The Portland daily press., 1896-08-29
The Real Plutocracy.


The Real Plutocracy.
There are already signs enough tina.
| great political party cannot even make
q distinct threat of Republication without
iniuring the business of the country
Those sections of the country which are
most infected, or are supposed to be most
infected, with Republication naturally
suffer first and most, ard 1t is these that
will suffer longest, even if the threat be
fulfilled. A very stirring object lesson in
the effect of such politio upon ordinary
business has been furnished by the recent
offering New York city bonds. The bonds
are in no sense speculative. They are
among the securities which most ICON
sentative" investors seek, and the COM
munitv which issues them in one respect
to the financial soundness of which, mean
Ing the nnquestioned disposition as we'll
as theaunquestioned ability to pay it's
honest debts, there Is as little doubt as
in respect'to any other American COM
munity. Yet it has been found impossi-
BILE to market new issue of these bonds
on terms anything like SO favorable as
past issues have commanded.
How much worse must it be In COM
munities In regard to which there 10 grave
question of the disposition, and of which
their own members are the first to deny
their ability to pay what they already
owe. And yet ssthese communities are
those which most urgently need capital
from elsewhere to develop their natural
resources. What a blow mas already been
dealt by themselves at the development,
of the Populistio West and the Populistic
SouthP And this not only in respect to
the large enterprises which attract large
investors, but to the small investments
that attraor small investors. The "mort-
cages on farm lands" that used to be the
tavorite disposition of savings. as. offering
somewhat more interest than the savings
banks, and an unimDeachable security
have been the resource, and often the
sole resource, OF families that had lost
their breadwinners. 1t Is the security
of these that the "debtor Glass; is most
directly and most ferociously attacking
ny lUS tIuShNo dRblllSU uOAcSD 4AOuOys
1t would be ludiorous, II 1t were not SO
pathetic. to consider that 1t Is mainly
these helpless and harmless widows and
orphans and old men who find themselves
denounced as "Shylocks'' and "gold-
bugs'' and 'leeches" on behalf OF che
but to keep the agreements by which
they have obtained money. 1t is these poor
people at whom the Populistio orators
really aim when they talk aobut ''pluto-
GRATIS" There is a plutocraoy engaged,
but it is on the other side. There is not
man OF knowledge and intelligence on
the side of freesilver, whether as agitator
baeksr, or candidate, who does not know
that the displacement of the gold stand
ard would injure all legitimate business
and all honest investment. It Is pluto
Gratis of the silver-m who have made
this attack in the hope of receiving a
fancy price for their own product 1t
Is they who have for years busted them
solves with the production and diffusion
of dishonest literature, with the sup
plying to every one that WAS in debt
and everyone that WAS disoontented' of
pretexts that he would accept for not
paying his just debts. When we consider
the frightful amount of mischief these
plutoorats have already done, 1t appears
quite right to hold them up to public
detestation. But it is necessary to be
careful in selecting the right plutocrat
for animadversion.I 1t is not the man who
gets money, on a large scale or small,
by rendering its equivalent of public
service, and who lends 1t again to those
who think they can make a profitable
use of it. and engage to repay it,. The
danger Gus sploutocrat is he who
endeavors by unlawful trusts and mo-
nopolies and combinations to extort
fictitious price for what he has to sell.
Of these combinations the most danger
GUS and the. most odious at present by far
is that of the silvermen. Even if they
are finally baff1ed. they will have sue
ceeded In doing irreparabls harm, and
their most pitiable victims will be those
who are now their blindest dupes Such
plutooracy deserves the adherence
and execration of all honest men.-Har.
per g Weekly.