Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1871-10-27
a Gigantic Monopoly.

On the 18th instant, Chancellor
Zabriskie, of Now Jersey, rendered
an elaborate decision in the great
railway monopoly ease. A bill had
been filed in his court praying for
an inj junction to restrain the execu-
! ton of a contract by which the
! Pennsylvania Central Railroad
! Company came into possession and
full control for nine hundred and
ninety-nine years, of railroads and
canals of that State. The 'sparty OF
the second part' is composed as
! follows: The Delaware and Rari-
tan Canal Company, the Camden
and Amboy Railroad Company,
and the New Jersey Railroad and
Transportation Company.
These have long been consolida-
ted, and the Amboy monopoly, as
/ it is usually called, has for years
/ held absolute sway over the State
OF New Jersey. The system which
has proved SO we'll for the stock
holders, SO badly for the general
public, has now at length wearicd
of so small an empire as ''The.
Jerseys" and stretched out sover-
eign hands westward to the farther
terminus Of the Union Pacific Rail
road. BY an act Of the State Legis-
lature, PASSED in 1870, it was proyid
ed as follows:
|
ut shall be lawful for the united com
panies, by and with the consent of two
thirds of the stockholders of each, to con
soidate their respective capital stocks,
or to consolidate with any other railroad
or canal company or Coz panies in this
State or otherwise with which they are
! or may br identified in interest, or whose
works shall form with their own connect
ed or continuous lines: or to make such
other arrangements for connection or
consolidation Of business with any such
company or companies by agreement,
contract, lease, or otherwise, as to the
directors Of said united companies shall
| seem eXpedicnt."
Provision was made for the pur-
chase by the monopoly OF the stock
of any diSseptient shareholder.
But no thought was taken Of the
public interest. The Jersey idea
of railroads and canal; seem; =. &c Ia /.
that they are solely continued to aid
the few !" robbing the many.
In accordance with the authority
| vested by the law from which we
have quoted, the Board has effected
the 900 years lease, the nnual
rental being SI,94S, 800. Twenty
one stockholders opposed the lease,
! and obtained an order for an in
junction, which order the Chancel-
Tor vacated, thus completing the
Pennsylvania Central monopoly, OK
tending from the harbor of New
York to Ogden, Utah Territory.
We now have an unbroken chain.
and with 1T an;a, chains similar in
KIM, If not in extent, the country
is fast being bound. The poil t.
made by Zabri>kie, if accepted rs
good railway common law, close
entirely the door to all restraint.
The six points of the Chancellor
were not given. They are all com
prised in this: Corporations can
consolidate to suit themselves.
The idea that railroad monopoly,
the great peril OF the day, is an evil
quite beyond control is all wrong.
The heresy OF State sovereignty ex.
ploded, that ct railway sovereignty
must be fought with. To Congress
we must look for the conquest OF
this gigantic enemy Of the people,
railway monopoly. State lcgisla-
tons are too feeble in power and
short in reach. While we freely
admit that railroads are the es-
pecial blessing Of the age, it is
equally truthful their abuse of au-
thority is the especial peril of the
day. Chicago Jouynoi.