Jasper County Democrat, Volume 1, Number 19, Rensselaer, Jasper County, 20 August 1898 — WHO GETS THE PROFITS? [ARTICLE]

WHO GETS THE PROFITS?

Indianapolis Sentinel. There is one phase of the annexation fever that 4b e masses of the country will not fully appreciate until the future brings its developments, and that is the business schemes of influential men who are advocating territorial expansion. While it is evident that none of our new acquisitions from Spain will afford desirable homes for Americans who might wish to emigrate, it is very probable that they will open fields for large investments of American capital that will be very profitable. The Springfield Republican, which is located nearer the field of syndicate operations than we are, says: Several enterprises of the sort have already sought incorporation under the liberal laws of New Jersey and West Virginia. Several close friends of V(ce-Preeident Hobart, with others, have organized a company to put a steamship line in operation from New York to San Juan. Samuel M. Jarvis of Jarvis-Conklin mortgage company fame, has gone to Santiago with a complete outfit for a bank, representing the North American trust company of New York. Men have already sailed for Ponce with hotel, bank and other outfits. Senator “Steve” Elkins, Chris Magee of Pittsburg, Senators McMillan of Michigan, Hanna of Ohio and Proctor of Vermont, and others, are mentioned as “interested” in the new fields of capitalistic venture. A whole host of Secretary Alger’s, associates, attorneys and friends are mentioned in the same way, and there is a long story going the rounds of how Den. Shatter was pushed forward in the heme that as hero of the Cuban war he might secure the governor-general-ship of the island and help the Alger crowd to the bonanzas lying about. Gen. Shafter has been a partner of Alger’s in western mine and timber developments, and is said to be very ricn. Gen. Duffield, who was lately made a briga-dier-general and fell short of expectations at Santiago, is Mr. Aly ger’a counsel in his business ventures.

It is a notable fact that these gentleman belong to the class who have been insisting for some years past that the “home market” was the greatest thing in the world, and that what we needed was to confine ourselves to it. Moreover, they belong to the class that has been advocating that we needed foreign capital in this country, and that we ought to make great concessions to bondholders to induce them to invest in our securities. But they seize this opportunity to take capital out of the country and put it in an outside market without regard to their former professions. There is a worse possibility than this. We have become somewhat familiar in this country with scandals connected with government contracts and concessions of various kinds. What is to expected in these outlying territories, which are to be put temporarily under military government, and later on under an arbitrary colonial government, when a swarm of these American speculators, with official influence, swoop down on them? It will be worse than, the plague of carpetbaggers in the South after the civil war, because these fields are farther away. In all probability it will be more like the plundering on the Indian reservations, for these new citizens of the United States speak a foreign language and are so dislimilar to us in their habits and customs that it wqpld be very difficult to arouse public sympathy for them in case they were mistreated. It will be very surprising if the industrial development of our new possessions does not breed scandals that honest Americans will have to blush for.