New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-08
4 CHTRCH BANK.

Immigration of men has been going on for
many years, and now there comes immigration
of money. 1t has been in progress for long
time already. The ownership of great tracts
of land by foreign syndicates has become so no
torious that legislation has been invoked to pre-
vent alienation Of the soil Syndcates of for
eign capital have controlling interests in i'm
portant railroads and of late have acted in sub
stantia accord with each other and with repre-
sentativeS of American investors, seeking com
bination and virtual control of many trunk lines.
Purchases of iron interests, of brewerieS of flour
mills and elevators, and OF many other indus
trial works have been effected within the last
year Now there is announced the organization
Of a great Catholic bank, through which, 1t IS
said, the funds of the Church and Of its rich
adheients in Europe can be safely invested in
American loans. An old charter has been Sc
cured, according to these reports, officials have
been privately selected, foreign capital to the
amount Of S1O0,000,000 has been enlisted,
and the refusal obtained for suitable quarters
in Wall-st. Intense opposition from the Prot
eStant press and from other financial interests
is said to be expected, but not feared, because
the projectors feel assured that their capital is
wanted, and can be placed safely and profit
ably, even the more speedily if their under
taking is widely advertised by hostility.
The practical American will at once ask,
"Why should hostility be expected?' The
undertaking has the benedcton of the Pope
and thus may be expected TO gather in funds of
Catholics who might invest in other ways, but
these funds will not 60 out Of the country. For
what reason should their investment through
one bank rather than another be opposed? The
reason assigned is curious enough. 1t is mag
ined that the political power of such gigantic
corporation over thousands Of borrowers in all
parts of the lani may be used in some way to
control elections, States, and even the United
States Government. Very little consideration
will convince the inquirer that such fears are
chimerical.
1t was long ago said that nothing is so timid
as capital. An obvious corollary and yet one
often overlooked is that nothing is so powereSs
as hundred millions, except two hundred mill
ions. Timdity means impotence He who
does not dare cannot The greater the sum at
stake the greater is always the dread of exciting
an antagonism which might be fatal. Years ago
when capitalists who now have worldwide fame
were struggling to get their first few millions.
and when railroads now among the richest in
the world were fighting for existence. q great
deal was said Of the control exercised in Ieois.
lation and elections by these capitalists and
railroads They now have at command ten
times as much money, but nothing is ever heard
Of their political power, nor do sensible men
imagine that it is ever eXerted as it used TO be.
The larger stake has made owners and man
ayers afraid TO stir up hostile feeling. very
rich man, with millions at risk in many States
and subject TO the legislation of many Legslat-
mes, which may represent one party to-day and
another tomorrow, does not even dare to give |