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Saturday, March 29, 1919 THE REVOLUTIONARY AGE Imperialism the Final. the Final Stage of Capitalism offices 14 42 CA 911 16 21 104 276 What the ins morneven Banks Banks 12. 2. 4. 0. 2. 4. 1. 7. 3. 2. 4. 0. 1870 towns 47 193 033 200 64 258 427 1909 196 887 in (Continuation)
By Lenin the capitalist class and not only of the capitalist class, because banks gather in for longer or shorter periods HE rate at which the concentration of banking Translated from the Russian by Andre Tridon all the cash receipts of the small businessmen, clerks concerns has taken place in Germany during the and skilled laborers. The general distribution of the 19th and the 20th centuries is well shown by crship does not interfere with the mutually protective means of production is one of the lateral activities of the following table made up from figures furnished agreeinents made by both banks.
by Risser: Here are the conclusions forced by this develop Germany have at their disposal billions and billions of Affiliation of Sir Large Berlin Banks ment upon specialists in banking affairs, who in their marks.
discussion of economic problems never overstep the Intrinsically, however, that distribution of the means Deposit and Participation in line of moderate bourgeois reformism: of production is not general but strictly personal, that anches in exchange German banking. Other banks are following that example, says the is, in the interests of large capital, in particular of the Germany corporations Total German review, Bank, discussing the increase of the largest and most monopolistic forms of capital, which 395 capital of the Disconto Gesellschaft to 300, 000, 000 create a condition of affairs in which the mass of the 40 marks, and instead of the 300 men who at present 63 450 direct the economic destinies of Germany there may behind on is near the hunger line. Agriculture lags industry, and in the industrial field the heavy which gathers in all the capital of the country and in control. One cannot expect the present tendency to dayn extending the influence of capitalist finance, savWe see how rapidly the thick network of ducts grows not be more than fifty or twenty five or even less left industries with their subsidiary industries carry the ansforms thousands of scattered businessmen into one nation wide, nay world wide capitalistic concern. The close ties uniting the various banks tend to bringings banks and postal savings banks have begun to Gaevering in a preceding quotation means is the sub combinations which deal with those banks Sdustrial compete with ordinary banks, these institutions being word decentralization used by Schultze about closer relations between the various more decentralized, in the sense that they reach more jugation by one central concern of a growing numbering we will wake up to behold with astonishment a few and more localities, more and more out of the way of formerly independent concerns, or rather of ecoplaces, larger and larger sections of the population.
nomic units whose activity used to be purely local!
teorists our private monopolies into government mono American reports on the relative importance of bank It is really centralization in the proper sense of the polies. And in reality we shall not be to blame for deposits and saving bank deposits enable us to dra word, which gives more power, more importance, more anything except for letting things follow their course up the following set of figures.
resources to giant monopolies.
and somewhat speeding them up. 27)
older capitalist nations, that network of banks is is an example of the mental impotence of the Deposits in billions of marks.
England France Germany Savings Savnigs in the year 1910, the number of branches established differs by its greater dishonesty and by its attempts Credit Savings Banks Banks Banks Assns. Banks by all the banks was 7, 151. Four groups of banks had at clouding the issue. Those are appalled at 1880 1. 0. 0. the over 400 branches each, the smallest of the four groups 1889 having 447 and the largest 639 branches; four other consequences of concentration. they speak of government of capitalist Germany or 1908 23. 13. had over 200 branches, eleven other groups capitalist society, they fear to hasten concentraPaying or 444 on their deposits, savings banks rance, three large banks, the Credit Lyonnais, Tshirsbky, is afraid of the American trusts, and are compelled to seek profitable investments for their funde. to discount commercial paper, to buy mortgages. mptoir National Escompte and the Societe prefers to them the German cartel, because the latter etc.
e increased their operations and the number of does not hasten technical progress as much as trusts banks becomes less and less visible. Chambers of The boundary line between banks and savings their branches as is shown in the table below: do. Could mental impotence go further?
Facts, however, remain facts. Germany day and trying to prevent savings banks, from engaging in commerce (for instance in Bochum and Erfurt. are Number of branches Amount of capital trusts, but she has cartels, and she is controlled by no purely banking operations such as the discounting and offices in millions of francs more than 300 men and the number of those magnates notes, and demand that the banking activities of postal Provincial Own Outside Paris Tota!
capital capital is being ruthlessly cut down. Ceaselessly, in every savings banks be restricted. 29) Big bankers seem to capitalistic land and regardless of the various banking fear the unexpected rise of 1890 265 1, 245 laws which may be passed, banks will hasten the pro of a government monopoly But that banking 1, 229 cess of financial centralization and the establishment does not go very 363 far. The deposited billion savings banks are, after As a characteristic example of the connections As Marx wrote in Capital half a century ago. Banks the other hand, government monopolies in capitalistic all, at the disposal of the banking magnates and, on of letters sent and received by the Disconto Gesell establish on a social scale the form, but only the form, society are merely a means of increasing and insuring schaft, one of the largest banking concerns in Ger of a general accounting any of a general distribution the incomes of certain industries which are nearing many and in the entire world. În 1914 its capital of the means of production. The data at hand on the the bankrupt stage.
amounted to 300, 000, 000 marks. The change from the older Capitalism where comer of branches and offices established by the large petition reigned to the new Capitalism where monoLetters received Letters sent out banks, and the number of accounts they carry, give us poly is king, is characterized by the diminished im1852 6, 135 6, 292 a concrete illustration of that general accounting of portance of the exchanges. Exchanges are no longer 1870 85, 800 to quote Bank, an essential means of paper con1900 533, 102 SOCIALIST PARTY BOSTON LOCAL as they used to be years ago when banks The number of accounts carried by one Paris Bank, couldn expect to market among their customers even the Credit Lyonnaie, rose from 28, 535 in 1875 to MEMBERSHIP MEETING a small part of the paper issued.
633. 539 in 1912. 26. Every bank is a stock exchange nawadays. This Those bare figures show more conclusively than any Sunday, March 30th, 1919 statement becomes, the more true as banks become long dissertations that, with the concentration of capat P.
farger and as concentration is more generally the rule ital and the increase in the bank turn over, the DUDLEY STREET OPERA HOUSE in the banking field. 31)
function of a bank becomes entirely different from 113 119 Dudley Steeet, Roxbury If once upon a time, in the seventies, the stock what it used to be. Thousands of scattered capitalexchange, with its youthful rashness. a veiled allusion ists become one single capitalist. By carrying the Important business to be discussed.
to the panic of 1873 and other scandals) opened the accounts of a number of era of industrialization for Germany, at the present depositors, banks seem to Comrades, attend, the crisis is on!
perdate banks and industry can fully take care of themform a mere technical operation. But when that operation reaches gigantic proportions, a handful of The domination exerted upon the stock exchange by monopoly holders assumes the control of all the INTERNATIONAL our large banks, is simply the concrete expression of mercial operations of the entire capitalist world, being the power wielded by the organized industries of Germany.
current accounts and its various If the action of the antomatic economic laws befirst of all to ascertain exactly the condition of the for the benefit of the comes so restricted and the sphere of conscious revarious individual capitalists, and then to dominate gulation by the banks increases to that extent, there 11. 15 LAWRENCE STRIKERS influence their activity by extending to them also increases to a terrific extent, the nation wide. ahirawing from them financial assistance, by giveconomic responsibility of a few individuals. Thus or refusing them credit: it is able finally to GRAND OPERA HOUSE writes Schultze Gaeverning (32) a defender of Gercidecir fate, to decide what their resources shall ne, lu isi ease their capital at will, or to allow them to cor. Dover and Washington Streets, Boston man Imperialism, an authority recognized by the imperialists of all lands, who tries to blind us to one increase rapidly their capital to enormous figures. Sunday, March 30, 1919, P. trifling detail, that such conscious regulation by the We mentioned previously the capital of the Disbanks simply means the exploitation of the public by a orto Gesellschaft of Berlin which is 300, 000, 000 There will be present a contingent of the Strik handful of well organized monopoly holders. cs. The increase in the capital of the Disconto ers Guard; laso a number of wounded strikers.
The of a bourgeois professor of political eco4. Ilschaft was one of the incidents in the struggle consists not in showing us how the system works. hegemony between this bank and its rival for the not in exposing all the tricks of the monopolistic bank1. place among the biggest Berlin banks, the Deutsche Speakers: ers, but in throwing a veil over them.
In 1870 the Disconto Gesellschaft was still a small COSGROVE, JOHN McDONALD, Thus speaks also Risser, who is, even more of an authority and a financial operator besides, and who capital only 15, 000, 0000 marks. The FRANK MACK, IME KAPLAN and tries escape, through a flow of empty words, from Deutsche Bank had a capital of 30, 000, 000 marks. In SAMUEL BRAVIHALL, facts which cannot be gainsaid. The stock exchange 1908 the two banks had increased their capital respect members of the General Strike Committee will is less and less the essential ogan of finance it used to ively to 200 and 170 million marks. In 1914 the Deritsche Bank increased its capital to 250. 000. 000 speak in the following languages: Italian, be without which financial paper could not be marketed and which constituted not only a very accurate marks, the Disconto Gesellschaft to 300, 00. 000 thanks Polish, Russian, Lithuania, moderating device but almost autoinatically regulated to an alliance with another bank of first magnitude, Belgian and Jewish.
all the economic streams flowing through it. 34)
the Schaffhausen Bank. And that struggle for lead(To be continued)
87, 513 626, 043 selves commezcied. through its banking connectionis operations, MASS MEETING nomy concern wi