The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1904-09-23
IN DANGER.
concentration OF WEALTH A
GRAVE MENACE
Banks Of the Country Rapidly Being
Merged Into One Great Trust-Re-
publican Administration Owned BY
the Financial Interests.

The concentration Of wealth in few
hands is obvious to everyone. The
enormous and fast increasing wealth
Of the ROckefellers, Morgans, Wander
bits, GOulds, and others, is a con-
slant exhibition OF it But few, how
ever, appreciate the extraordinary ten
dency towards the concentration OF
the banks Of the country in few hands,
which is the most striking feature Of
the financial situation and shows the
enormous power that two interests
possess over the money Of the country.
The most important of these interests
is the Rockefeller, or Standard Oil,
group; and the other, the so-called
MOrgan-Life Insurance group. This
combination Of fnanciers virtually
controlled by two men, has command
Of One-half OF all the banking bust
ness included in the report of the as
scciate banks.
The Rockefeller interest owns the
National City bank, with deposits OF
S201.S22,00 and cash on hand Of $685.
428.S00; also the Hanover bank with
deposits Of S63, 4O1, 200 and cash in its
vaults Of SIC, 300 The loans Of
these two banks aggregate 1926. Co.,
OO0
The Morgan-Life Insurance group
controls the First National, the First
National, the Bank OF Commerce and
the Chase National banks. with depos-
its aggregating $33, 632, 600, with cash
on hand 9S,973, 900, and deposits
S314,S11, 900.
The National Park bank is not in
Guided in either Of these groups. but
is allied with them, and if its re-
sources are added these six banks &C
count for over 80 per cent Of the loans,
65 per cent Of the deposits and 60 per
cent Of the cash Of all the banks in
the New York clearing house. These
banks also account, according to the
last statement made, for 20 per cent
of the entire surplus of all the asso-
ciated banks.
These great fnanciers are not con-
tent with the control of the New York
banks, but also have acquired control
OF banks in the other large cities Of
the United States. Through their
power to loan money to the stock
brokers, their vast holdings of bonds
and stocks of railroads and the indus
trial trusts, they have power to infiu-
ence the stock market and can often
make or break at viii those who deal
in stocks.
The ramifcatiOns of these fnanciers
with their allied corporations extend
into every state and city and almost
into every county, in the United
States, through their attorneys and
agents
This vast money power is pan Of
the Republican political machine, for
both the groups above mentioned are
arrayed against the Democrats. How
great this political influence is may
be judged when the total mileage of
the Morgan group Of railroads is A.
2O6 miles and the Rockefeller group
has 28,157 miles. These railroads ex-
tend into every doubtful state and
have attorneys and agents at nearly
every county seat watching their
financial and political interests.
This concentration of power in the
hands of a few men is one Of the
great dangers - popular government,
and the defeat of the Republican ma
chine would go a great way toward
/ arresting the further development of
such combinations The Republican
administration has taken no real steps
/ to arrest this concentration, though
| there are laws on the statute book and
/ the common law is ample to prevent
/ it, if rigidly enforced. The sO-caIled
! Merger" trust suit, which Attorney
! General Knox instituted, is worthless
| unless followed by more drastic meas
ures, and the fact that J. P. Morgan
| has declared for President Roosevelt
/ and the New York sun. which. he con
| trolls, is now advocating his election,
/ though formerly denouncing him,
l shows that the merger interests do
/ not fear further legal prosecutions by
Mr.. Roosevelt if he is elected Any
/ voters who have been led 10 believe
/ that Mr. Roosevelt is fighting the
/ trusts, especially the railroad and
/ financial combinations, should remem-
I Der that he is directly under Obliga-
I tons to the great railroad corpora
/ tons for thousands OF miles Of travel
] in special trains, and that the Repub-
| Hcan campaign fund is largely fur
nished by the same interests.