The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-22
THE SLAVE POWER
and
THE MONEY POWER.
BY G. w. CRAM, n. D.

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- among those
who are bitterly h stile to populist
opinions. The truth must have
| weight with all fair minds. We
have written to Mr.. B. O. Flower,
editor Of the Arena for permission
to republish the article and he has
kindly consented,
It will be continued from week to
week until finished.-ED. REP.
| PART II.
| This money power, with its malign
influence in our republic, is as old
as our constitution. IF America
adopts our system of finance" said
Pitt at the close of the revolution
of 1776, cher boasted liberties will
be but phantom" The founders
of our constitution did not adopt it
directly, but Hamilton, as the lead
er of the federalists, fastened it up
on the people through unconstitu-
tional legislation, and we now see
the voracious plant in the vigor of
it's full bloom, with British influence
dominating social and political as
we'll as financial interests.
What is this system of finance? 1t
is the specie basis system that had
it's origin with the Bank of England
in 1904. 1t is the pretended use Of
money with the legal quality of
money left out, the bank holding
one dollar in gold for the redemption
of about twenty dollars of the
promise to pay" paper that it loans
to the people. This paper, not a
full legal tender by law for debt,
which the banker puts out for mon
ey, is practically his note Of hand
an evidence of Indebtedness on his
part; yet he draws interest upon it,,
and gets rich upon his debts. This
anomalous situation represents only
portion of his advantage. 1t is a
law of finance that in proportion to
the amount of money circulating
will be the amount of business trans
acted and the rate of prices paid.
In view of this the banks, having a
monopoly Of the right to issue pa
per money, can increase the issue
and expand the currency to an ex-
tent that makes spectators wild
in the promotion of illegitimate
business schemes. Then they can
call in their loans and refuse to
make new ones, and, by greatly con-
tracing the currency, wreck enter
prise and create widespread panic
in all business pursuits save that of
banking. With business at stand
still, the bankers can foreclose their
mortgages and make purchases at
low prices; then they can again put
out more money, initiate prices, and
sell their purchases at large profit.
Wages, the demand for labor, the
price of farm products, the condition
Of trade, the spirit of enterprise-all
are directly or indirectly at the mer-
cy of the coterie of men who issue the
currency and direct the finances of
the country.
That the founders of our republic,
fresh from the bloody field where
they had buried the political domin-
ion of King George ILL.,, should look
with complacency upon this kindred
monster of cOin-credit finance, invite
it here and submit to it's soulless
domination, is without parallel as
an act of egregious folly and stulti-
cation.
While the word slave, SO offensive
to free men, was excluded from the
constitution, the earnest advocates
Of slavery advanced their standard
till it imperilled the life of the ma
tion. So, while the preamble to the
constitution, and the delegated pow
ers that appear on it's face, have not
one word of authority for grant of
charter to corporation, the adher-
ents of this vicious relic of barbar-
ism and spoliation, this feudal cpin-
credit finance, were vigilant and
powerful, and, as already intimated,
the sod was scarce formed on the
colonial grave of British power when
the charter for the first national
bank was granted by congress.
The upas of the money power had
taken root in the rich soil of the new
republic. The slave power was one
of it's branches. In the north CAPT.
tai controlled labor. In the south
capital owned labor. The East In
dia merchant, like the slave trader,
had been actuated by an unholy de-
sire for lucre. The banker, like the
STAKEHOLDER, desired to live at other
mems expense, and this poisonous
tree grew apace. Its towering body
confronted all enterprise and all in
/ duStrv in the north while ifs SO11t h.