Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1872-06-19
Railroad Consolidation.

millions Of treasures and thousands Of lives
we're poured forth in rivers, the country has
not even paused in its progress, nor has it
been hindered in its increasing prosperity.
To assign this progress to any specific cause
would be impossible, for such resali5 could
only be produced by numerous aud combined
causes But most important of all, perhaps,
stand the railroads.&c. arteries Of the coun-
try. lnfusing life into the newly settled
portions of the nation, connecting commercial
and business centres, aud bringing each into
dependence on the growth Of the other max
ing this continent the highway of the nations
by joining together the two great oceans, the
railroad pioneers have made the country itscl
a monument Of their enterprise and sagacty,
and you have but to lool, about you to see
what railroads have done. Twenty years ago
saw the infancy of this monster that nov
stretches out its arms to grasp the whole
world
10 the rapid growth of the railroad power
Of the country, and its consequent ceutuliza.
ton in the hands Of comparatively few rival
corporations, many have seen cause for alarm,
and the cry against consolidation AMI railroad
monopoles has been constant But the occa-
sion for this hue aud cry is very small aud it
seems to us that little careful investigation
Of the subject sug gests no immediate grounds
for fear at the pretended encroaf,meuts Of
the more powerful raiiroad corporations. The
history Of the construction Of most Of our
railroads shows the necessity for their union.
Begun under false or Aattering promises to
stock subscribers completed with great loads
Of debt, they have been furnished at FIRST with
a small and insufficient equipment Of rolling
stock. Then the constant eating Of the
bonded debt prevents the proper increase Of
rolling stock as well as such Improvement aud
repairs Of the road-bed as the developing re-
sources Of the tributary region demands. All
this necessitates high passenger or freight
tariff, and those living on the line Of larger
and weathier road can get their commodities
to and from market at much less cost Of
transportation So the people sit waiting for
dividend on stock worth ten cents on the
dollar, paying more for what they buy, and
receiving less for what they sell, than their
more fortunate neighbors, Now, if this
strong enterprising corporation, made up Of a
dozen small roads, which finds its strength in
a union of weaknesses, leases its puuy neigh.
Dor for term of years, pays the interest OF
its bonded debt, aud creates a sinking. funt
for its liquidation, makes its road-bed FIRST
class and keeps it so, opens a cheap aud Ger
tain way to the business centres of the coun
try, increases the value of the stockholders
property to such degree that it makes hi
subscription a profitable Investment evei
though his stock be valueless where is tn,
danger Is it to the stakeholder, in the in
creased value Of his property, or in the exist
ing possibility of his stock becoming WORT
more than the paper on which his certi6cat
is issued Is it to the leased line, in the i'm
provement Of its rolling stock and road-bed
in making it a thoroughlare instead of sid
track ? Or is it to the freighting aud travel
ing public, in the increased facilities which ar
given them in the cheaper, safer, surer wa.
of reaching the commercial centersP
This great principle of rail-r6adng ha
f been established in this country, tgat, as yo
unity and consolidate, you increfe the eff
cheney of our railroad corporatio& as publ
servants and carriers, and to the successful
working of this law the country partly owe
its prosperity. The value of ra;road de
ponds on its power to serve the public its in
terests are identical with the growth of To
people If consolidation increases its powe
to serve, then is consolidation the thing. |
a monopoly can give cheaper fares and safe
transit for passengers and freight, then let u
have monopoly We will call the servant
master, if still it continues to serve us bette
than before. A railroad corporation is nc
of necessity political machine railroa
manager is not a stock jobber or gambler "a
o6icio, and may work for the interests of hi
corporation and the public at the same time
A corporation is in the eye of the law,
body withouta SOUL and railroad corporation
have long since learned that they have n
c mercy to expect from juries Pgolic opniO
holds them highly responsible for' the slight
est injury to either person or property. Blu
= short time since a jury brought 10 verde
Of over ten thousand dollars damages for in
G juries received by the plaintiff in coUpiiR
b. cars which if not an employee he had n
G business to attempt and if servant of th
f company he was supposed to accept such risk
in entering their service. This is a sample @
what railroads have to expect from the intel
l. ligent and impartial citizens whom they ben
c eft Such legislation as has been asked by an,
{ enacted for railroads has had, as a rule, III
c good OF the people in view. Even Tor
0 Scott, Z" the very wind of whose garments a
j. be moves from Fast to West upsets and over
5 turns State Legislatures, has as yet prove,
= himself more public benefactor than enemy
= 1t we eau conceive of the people yoluntaril
y. giving up their rights and prejudices, or O
c corporations obtaining illegitimate power il
' opposition to such rights and preudices-po
litical influence they must have in proportion
ton as their managers represent the bushes
, sagaeity and integrity of the-~y'ptry -. thei
, there is much to be feared from railroad con
: solidatiou, Such attempts are possible, ever
, against the evident impossibliiy of success
: Railroad managers may endeayor to nterler,
10 politics, aud make the corporations unde
their control the instruments of poitica
schemers They may meddle with the ma
chiuery of State Government, or with facti
l. tious opposition try to force partizan schemes
and plots on the people. All this is possible