The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-03-01

81
The consolidation of numerous
railroad companies into : few 81
gantic mo9preliss, welded by such
men - Scott Vanderbilt, Gonld
and other magnates and million.
aires, 10 looked upon by many
thoughtful men a. one of The most
portentious signs of the times. II
shis process Of absorption sha!l be
continned-and there 10 svery-in-
dicAtion that it must 60 on, unless
impeded BY legislation-balf .
dozen large capitalists will soon
have the control Of the best part
Of our vsst network III rail-
wsys, and weld q power superios
to that Of the great feudai barons
during the middle ages. Having
1t their disposal An annual revenue
Of several hundred millions Of dol
lars, and welding . patronage
larger and more unlimited than
that of any monarch, our greet rail
way kinga, already exercise an
dlarmlng1 cuussca ov-- e.hIl i-~a,
making branch OF Government,
overawc aspiring politici ans, ob-
tain Invaluable privileges from
vsnat State legislatures. and pre-
apme even 10 determine the deci-
sions Of the Supreme Court. I'm.
like the despotism Of single in
diydual, Or IN assembly, which dis
appears with the death of the one
or the dispersion Of the other,
these aspiring corporations never
die; and when they combine to-
eether, as II 10 their tendency
and manifest interest to do, the
t-cmondous power they are able
10 WELD must, in the cpd, bring
the people iEto absolute bondage
TO them, ii their power be not in
some way eurtailed. The fact that
Z public sentiment 10 becoming alive
: u the importance Of this subject,
10 TO be regarded ~ . hopeful in
dication that some means will ere
long be adopted TO checkmate the
aggressive tendencies Of these
great corporations. Isgs 5
The Chicago Railroad Gazette
while admitting that the cost o.
carrying bpshel OF, Grain from
that city to New York BY rail il
r. more shan the farmer realizes fol
|'sit. and that relief is needed, argae,
that tie dividends paid to stock
holders do not largely increase thu
charge, Of transportation. ant
therefore have little effect ON th,
price of Grain. Let us see abou
that Railroad corporations arr
the creatures Of special or genera
acts OF the Legislature..which makes
| the grant, and have no powers bu
those which age expressed or i'm
pliet-ths watering Of stock no
being one OF them. The thinl
created by this Watering proces
is not stock, nor yet an evidenc
Of debt, bot . certificate whicl
purports to entitle the holder Of
70 payment Of principal sar
named rateably With other lik
certificates, ct the pleasure of til
company, out Of the future carr
ings, with dividends thereon q
the same rates and times as div
I dends shall be paid upon the share
Of its capital stock. Power is r.
i 4 sF.t Hsl- s. iii E
served 70 the company to ccnvel
the certifcates-which are mad
transferable - ito stock-into Il
capital stock It par. The su1
nsmed In each certificate is pal
, Of 1 gross sum which 10 fixed upc
bv thu dlirActoPa or a0ma ono vo
unfairly, - representing . SUI
posed or the pretended value
the particular road aud its equi
81 ments beyond the amount of d,
c;2fed capital. The relations (
the company to the public q
changed instantly and immense
by this process, inasmuch ~ lar
> er earnings are required to p'
1 dividends one the true and Il
\ quasi stock than upon the form
alone; and consequently an
! CREASED rate for transporting p'
a sengers and freight must be chaI
5 ed. As the creation of On una
= thorixed and spurious stock ede'
= In : serious degree the comnea
! among..States, it is clearly wishi
= the power Of Congress 70 tprev'
: unjust exactions from passeag'
: and freighters to pay divider
g upon it. and % prohibit any fut'
" lowatsringiab imsking both smis'
ell. meeanrl pnAishipgnx With fne1 Q
FL ;imprisQnnsn& The sooner We II
what are The rights Of the PEG
and 81 railway corporations,
u 4 better II wtiibe Tor I'll concerned
a. N fYsaS6AMls .n9ai0H g9I}.sBi