Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-12-25
RAILWAY DIVIDENDS.

AS farmers pay directly and indirectly
large share Of the dividends on railway
stock, comment on the following state
ments Of the Scientific american will not
be out of place:
qsThe best payirg German railways are
two short coal railways. One of them paid
In 1871, a dividend of sixty-one per cent,
and returned forty cents for every wagon
load. lis shares Of 100 thalers are held at
740 thalsrs; Shil5 those Of the other road
Of 800 thslers are held at 1.540 th2lers.
WIZ cannot our roads pay such divi
dends?"
Why should our roads pay such dividends
at the public expense? Is the right Of ex-
LortiOn limited ouly by the power to COM
mand the property of another? Is the
Scientific american Innocent Of all knowl-
edge OF the fact, that the money power Of
corporation may be abused to public injury
as easily as any other? When the officers
Of railways WELD capital of many millions
for purposes Of private gain, do individual
farmers, mechanics and merchants sand on
equal chance in any dealings between the
two parties? IL is not equal aud common
justice that pays capital sixty-one per cent
Interest a1d makes an Investment Of 100
dollars worth in the market $40. The
fac th4L monopoly is able and
wiling 10 extort from the producin G classes
gain OF S64O on a capital Of 500, is the
smallest part Of this growing evil. Pro
dQctiye industry and common honesty are
depressed and trodden under foot by placing
the use Of capita and public highways,
railways, aud canals, above the reach Of
labor aud It's compensSiions. For ins. ance,
when farmer produces ten fat steers on
his farm n any county 10 the Stale for the
Balunor5 market, the railway men want the
price Of six Of these s.esrs at the place Of
production to transport four to Baltimore.
This mistaken policy fJrbids the employ
ment OF labor, land and cash capital in
raising and feeding cattle in Tennessee for
any market on tide water. One would
hardly suppose that wise officers Of railways
expec. to increase thsic annual dividends
in the ratio they exclude freights and travel
from their roads. We have a world of
good farming lands, with railways to Bati-
mora. Nolfolk, Charleston and Savannah;
vet. to send corn, wheat and live stock
to these markets, consumes SO much
of the receipts that no profit is left 10 the
farmers. Hence very little land is caltiva-
ted except 70 supply home consumption;
and farms have small value in the market,
and are badly cultivated and impoverished.
At the same time railway stock has hardly
paid dividend in twelve years, and often
been sold at less than fifty cents on the dol
lar.
Here is an enormous sacrifice Of capital
in railroads, in farming lands, and in hon
est, productive Industry, idle more than
half the time, that private speculation may
reap large harvest at the public expense,
where it was never sown. When handling
large sums OF other mems money by an act
of Incorporation, agarics becomes both NOR
bid and insane. There may be some meth
cd in the madness; but it is spsejes Of in
sanity 50 Injurious TO the public that we
shall yet have to confine its subjects in large
asylums. In all ages OF the world the
many have found it necessary to protect
themselves against the few. Sooner or
later ihs public obeys the laws Of self
preservation.
A smooth iron road today is as much 8
public convenience and necessity as a log
causeway through swamp was fifty years
ago. II farmers and mechanics do not wish
TO be practically the slaves Of capital incor-
porations, roads must be CONSTRUCTED and
operated in their interests. Roads made by
individuals for private gain, in which officers
often swindle stockholders and partners
worse than the community, never have,
and probably never viii, fully meet the
public wants. Large dividends and close
monopolies take blood from the people and
si7a them water iu return. Beware of the
patriotism that openly puts a dime in the
urn Of charity and privately t.. kes a dollar
out. The world is full of such amiable
philanthropy, whose end is civil war and
the destruction Of all properly.