states, cities, towns
and villages. 1t represents other hun
dreds of thousands Of wire pullers,
caucus-packers,p politicians, legislators
and congressman, who have found by
experience. that there is no success
outside the charmed circle Of capital
istic favor. And more than all it
represents many hundreds Of thou
sands of merchants, manufacturers
and tradesmen, large and small, who
are practically 'sunder the thumb
and at the mercy of the banks.
If this gigantic power was about to
be welded to strengthen free institu-
tlons or promote the general happi-
ness OF the great mass of mankind.
the philanthropist might look upon
that congress of $500 bankers, with
appreciation and delight. But no one
expects anything of the kind. The
bankers themselves, do not pretend
anything of the kind. They come to-
gether with the avowed purpose of
increasing their power and aggran-
dising their wealth. They expect
that that their DEGREES will materially
help to shape the action of that lesser
congress which is to meet soon in
Washington. They propose, through
their immense influence, to shape the
laws of the land in their own interest.
Their interest is not the interest Of
the republic. They represent the
rights of money as contradistinguish-
ed from the rights of man. That can
not be republic. which subordinates
the welfare of the mass Of mankind to
the power Of agglutinated capital.
Very soon there will follow wide SO
cial differences; the few wealthy and
capable Of self-government; the many
poor, degraded, corrupt and ignorant
and incapable Of self-government; and
in little while the republic is snuffed
out and king-craft takes his place.
} The $500 bankers do not, probably
u foresee these results. Many of them
are good and true men and friends Of
free institutions; but they are setting
: in motion forces which can move in
4 but one direction.
: Either the republic must be govern
I ed in the interest of the multitude, Of
1.-THE multitude will be unfit to main
tain the republic. & ....
Are we prepared to give mp the glo
!. triOus traditions and hopes which clns
= ter around FREQ institutions AMI q
2 back to the forms of gOvernmen