New-York tribune., 1896-11-22
PLUTOCRACY.
,cu STRUCTURES UPON AMERICAN
TRUSTS AND COMBINATIONS WITH
FEW LOCAL APPLICATIONS.
London. November IL. 1896.


-,o,ivs upon the result OF the recent e'ec'ioHS'
vs. when a simple solution FOR the Nehe~ueia
.,io, has been found, II ma! De u'se"ei oN'
- ,o,, stress upon the structures OF 'he Aoiiuo"
provincial press respecting the evils "a
O. .r,oon nlutocracy. The general tone oi puolic
-o,,ssion Of American affairs has recehty peeh
~ .,,,nathetic and appreciatlVe that II Is III
hardly necessary to direct attenuoh 10 '"e
80. ascordant notes in chorus OF acci"'''"
Moreover allowance is to he maze lor
'.0'' of habit For long period Enshsh
''O -. tho American Protection system nave
w., accustomed to inveish against II as al
..noriyed conspiracy against the masses iiis"
I.oa hv trusts combinations. syndicates ana
e.uo,olies: and the changes have been rune III
nv I'D ont Of season upon the evils OF
S.ocious and lamboyant plutocracy' Ihe 1aihi-
,Nr rofrajn is consequently heard as an unoer-
I'm the chorus of rejoicing over the triumph
.oroli.v civic virtue and good government
/, tho recent elections
" =, also n fair inference from facts coming
-,,A,r the range of every ones knowledge that
..or,can plutocracy, with its monopolies ana
...s . &c nunishcd vicariously by these censors
- .,a sins Of English plutocracy Certainly IL
. ,,a,snu,able that England under Free TRADE
- ,ooor,e the stronghold Of a plutocracy more
.u.o-f,u in resources and more arrogant IN us
,oh,.s than the world has ever seen; and IL Is
uv Notorious that combinations. syndcates
"a trusts are in operation throughout the
,-n.d Kingdom. Free Trade has not prevented
-. .,eation Of gigantic fortunes. the accumuia-
,,o, NJ vast reserves of capital, the restriction
=. ,roduction by industrial pools. the regulation
:, ,rices by rnonopolies. financial deals of ex-
.-,ordinarv magnitude and all the evils and
abuses Of money power. English censors. VINO
s,s in the habit Of lamenting the sordid tenden'
ces OF American plutocracy, cannot he ignorant
of the evidences of an equally demoralzins Eng
lish plutocracy. They neglect. however, to foi-
low the example of the sturdy Scotch preacher
who scoded his congregation for an hour and
then closed his TRADE with the frank confession:
"B-ethren. | have been rough with you; but |
have been whipping myself over your backs all
the while for the Almighty knows we'll that l
share your infrmities in the feshl'
RAND SPECULATION
II IL barely more than year ago that tales
as marvellous as the Arabian Nights We're told
in drawinC-rooms and on the streets of adven-
turers who had once been at their wits end for
4 living but who were building palaces IN Lon
don and able TO drop a million in the Mining
in single week Without losing
nights sleep In the course of eighteen months
the shares of sixty-seven Rand companies, rep
-esenting a par value of f15.112.129 were forced
ID from f19. 752 615 to f1O7179.00O. That was
,ne of the maddest revels OF speculation that
nave ever been known. 1t became impracticab!e
Tor the ordinary investor 10 discriminate De-
tween meritorious and worthless properties. Al
venturers made use Of their opportunities. and
unprincipled stock promoters were able to rig
the mining bourses at pleasure. The most re-
,arkahle feature Of the South African market
before the bubble was pricked was the facility
Nth which svndicates conb bned claims ar
ranged amalgamations and consultations. and
controlled groups Of stocks. The power OF vari-
ous groups Of spectators over certain stocks
was despotic for they could send them up or
down at will. and horde Of greedy investors
was at the mercy Of unscrupulous manipulators
Day after day the Kafir Circus was open with
as ring-masters and clowns
Every newspaper bristled with prospec'uses OF
new companies and every clubhouse was filed
with the Vaccinations Of stock promoters. The
Mining Exchange itself facilitated rnposture by
permitting quotations Of shares many weeks be-
fore the date Of issue. and the talismanic gold
fields of South Africa" was conjurng phrase
for the covetous and overcredulous English
plutocracy.
THE CHARTERED COMPANY.
After the collapse Of the Kaffir market came
the disastrous invasion OF the Transvaal. The
Chartered Company was gigantic combination
Of titled personages stock promoters and capi-
taists 1t has been charged with great public
trust in a vast region OF Africa, but its obliga-
tons had been renounced In the lust OF money
making Jameson and his fellow-ofcers are In
prison expiating their crimes; but the story OF
the Rand ciphers is a familiar tale. and 1t con-
victs the real pr...cipals who were responsir"
for a speculators plot The arch conspirata' :
were the capitalists Of the Rand and their mil =
ionare patrons at the Cape and in LONDON
Great financial interests were at stake IN the
political control Of the TraEsvaal. jameson
raid was campaign OF British plutocracy. Tor
the Chartered Company, through its managing
director in South Africa. was privy to 1t; the ME
Of prisoners condemned to death and subse-
quently ransomed were worth S12.OOO,OOO: ana
the master diplomatist who arranged the truce
was Barnato. the prince Of mining SPECTATORS
Every page Of this record Of unscrupulous au
dacty Of stock promoters, fortune hunters ana
gamblers is stained with the sordid avarice OF
the money power
NEW NAPOLEON OF FINANCE
Meanwhile. there has been looming up In Eng
land the striking figure Of an Industrial STOCK
promoter and land -grabber. who has made the
most successful series Of combinations, deals
and syndicates OF recent times. Mr.. Cecil Rhooes
IS lost In the obscurity of South African kraais'
and Mr.. Barney Barnato has shrunk into so oroi-
nary and commonplace a parsonage that no
Lord Mayor Of London now considers II neces-
sary to render homage to him for his unseiiish-
ness. public spirit and patriotism In sipport'hs
the mining market; but Mr.. Ernest Ierah
Hooley is the prince among nnanciers' ana
draws about him a swarm OF spectators ana IN
Vestors In hot haste % multiply their Miiiohs'
Every week the Industrial world is thrown INTO
fresh frenzy OF excitement over some new