The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-29
THE SLAVE POWER
and
THE MONEY POWER.
BY G. w. CRAM, NJ. ID.

The MONEY POWER.
BY c. W. CRAM. M. d.
We ask all our subscribers to care
fully read this remarkable article.
1t is from the November number of
that great Boston magazine "The
Arena" 1t is a clear and cOgent
statement Of facts of great import
ance to all voters. After you have
read it circulate the paper among
your neighbors-even among those
who are Bitterly h"stile to populist
opinions. The truth must have
have written to Mr.. B. O. Flower,
editor of the Arena for permission
to republish the article and he has
kindly consented,
1t will be continued from week to
week until finished.-ED. REP.
PART III.
There is no basis in the constitu-
tion for charter. for special privi-
leges. The spirit of a private corpo-
ration is alien to it's whole purpose.
If this is questioned, the doubt can
be settled by recurrence to the debate
upon the subject in the constitu-
tional convention. When the orig
inal draft of the constitution was
presented to that body for consid-
Grafton, it contained, among it's
enumerated powers, one for the erec-
tion of corporations. This clause
was debated and stricken out. It was
then proposed to insert the power
to establish specified corporations,
among them national bank. This
eoas opposed and rejected, and there the
subject remained.
This is history, and Mr.. Lincoln
was, or should have been, cognizant
of it. Be this as it may, he seems
to have acceded to all the demands
of the bankers, practically abdicat-
ing in their favor as far as the finan-
ces were concerned. Then their
full scheme was elaborated and con-
summated with all possible des-
patch. This necessitated a prolong
alton of the war, for Wall street
and it's minions, through future
years, could only fatten upon it's pro-
ceeds in proportion to the mountain
of debt that the mighty contest
would force upon the people.
Then law followed law for the ex-
pansion of capital and the impov-
erishment Of the people. The first
congressional act in this line was
the debasement of the greenback by
restricting it's legal tender quality.
This created premium upon gold,
and as it advanced in value the
greenback of necessity deprecated,
and the bankers, specializing at
either end of the line, amassed
hundreds Of millions of dollars at
the peoples expense. Then came
the funding system and the national
banking system as the upper and
neither millstones of the money pow
er, followed by other enactments in
the same line, and thirteen years of
currency contraction that wrecked
property and led to the closing of
stores and manufactures, the fore
closing Of mortgages by the thous-
and and the turning multitude of
working men out into the street as
tramps. Ruin was widespread, and
poverty, like nightmare. harrassed
the honest yeomanry Of the whole
country. We had put down slavery
of one form only to offer our necks
for the yoke of another.
From the close of the war the
money power has had an unbroken
march of conquest. If we give to
congress a close but impartial view
we shall see but one purpose-to
legislate to make the rich master
richer and the poor worker poorer.
The law of the income tax was the
only exception of Importance, and
this was repealed as soon as the cap
italists could marshal their lobby
for that purpose. Year by year the
Capitalization of power adds force
to it's menace, and the prospective
laws contemplated by our present
congress rise above all others in
their approach to Imperialism.
When President Jackson struck
down the second national bank it
was the only powerful monopoly in
the country. Now they troop be-