The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-21
DEBT POWER VS.. MONEY POWER.

We are still occasionally RECALLED with
phlllppics against the money power,
echoes rather of the late campaign than
as indicating present agitation. There
are events happening in the financial
world that seem irreconcilable with
the familiar idea that this money pow
err controls everything to it's own adj
vantage, and, among other things, de-
me netized silver in order to reduce the
cost of everything it wanted. We were
never persuaded that the money power
felt such deep interest in the meats
it needed for sustenance. or grain for
its horses, or even it's attire. that it
would go to the trouble of getting the
governments of all civilized and some
semi-civilized countries to stop the
coinage of silver merely that it might
get those things cheaper There
seemed to be such a disproportion be-
tween effort and object as to make the
claim very improbable. We could
readily understand that, like most COM
mon people, the money power would
use every means, and possibly some
outside the line that divides honesty
from dishonesty, to increase it's wealth
but we never reached that point where
the sanity of cutting in half the money
supply in order to increase the value Of
the remaining half was out Of an
eclipse
But on one point we are clear. and
that is that. predicating the action of
men of money on ordinary motives
they would use their power to increase
the value of their investments. If they
could make per cent yield 10. then
we can understand that they would do
would do it if we could. We would not
want to trust even Populist not to
do it If he had the chance. But whether
the money power likes it or not, and,
we suspect, because they cannot help
it, the value of their investments. their
earning capacity, has fallen and is
falling quite as much as is the earning
value of farm or factory This proc
ess has been going steadily on, stimuli
taneously with the fall in pork and
wheat and silver, and quite as fast and
far. Especial attention is drawn to
this fact by the recent refunding Of
the Lake Shore road of its and 7
per cent bonds. $50, 100000 of them, into
new 3A per cents. Within the next
four years over 5000. OO0. 900 of bonds,
issued In the days when 8 per cent was
the going rate. will fall in and the
holders will be offered their option of
taking the cash or new bonds at 8
or 4 per cent. Persons who had laid by
their savings for the proverbial rainy
day in bonds of the United States, bear
ing and per cent, have had to stand
reduction Of their income Of some
so per cent, because the money power
was willing to loan it's money at that
rate
Now what we cannot understand and
wish to be enlightened on is why this
omniscient power, that controls con-
crosses and legislatures and Is suspect
ed Of having Illicit relations with the
courts, has permitted this radical re-
duction in the income value of its in
vestments. What is the use of being
money power If one cannot make more
instead Of less money by it? Don't
make the mistake of thinking that the
power behind the Lake Shore, for in
stance, is a money power for 1t is
nothing but great debt power. deal
ing with the money power that holds
its obligations and insolently saying to
it: You can take your money or
lower rate of interest" And, remember
ing all we have heard and read about
the Money Power, it is really aston
ishing this meekness with which it
surrenders to the truculent debt power.
In fact we believe that it is the latter
that rules things, and that the money