The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1901-07-27
Growing Power of Wealth.

From the baltimore American of July 20.
The closing of the Northern Pacific deal
brings to conclusion one of the most singu-
lar incidents to be found in the annals of
modern finance. Underneath the whole affair
is found peculiar condition well deserving
popular attention. Nothing has TRANSFERRED
of late which more wildly shows the growing
power of concentrated wealth. Upon the
developments of that venture has hung for
weeks the fate of other speculative value. In
deed, the stock and bond markets of Wall
street have been absolute slaves to Mr.. Nor
gan's dicta ever since the memorable day
when the Northern Pacific crash stupe6ed the
whole speculative world. That is proved by
the quickness with which the market re-
sponded to Mr.. Morgan's announcement the
other day that the big financial interests had
agreed to smother their grievances and to OPP
crate harmoniously. And harmony among
such interests signifies much.
Few realize the almost dominating power
lodged in the hands of that small circle of
capitalists of which Mr.. Morgan is, perhaps.
one of the least harmful types. 1t is the lat
ter's conciliatory disposition, probsDly, which
makes him less Objectionable than some of
the others. However, they are all associated
together into clannish cooperation, their
purpose being to add to the mountain of their
|
the sinews of their combined strength.
Whether the close concentration OF wealth
in this manner is conducive to the higher
growth of republican ideas is doubtful. 1t
looks as ifit is becoming menacing, rather than
helpful The enormous riches of the few Is
fast developing into hammer with which all
opposition, whether industrial or political, is
being crushed out of existence. The princes
Of finance are aspiring TO power. They are
grasping to absorb within their own hands the
forces that will guarantee dominancy in the
various avenues of activity.
Observe the tendency ofthe financial giants;
They are building up veritable industrial
feudaism, in which the masses are being re-
duced to position ofsubserviency. BY con-
centrating their wealth they are gradually an
nexing to their possession all OF the lines OF
industrial operation, as well as invading the
sanctity of legislative Justice. Their engine
of gold is fast battering down all OF the old
patriotism In politics, and as substitute is
manufacturing puppets who are the servants
ofbribes. The equality of man and man, there
fore. being DESTROYED. In its stead is evolving a
type of money kings, who are arrogatlng to
themselves an air of superiority, and who are
employing a multitude of retainers who will
do their bidding for pay.
Such tendency is obnoxious to the prin-
ciples of democratic republicanism. Such
conditions cannot live under the protection OF
our Constitution. If plutocracy IS to reign,
then representative government must vanish.
PIutocrats might as well assume the scepter
in reality AS to have their paid hirelings in
office. either AS executives or Legislators
Such sentiments may excite sneers from few;
but deep down in the popular heart there IS
felt a serious uneasiness over the growing
power of concentrated wealth.