The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-01-30
METROPOLITAN DOMINATION.

VI
Berlin is Germany aud St. Petersburg
isRnssia; so it 10 said, and the saying is
mot far removed from the truth. The
governments OF the several countries
reside in those cities. They are the
csntsrs OF political domination, but
their control in finance and CONNER
il their greatest power. Washington
in this country is the capital. but it does
not control American politics except
pirtially. and in monetary and com mer-
cial matters it nae no influence what-
ever. New. York is more nearly the
center Of political power, and in fnsn-
oisl and commercial matters it is scarce.
lya less. potential than the European
cities named.
New York derives its power from the
iayor 70 bestowed by government, and the
commercial and financial practices OF
the whole nation Until the law was
enacted thst permits imported goods to
be transported in bond 60 interior cities,
80 PER cent Of .customs revenue was re-
ceived in New York, and under the
operation of that Law the percentage
has not been very greatly reduced. Gov.
eminent obligations are mainly paid in
that city, and through it the larger part
OF its other financial business ia trana-
scted. The interest and principal OF
stste, municipal and corporation bonds
are payable there, and all the banks OF
the nation keep balances in that city,
and exchange on Nav York ia given the
preference. In foreign trade it has no
rival and in financial m alters it is prac
tically without COM petition. The bank
ers OF the nation and the fiscal depart
meat Of the government take the opin-
ion OF Nav York bankers in fnancisl
management, and congress has been
largely controlled by their wishes,
The Inevitable result has been and ia
to give to one locality plsnary control
over money matters, and to concentrate
capital there. Such result cannot fail
to nave an. important influence over the
politics of the country. In all other
countries money o more potential tn an
man, for it i 8 regarded hs more import
ant, and the same sentiment ia Begin
ming TO prevail in this republic. New
York csD min the nssion's credit or il
can sustain il. Such influence and
power as that city possesses. if not q
danger, is extremsly injurious to the
oeuntry-
4 There ia no need OF such concsntra-
ton as exists in New York. On our sea
and guilt c1asts are many cities through
which forsign commerce can be carried
ON as we'll as through New York. Tina,
commerce is with countries in every
direction. The trade with Mexico, the
Central American states, the northern
states Of Soush America, and tina islands
in. the Cult c: Mexico and Caribbean
sea with tina CREST Mississippi valley
should be conduoted through Nav Or
leans and Galveston, and IN the Pacific
coast the trade with Asia and Oceanics
should bs conducted through the cities
ON that coast; bat noss lie dcus in New
York in trade with these countries than
is dom in gulf aud Pacifs casss cities.
Z The counir7 is so large Shat several
financial ana rolnnsrcisl centers should
exist, LstNsS YORK be the one for the
Atlantic eosss. Nsw Orleans for the gull
oosst. Chiesso for she lake coast and
,northsxn troatisr, and San Francisco for
the Pacific coast. or Los Angslea when
she sstp her harbor. Such distribn-
ton will prevent monopoly and will be
sectional con gspisnce. II will add
strength to and cement the country Tor
all tins to come.
Nsw York is not the originator OF pol.
iciss n America. Her commercial and
fiunncial ideas ara derived from London,
;bsuce We have not tho pleasure OF know
ing that whatever is dictated from New
York is American, but We suffer the
modification Of knowing that her policy
is dictated By foreigners and to promote
the interest OF foreigners. The theory
of our institntions 10 distribution Of
power, and it 10 prinopls that should
be applied to business a. we'll 40 to gov
arnmsnt. The psople will never be free
trim financial monopoly till there is q
( distribution. When bonds are issued