The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-18

The Empire of Croesus.

American material progress. Their mo-
nopilization by a single set OF men, act
ing together as practically one, would in
volve the complete control OF all the ag-
ricultural Industrial. commercial, and
financial activities of the country, and
reduce its entire population to the con-
dition of serfs under a despotic and ruth
less oligarchy of wealth.
The first named of these three COM
manding forces-iron and steel-have just
been corraled in toto, and harnessed to
draw the chariots of the Morgan Steel
Trust magnates, who, individually, are
also the magnates of the Money, Trans
portation, Coal, and other great trusts
now all but consolidated into one. The
Steel Trust not only holds every pount
of American iron and steel production in
its grasp, but, as we shall see, will short
ly be, IL it is not now, in position TO
prevent the development of any new
mines, or the establishment of any new
plants in its line except upon such terms
it may dictate. If it refuse terms, no
new enterprises can be started.
This power will be achieved-has been
already in effect-by combination with
the gigantic Transportation Trust, which
is forming and which. perhaps before
next Fourth of July, when We shall all be
celebrating our independence which no
longer exists save on paper, will own or
control every important avenus of com
munication between the interior of the
United States and its shipping ports. and
between points of production and home
market centres. whether by rail or by
water. Should the Ship Subsidy bill be-
come law. it will add our ocean carrying
trade to its list of assets. as a fixed
monopoly.
AS to the Money Trust, it is now in ex-
istence to all intents and purposes. The
chief proprietors of the leading trusts of
the country have syndicated themselves
for purposes of financial operations and
mutual protection, through a modus WV
endi. If not positive contract, to which
all of a small group of enormously rich
banks and trust companies in their several
or joint control are parties. Events have
shown that under the Mckinley Admins
tration this combination has been and is
today, the overload of the United States
Treasury. The head of that institution
has become, in fact, their agent rather
than servant OF the people and the Con-
stitution.
The power of this Money Trust is sig
nificantly presented in last weeks report
of the New York Clearing House. which
shows that of the total amount of money
in circulation in the United States, which
the Treasury estimates at g, 100, $50 ,213,
the New York banks hold, 81, OIL ,329, 600, or
nearly one-half. OF the total amount in
circulation as above, the Standard OIL
banks, consisting of the National City,
the Hanover National. the Second Ma
tional. the Bank OF the Metropolis, the
Lincoln National, and the National Park,
together hold little more than one-sev-
enth. or s317. 2i6.000. These figures, as We
understand. do not include money in the
vaults of the United States Trust Com
pany, the Farmers Loan and Trust Com
pany. and the Central Trust Company, all
of which are affiliated with the Standard
oil Company.
II one branch of the Money Trust holds
in its hands one-ssventh OF all the eirou-
lating medium. the combined holdings of
the syndicate must be something stupen-
dous. To the Standard Oil deposits should
be added the cash controlled by J. P. Nor
gan and his following of coal. iron. and
steel magnates, and the banking houses
owned or backed by them The Vanderbilt
banks and trust companies must be count
ed with as we'll What the books OF these
various institutions would show, We can
not know, but the evidence is sufficient to
demonstrate that, so far as financial con-
troll over the country and its business is
concerned the despotIsm of the New York
money syndicate. with its iron hand on the
throat of the National Treasury, is abso-
Lutte.
With the completed organization of the
Transportation Trust, and its immediate
combination with the Iron and Steel end
Money Trusts, with the object of common
plumber In view, the monopoly OF Amer
lean resources productions, enterprise, and
facilities will be all absorbing and final.
II is possible that as We have seen in the
instance OF the Russian sugar war, the
interests Of different members Of the con-
clash in respect OF foreign trade matters;
but that has nothing to do with its do
nestle policy. which will be easily iorrnu-
lated to the advantage of all concerned
The oil. sugar, iron, steel. copper, coal,
ard other monopolies. whose masters are
in the deal. will be protected from com
petition and all possibility of 1t by the
Transportation Trust, backed by the Money
Trust. with its billions. There will be no
more independent Developments in oil,
copper, gold. zinc, timber coal, iron, as
spaitum, or any Of the things sought to
be eternally menopolized by the Trust of
Trusts.
Transportation will be furnished 10
farmer. lumber man, miller, manufac-
turer, and merchant, at its Will and price,
and there will be no appeal If an out
slider attempt to open up a new mineral
property the product OF which might COM
pete with trust product, he will be
what cost Anything 10 prevent that. as
theoretically in the present Interstate
Commerce law. will be remedied by legis-
lation, which promises to be easier for
trusts in the FIfty-seventh than it even is
in the Fifty sixth Congress. At least,
that Will be the case IL the threat to en-
act cloture rule in the Senate at the
next session be carried out successfully.
Then there will not be an independent
legislative body left to us, and Congress
might as well close its doors and sur