US Presidency
1928

No government administration can rightly take chances with taxpayers ' money. There is no better example of the practical incompetence of government to conduct business than the history of our railways. During the war, the government found it necessary to operate the railways. That operation continued until after the war. In the year before being freed from Government operation, they were not able to meet the demands for transportation. Eight years later we find them under private enterprise transporting 15 per cent more goods and meeting every demand for service. Rates have been reduced by 15 per cent and net earnings increased from less than 1 per cent on their valuation to about 5 per cent. Wages of employees have improved by 13 per cent. The wages of railway employees are today 121 per cent above pre war, while the wages of Government employees are today only 65 per cent above pre war. That should be a sufficient commentary upon the efficiency of Government operation.