The Caucasian. (Clinton, N.C.) 188?-1913, 1895-07-11
WHAT SYSTEM Is rHls7

""AI SvSJEW u 1h1S2
A"st Crestes . Financial Mouarch.--It 4,
Time TO de Some Ihinksns.
New York Voice.
Ihe uncrowned king Of Amer'cs
has returned from his trip across the
sea. Parnell used to be called an
"uncrowned king" but he held hi.
place on sufferance of popular ap-
proval, and so was no true king
PRESIDENT Cleveland is at times re-
ferred to as "czar," but the dura.
ton OF his powers is fixed, and he ia
no true king. The real uncrowned
KING OF America is one who is not
dependent upon popular approval,
the duration of whose powers is not
fixed, who is obliged to account to
no one for his movements, and who
dictates not only to politicians but
to railroad magnates, bankers, and
trusts, aid who by a nod of his head
and turn of his wrist DEGREES the
rlse or fall of values, the ebb or flow
OF prosperity. There is but one
such man, and his name is j. Pier
Pont Morgan. To him the Presi-
dent appealed when this nation of
seventy-fve millions was foundering
on the verge of bankruptcy. He
heard the appeal, set his own price
Oh his services, and extended the
costly protection Of his kingIy arm.
He went to England, and 10! those
who had been selling out American
securities began to buy. He spake
and the gold ceased to leave the
country. He returned and when he
set foot upon the western hemisphere
the planet tipped. The stock ex-
change almost ceased tog do business
until he was heard from IN a public
statement. The railroad PRESIDENT
fastened to him in body, prostrat-
ed themselves and cried: "Help us
or we perish" Trust magnates
came and cried unto him, "Unless
you Ieorganize US, we are lost
Nothing like this mans apparent
power has been seen since the repub-
lie was born. 1t is hardly an exag-
geration to say that the nation g
prosperity depends as much upon
what j. PierponC Morgan says and
does as upon the condition Of the
crops or the DEGREES of Congress.
The fact may not be discreditable to
him. On the contrary, it is due to
undoubted financial genius, which
has been exerted for the most part,
not as Jay Gould'c was exerted, in
wrecking great enterprises, but in
sustaining and developing them. He
was not responsible that the Govern
ment got into hog and had to call
for help. He was not responsible
that the railroads were unable to adj
Just their differences and had to ap-
peal to him. Scanning his conspi-
cuous record for the last few years,
we do not see what there is to re-
proach him for. But, all the same,
there is no more alarming symptom
of industrial, economical, and tinan-
cial disease than the tremendous
powers that have become vested in
this man. What system is this that
concentrates in the hands of a single
individual the power of life and
death almost upon nations indus
tries? We have done away with
crowned monarchs, and politically
we have a republic. What, in al
soberness, we ask, is this fact tt
avail US if we retain an industrial
system that gives to us in place of {
political monarch or a politica
oligarchy a financial monarch or I
financial ollgarchy of more unbound
ed sway over the destinies Of the
people than emperors and kings eve:
expect to WELD? 1t is time to d.
some thinking.