The news-democrat. (Providence, R.I.) 1906-1909, 1906-07-28
SATURDAY, JULY as, 1906.
cENTRALIzING THE MONEY POWER.

CENIKALlLlNG lt1E MONEI FOWEN
Figures prepared in the office of the state in
surance commissioner show how steadily the money
power Of Rhode Island is being centralized in two
trust companies, the managers OF which have al
ready by dexterous manipulation, succeeded in elm
mating competition to such an extent that an abso-
lutte monopoly of the banking business Of the state
seems their ultimate purpose.
Business men of sound judgment have watch
ed with misgiving the steady absorption OF national
banks and savings institutions. The feversh con-
ttest between two trust companies in buying up and
closing banks that have prospered for years and
offered adequate facilities to the business COM
munity has created the impression that the men at
the head Of these two corporations engaged in
campaign that has for its object absolute and
undisputed control Of the money power in this
'monwealth.
How far they have proceeded in carrying out
their menacing scheme is shown by the figures
Just compiled by the insurance commissioner
There are in Rhode Island today fourteen trust
companies as against twenty in 1905. Their total
$I28,o42 3o8.I4, as against $II5,47I-
3S4.82.
=. The trust companies controlled by Colonel
Samuel P. Colt and Marsden j. Perry have aggre-
gate resources of more than $8I 100000 out of the
present total of $I28,ooo,ooo
Still more significant is the amount of the
peoples money held by these two trust companies
in the form OF deposits. Of total OF general and
savings deposits with the fourteen trust companies
in Rhode Island amounting to about $Io6,4o8,ooo
the Colt and Perry trust institutions hold moro
than $7I,5o4ooo.
This vast sum, the fruit of the sef-denial and
thrift Of thousands OF citizens is held by two insti
tutions whose combined capital is but $3,5oo,ooo
No one questions the mastery quality of the
ability that can achieve such results but many
prudent do seriously question both the wis
dom of the policy of expansion by eliminating COM
petition and the sincerity of the motives that
prompt it,
They know that the men who control these
two trust companies have ambitions to crafty.
They seek power, political, commercial and social,
and they appear to believe that the surest
by which that power be obtained is by the
establishment OF money monopoly.
Monopoly of any kind is dangerous and mis-
chevous. Such monopoly OF the money power
OF whole commonwealth seems to be the end
toward which Colt and Perry striving would be
nothing short of public calamity.
1t would reduce the people of this state to
condition of political. industrial and commercial
vassalage from which nothing short of tremen-
dous upheaval could rescue them.
There is a strong and steadily increasing
viction among intelligent and thoughtful
that the state must be saved from the threatened
peril Of money monopoly by Legislation that will
not only check the absorption of banking nstitu-
tons but provide that strict government super
vision OF trust companies and other banking insti-
tutons that is absolutely essential to the safeguard
ing OF the interests of depostors. y
No such ran he ohta;prd fro,,
general assembly dominated by Braytonism. The
utter failure OF previous efforts in that direction
proves this. Therefore the business man. the mer-
chant and the wage worker whose deposits are at
stake should give their support to the legislative
candidates OF the forces OF reform from whom alone
laws that will render abortve the scheme to estab-
lsh money monopoly here, and will provide that
adequate state supervision which is necessary, can
be obtained.
RODY ri .OW At THE TpITcT