"
In its issue of November 29, 1851, the "Economist" declares editorially:
"The President is now recognized as the guardian of order on every Stock
Exchange of Europe." Accordingly, the Aristocracy of Finance condemned
the parliamentary strife of the party of Order with the Executive as a
"disturbance of order," and hailed every victory of the President over
its reputed representatives as a "victory of order." Under "aristocracy
of finance" must not, however, be understood merely the large bond
negotiators and speculators in government securities, of whom it may
be readily understood that their interests and the interests of the
Government coincide. The whole modern money trade, the whole banking
industry, is most intimately interwoven with the public credit. Part
of their business capital requires to be invested in interest-bearing
government securities that are promptly convertible into money; their
deposits, i. e., the capital placed at their disposal and by them
distributed among merchants and industrial establishments, flow partly
out of the dividends on government securities.
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