Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1873-08-08

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railroad companies of purchasing each 9TH
ers stocks and chartered franchise and also
to lease. Since then all the smaller roads
worth anything have been purchased or
leased by the larger and more fortunate
ones, and the construction of rival lines, by
the extension of some OF these smaller
roads, absolutely prevented. And now we
have the extraordinary spectacle Of lmost
all the transporting and carrying power of
the State, being virtually under the control
of one vast monopoly.
Was such legislation, granting such cx-
traordinary powers to corporations, enact
cd in the interest of the people, No hon
est man can, think, entertain such an
opinion. What equivalent have the people
OF Pennsylvania received for the concession
Of such unlimited powers ? Has there been
any reduction of the rates of tollsp /
thiuk not, but on the other hand they have
been increased. 1t is true the people liv-
ing beyond the boundary of Pennsylvania.
where the influence of The Baltimore and
Ohio and the New York railroads come in
competition with the Pennsylvania rail-
road, have their persons and property
transported at greatly reduced rates.
This fact clearly and indisputably proves
the advantages to be derived from rival
lines, and ought forever to close the mouths
of the advocates of one grand non-compet-
ing line. The section proposed by me pro-
hibits railroad and canal companies from
dealing in the property of each other. 1t
provides as follows:
SECTION. No railroad or canal cor
poration shall have the right to invest in,
purchase or hold shares in the capital
stock, bonds or other Indebtedness, or pur-
chase, hold or lease the chartered fran
chise and property or other estate OF any
other railroad, canal or other corporotiOn,
either i'll It's corporate name, or by lis Off
GERS or through the intervention of trus-
tees or other agents holding the same for
its use.
1t will be observed that the amendment
contains an explicit denial of the right to
purchase or lease the franchise or to pur-
chase shares in the capital stock of each
other. BY this provision the stockholders
of each corporation will be protected in the
ownership and control of their respective
lines of Improvement and the continued
fear of being absorbed by companies more
powerful than themselves will be removed.
Each company being owned by individual
stockholders, will always be under their
control, and in the management of its Pc
cuniary and internal affairs will be indc-
pendent of all other companies but being
! connected together, as provided in section
fourteen of this article, and obliged to pass
all cars, passengers and freight from each
others roads at uniform rates, these scpa-
rate and independent corporations, in their
: business operations, will furnish the peo-
pile with complete system of local and
! through transportation, and will be built
wherever and whenever the wants of the
| people demand their construction. | cam
not see why a net work Of railroads all ov-
-er the State, under such n system, will not
be far more economical and advantageous
to the people than any system under tho
management aud concrol Of one great mo-
nopoy.
The national banking system is some
what analogous, and | refer to it to Illus
trate this independent system Of railroad
| transportation. The old United States
bank, with 4 capital Of $50, 900. was
destroyed by President Jackson for the sup
| posed political power welded under the
management of one head. But the nation
al banking system, with a combined capi-
ical of S400, 900, 600. distributed all over the
country, under the control of corporations
with small capital, each company being
managed by its own board of directors, and
its business operations entirely indepen-
dent of all the rest, affords the people a sys.
TEN of banking aud currency far superior
to anything of the kind the old United
States Bank could have furnished and the
isolation Of the individual banks entirely
depriyes the system as a whole, of the pow
er to WELD political influence. Would any
sane man ever have proposed the incorpo-
ration of one bank with II capital of SIO0,
600 O0O, to be located in any one of the
large cities ? The idea is preposLerous.
Yet scattered all over the country and di-
rded intoa great number OF isolated banks
the system furnishes the people with a
sound and uniform currency, and tho
stockholders of this immense but divided
capital are favored with profitable invest
| ment.
In the place Of one great national bank,
with its vast political power, we have u
system of national banks So separated in
their business operations rs To be iECnpa-
bic of combining together for any political
purpose In 4 similar way ] propose a
system of railroad corporations without
power to purchase each others rights, but
so connected together rs To afford every IA
cilty for transportation, yet 30 indcpen-
dent and separated from rach other as 10
prevent the possibility of combination
calculated to interfere with the institutions
Of government, instead of one great rail-
/ EOAV GoCpUCaliOi! C8paDle from us very R2-
ture of seriously impairing the whole fab
ric of government itself
The population Of Pennsylvania is in
creasing very rapidly, and her great ints-
rests are agricultural, manufacturing, min
ing and commercial! purposes are expand
ing and developing far more rapidly than
the calculations Of the most sanguiue have
indicated.
In twenty years oHr population may very
nearly reach ten millions of souls Who
eau predict the business necessilivs Of such
y population. viii it be wise 10 subject
such numbers and such vast Interests to
the transporting power Of one great mono
pOlS
This viii inevitably be the result of the
last clause in the fifth section should unior-
tunately become Il part 9f the Constitution.
Rivalry in transportation will always alb
sorb the less corporations in any attempt
to establish competing lines.
The Pennsylvania railroad, with all the
efficiency and wisdom of its present man
agcmcnt, is certainly very nearly worked
TO lis profitable capacity. 10 run many
more trains will deprive them OF the pow
or to keep the road in repair. There is a
limit 10 the carving capacities of any rail-