The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-04-08

headquarters of the bullion dealers
So much by way of explanation as to
localities. l propose now briefly to out
line the methods by which the millions of
honest toilerS throughout this country
are laid under tribute, and their earn
lngS absorbed by this devil-ish general
ly known as Wall street.
1t has been said that if anything is
more timid than 81 ,000,00O it is 81, COO 900.
Sad experience has shown that if there
ls anything more greedy and tyrannical,
more insatiate and remorseless than $780,
100000 it is $100, 5000 Enough is an
unknown word in the vocabulary of those
who own this much capital Their cry is
More! Ever more.'
The great power and influence of Wall
street, which has doubled and quadrupled
and become more and more appalling,
was laid during the war, when by the es-
tablishment of the national banks and the
control of legislation in their interest, to-
gether with the speculations in gold and
national securities, a few hundred men
utterly lacking in patriotism and with
out regard for the public welfare, seized
the government by the throat and threat
ened it with bankruptcy ard paralysis if
their demands were not granted.
Enormous fortunes multiplied. The
owner of a million soon found himself pos
sessed of many millions. Money bred
money by reason of the violent f1uctua-
tions in the national credit as the fortunes
Of war changed on the battlefields of the
South
The greenbacks, which were the saliva
tion OF the Union, were speculated in
daily. The national treasury, under stress
CT war; was forced to exchange bonds
for them, and as soon as the war termin-
ated the schemers set about securing leg
islation under the pretense of strength
ening the public credit, looking to the
payment of the bonds in coin
This did not satisfy them, however,
In brief time the demonstration of sill
yer followed, and ever since the full pur-
pose of those who have conspired to-
gether has been to force payment in gold
The national banks have received in
terest from the government on the bonds.
They have received interest from the peo-
pie on the notes issued as representative
on the bonds. Thus the industries of the
country have been laid under double trib-
ute.
The banking business of the New York
clearing house, which is simply trades
union of all the banks, and has palatial
quarters within a stones throw Of Wall
street. These sc banks have an aggregate
capital of about $61 900 900, and in ad-
dition have a surplus Of accumulated
profits of 100000. They hold on de-
posit from customers about $490 900 coo.
They have loaned out at interest about
$460, 900, ,000 Their cash on hand con-
sists of about S64,000000 in gold and $751;
100000 il paper money Their holdings
of silver are quite insignificant 1t is an
understood practice among them never to
offer silver money or silver certificates
one to another in payment of balances.
The New York sub-treasury is a member
Of the New York clearing house, and is
equally careful in boycottirg silver and
never offers it in daily settlement with
banks. This Notwithstanding the fact
that all our government obligations are
payable in coin, silver as we'll as gold.
The aggregate bank cearings of
checks for 1895 was 100000, 100000 in
New York city alone. In all the other
clearing houses of the country the aggre-
gate for the same time was $23 800 900 00G
New York has done more money chang
ing than all the rest Of the country, and
the man who handles money takes care
that plenty of it sticks to his fingers, and
the New York bankers are no exception.
The Chemical bank has for years paid $50
per cent annually on its capital, and an
other bank has paid 100 per cent, and the
average of all is a very high one.
In 1895 the New York Stock Exchange.
which is an unchartered body, mere
club, in fact, and entirely Independent of
the obligations Of a corporation to state
or federal law, bought and sold Sc, ,44O, SIG
shares of stock. Of an aggregate par value
of about $4,000 100000. In addition,
$50O,00O,O 900 of railroad and state bonds
were sold and about 100000 900 of gov
ernment bonds. Is it not more?
The two latter class of securities are
largely dealt in over the counters of bank
ing houses, and the figures do not repre-
sent all transactions. Besides there is
another exchange within the Wall street
precinct actively engaged in the same line
of manipulation. There are now listed on
the New York Stock Exchange par val
ue of S4.067 ,210,334 in stock and s5,122,-
092 .469 in bonds of various classes. In
1895 about S500,000, 900 in new issues of
securities were placed and sold. OF these,
$125 100000 were purchased abroad and
1875 1000. 900 were purchased or placed ct
home. This includes the Morgan govern
ment bond syndicate issue of Feb, 1895
But this is only one phase of the matter
have been invented and carried to sue
cess by the harpies who frequent the
gambling ders known as the stock ex-
changes. The products of labor through
out the country have been manipulated
from Wall street as a center so that those
who produce the wealth receive as little
as possible, while the men represented IN
and by Wall street have continued to
amass wealth at an unexampied rate.
Speculation drives prices down when far
| mers have to sell and drives prices up
after the farmers productsshav passed
into other hands.
Cottn, wheat and other staples have
been governed in prices by futures and
| not by the natural law of supply and de-
mand. Prices have been raised or de-
pressed as this syndicate Of bankers and
| brokers have sold the market up or down.
! There are now several hundred Industrial
trusts the principal ones being listed in
| Wall street. All are founded On the SIM
| pie principle Of forming a monopoly. min
| in:zing the cost of production and forcing
| the prices to the consumers to the highest
possible point An illustration or two:
The American Sugar Refining company
| is New Jersey corporation intended to
monopol.ze the entire surgar trade of the
l /<1ONvT1IN-TTT,N ~