The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-10-19
THE COMING MONEY TRUST.

In this day OF combinations OF capital
1t Is not only becoming difficult for the
Individual to hold his own In business, but
tie separate corporations Of some mems
and resources are beginning to feel bhe de-
pressing effect OF the existence OF the big
combines.
A few days since Tho Post called atten-
tion to the consoldatloh7of National banks
in Boston and expressed the opinion that
the formation OF a great money trust had
begun. Confirmation of the accuracy OF
this conclusion Is coming sooner than was
expected. The Intelligent New York corre-
spondent OF the Philadelphia Ledger under
date OF October II had this TO say:
Tho multiplication of trust companies in this
city Ia going on In connection with n gradual
reduction In the number of banks by failure,
liauidaton and consolidation. Tho suspension
OF the Tradesmcn's bank AMI the recent or
gnuizati1n OF the Produce Exchange Trust
company are instances OF this moycment.
Bankers are beginning to realize that great
changes IN The conditions of tho banking bust
ness are IN proBfcss OF development. VI
iicals OF National banks realize that they
are entering upon a period OF sharp cotnpou-
tion with the trust companies. The latter
possess every advantage In such u competi-
posits OF out OF town banks, as the banking
law provides that National banks can make
deposits only with National banNs. The trust
companies. however are not compelled to
keep - per cent reserve ike the National
banks aud they escape the taxation that bur-
dens the banks Some bankers believe that
more complete cooperation, ard perhaps com
bination, are becoming necessary Tor the
banks and that the next great development mt
among them must be IN tho direction OF tho
extension and strengthening of the clearing
house system. In other words, 1t is predicted
that within five years the clearing houses,
instead OF being merely institutions for the
clearing OF checks, VIII be RESOLUTIONS for
tho closer combination OF banks and the reg
ulatlon OF their business for the benefit OF all.
Combination X the order of the day. The big
banks are begirning to swallow up the little
ones. MS the city bank did the Third National.
and the Western National did the United
States.
Do tho people realize what this move
ment means? Are they alive to the wonder
| full, far reaching all-controlling effects o
| practical bank or regularly organize
money trust In this country, following IL
the path Of tho great industrial trusts?
We saw something OF the possibilities o
general understanding IN financial cir
eles I'm 1896. We saw mohey locked up
interior bankers at the mercy of the East
ern banks, firms and corporations. as wei
as individuals. who wanted tavCra OF tn
banks, coereed and their political iuiepcnd
ence virtually destroyed and the countr
Threatened with panic II the people dare
TO vote against the Interests of the Wa
street kings!
But let an organized money trust one
become a reality, with n single directin
head, or a small compact directory in con
troll There is not n hamlet In Amerc
whose business. and therefore Its independ
ence would not be at the mercy of u ma
In New York who would only need TO pres
q button to have his autocratic DEGREES On
forced
a preliminary step Is now being take
freed largely from present government cor
troll and exnctons and be authorized to 1!
sue tho whole volume of tho paper currenC
OF the Nation. A banking trust with IN
authority TO ISSUE tho countrys none
with only gold coined by the government
! will be in position to contract or cxpar
circulation at will dietate the profits {
money and absolutely control the finance
of tho Nation ma the Standard OIL. compal
now handles tho oil trade.
Then the American serf will take Il
place OF the American freeman!
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