The advocate., 1896-10-28
DANGEROUS INFLUENCE OF THE MONEY
POWER,
POWER,
Is wrong,

GAAO AASAAI OAOW0O 3AA BA9
eight Years in Wall Street" says Of
the great bankers and brokers of that
famous street: "It meaning theyl
moves the money that controls the sf-
fairs of the world" OF course the
word "moveS" includes the power to
move when and only when the moving
is profitable to the "street."
It is known that grain dealers in the
Northwest are having great difficulty
in procuring money to pay for cash
wheat. The money is always to be found
in the East, where the men who
"moVe" it transact their business, and
where it is needed for legitimate uses
anywhere else in the country, the NOV
ers must be consulted. To illustrate:
Last Friday, the 23d inst, under a
large letter heading, money is Bid
For" the Minneapolis (Minn.) Journal
contained the following:
For the first time in years the elevator COM
panies have found 1t impossible to conduct
business on o natural basis. Because of their
inability to get money for wheat storage op.
erstions, they are compelled to sell the wheat
bought In the country In order TO realize
money with which to make further purchases.
The demand for Cashwheati is thus Cut In two by
the fact that terminal companies find u din.
cult to provide themselves with necessary
money, 80 that the millsrs come in &s practlC-
ally the only support OF the cash market, and
their wants are not sufficient to take oil the
wheat offered. The result is, the cash price
has fallen heavily within week, and elevator
companies have widened their purchase
charge from 8 cents to and 5. They cannot
pay more because they cannot sell the wheat
except OF a wide difference. The millers
haven't money to put in wheat except 90 the
offer is sufficiently low to warrant the pay.
ment Of a high interest rate, when they are
fortunate enough to find one who Is willing
to let money on the best security in the money
market.
It appears that one of the grain
firms Of Minneapolis had offered q gold
note bearing II per cent. interest to q
banking house in the East, for money
to use in buying grain while the mar
ket was rising, but was refused, as the
answer shows. The banker replied:
1t is not question Of rate, Il is q question
Of government. We would gladly let this
money 90 could we feel sure Of the future. II
Mr.. Bryan is elected we have no guarantee Of
what the future Of the government may be,
and we must keep ourselves in readiness for
the worst The money we hold Is on the
theory that it win be paid back, and we must
keep our reserves strong enough to make "a
feel absolutely safe. We have no doubt that
Bryan will be overwhelmingly defeated, but
In advance Of election we propose to act solely
In the interest of depositors. The money Is
not our own, Ss many Bryan supporters seem
70 think.
What miserable system Of finance
we have, indeed, when few men can
get hold of all the available money In
the country and then keep it at time
when it Ia needed In collecting for ex-
change the farmers productions.
The elevator companies Of Minnesp-
oils have borrowed millions Of money,
and never failed to pay promptly St
maturity. They bsvs always been
equal to any emergency; but now,
when political capital can be made By
giving the country an object lesson,
these money spectators do not hesi-
tate to keep their money out Of circu-
lStion when It Is most needed. The
spirit Of the money changer is vicious,
and the influence Of the money power
% dangerous beyond measure,