Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-10
Dangers Of MOnOpclies.

The Chicago Tribune publishes afull
report of the speech of United States
Senator Matt. II. Carpenter, at the
State Fair in Madison, Wisconsin, on
Friday last, ION the growth OF monOp-
oily in the carrying business" He
used the report of the shipments from
Milwaukee to the Eastern markets for
1868 as an illustration, saying that their
total value was So, BIS, 900, on which
there was an expense of 81, $50, $50 for
transportation. Admitting that these
transportation companies, under
proper restrictions, are not only HARM
less, but absolutely a necessity of our
modern civilization, he urged that our
institutions arenOw in far greaterdan-
ger from the combinations OF capital,
the great trinity of powerful railroad,
express and telegraph companies,
which are struggling to control the
destinies of this country, than they
ever were from slavery; because the
public sentiment of the country and of
the world was against slavery, and the
people always had the power, if not
the constitutional right, to suppress it
at any time. Our great passion is love
of wealth, and as every man is impa-
tient of results, the great tendency is
tOithe consolidation of agencies 10 ac-
cOmplish vast results speedily, so that
whenever competition begins CONSOLE
datiOn results. We have seen this In
the express business, the competing
companies having come TO the not un-
natural conclusion that il would be
more profitable to unite aud plumber
the people for their joint benefit than
ii was to carry merchandise for too
low a rate to amount to compensa-
ton. Various telegraph companies
have passed through the same expert
ence and reached the same result.
railroad companies, he continued, are
not behind in the wisdom of this gen
Grafton, and are now bending all their
energies to Il CONSOLIDATION which will
prevent competition, aud deliver the
people, bound hand and foot, into
their tender keeping. For all practi-
cal purposes we have hut one tele-
graph company in the United States,
and but II express company. III
nothing is done to check the present
tendencies, it will not be long until
we shall have but one railroad COM
pany In the United States, Slave
holders could plot in secret, but they
must go out publicly to execute their !
plans; the railroad, express and teIe- |
graph business of the United States.
embracing untold millions of capital,
reaching into every village of the
country, may all be managed by a
board of fifteen directors, sitting with
doors, by candle light, in WALTZ
What they determine upOu
they need not submit to public exam
nor to the contingency of A
general election by the people; and
thus a power more formidable than
the powers of this gigantic National
Government, because more closely
touching the rights and pockets of the
people, will come to be exercised by a
few men whose interests in all things
are directly opposed to the interests
Of the people, without the consent or
even the knowledge of the people,
Railroad companies first sought
from the State upon the
that railroads were public
highways, and rs much under the con-
ir0l of the Legislative power as any
)ther highway. Then, too, the infiu-
entail and wealthy men Of a commu-
lity formerly became stockholders
md controlled the road in the inter-
ssts of the communities along the
inc. Now all this is changed. and
he stockholders, instead OF beiug lead
ng business men Of the communities
Interested in the management of the
Dads, are a few immense capitalists
'esiding elsewhere. The theory upon
which the roads were built Is also
hanging, and the Supreme Courts of
Wisconsin aud Iowa have recently
leeided that q railroad company is a
mere private corporation, over which
he State Legislature has no more /,
power than it has overa hank, a man |
lfleturlng company or q grist mill. '
The Supreme Court of Iowa in a re- J
ent case said: I
at is to be remembered also that COR {
,o~rations are not organized for the Par-
0ss of developing the material pros per- I
" Of the State-this Is a mere incident OF
he business they prosecute. But they 9
re organized s0leiy TO make money for :
heir Stockholders. and the Legislature !
no more power over their property :
nd rights than 1t has over the like prop q