Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-10-02
THE ANTI.MONOPOLY MOVEMENT.
How Producers and Consumers Are OPP
pressed by the Acknowledgment OF
Col. Richard p. Morgan, Jr., Delivered
6 MT SaybrOOlk, HI, Sept. IL.

Col. Richard r. Morgan, Jr., Delivered
e mt SaybrO0k, HI, Sept. IL.
1t is evident that the work we are entering
upon is of no small magnitude, and to make it
successful will require time, persistence, and
wisdom
Let no man who puts his hand to this pillow
look back. To adopt the language of the New
York Times, An earnest movement of polit-
ical reform will always have to encounter nu-
merous enemies. 1t aims at sbolishing certain
things which many people are deeply inter-
ested in preserving. 1t has little to offer, for
one OF its objects is to secure economy and
efficiency. 1t cannot fill public offices with I'M
I'll persons, because that is one of the evils it
sets out to correct. 1t cannot give brides,
because it undertakes to preserve the public
treasury from robbery.
There will, then, from the very outset, be a
strong phalanx arrayed against it. Even il
partial victory is secured, there will too often
be more complaining than rejoicing. The
Trends OF the dishonest factions will declare
that the new officials are not equal to the old
Very likely the reformers themselves will
make some mistakes, especially in the course
OF long and difficult contest. Then a great
chuckle will be raised over them, and the
friends of the outs will remind you that
they always told you how it would be, and ask
you "What you think of reform now?" All
these and other difficulties will be promoted
to an unusual degree by the subtle and far
reaching money-power we are contending
with.
such being the work to be done. such the
enemies to encounter, such the evils to be de-
destroyed. it is evident the contest will be
long and arduous one.
Let no man fatter himself with the hope of
sudden victory. The changes to be made are
IN themselves great, and true craftsmanship
requires that in some respects they should be
nal l,,.t 49,
vital, and the benefits to be gained so great.
as to give the highest encouragement to all
those who are honestly seeking to bring about
these great and much-neeSed reforms.
1t must also be borne in mind that the pro-
posed reforms appeal directly to the whole
people of the country, to all classes, excepting
only the monpolists and their sleuth-hounds,
the corrupt politicians and that therefore
the people, enlightened by honorable and
truthful discussion, will see to it that the
work is thoroughly done.
Are you, my fellow-citizens, willing to enlist
for the war? Will you exhibit to these cor
rupt men who have brought US to this strait
and to the world, the power of the Just indig-
nation of the people
The number and variety of topics pressing
upon our attention. and the intricacy of the
questions involved in the proper consideration
OF most of them, make it impossible to discuss
them satisfactorily within the limits Of such an
address as this.
Inasmuch as the attention of yourselves
and the people of this portion of the State
was next directed to a consideration Of the re-
@.sticns OF the railroads to the public, ard the
method by which the State could properly
regulate the charges on railroads, so as to
prevent unjust discrimination and extortion
for transporting persons and property. shall
confine what l have further to say to you to
this topic.
The value to the people of this State, ard
the country at large, of railroads honestly
constructed and operated as promoting the
general welfare. DO one now seeks to ques-
ton. Nor is it believed to be true that the
real interests Of the people and Of railroads
are in anywise in conflict. No just-mnded
man desires that capital actually and properly
expended in the construction of railroads
should fail to return to the owners thereof a
just and reasonable interest upon such invest
ment, over and above the proper expenses in
maintaining and operating them. But the
people have been, and now are, subjected to
double burden by nearly all the railroads.
One Of these grows out Of the fact that the
nominal cost of the roads is very largely in
excess of their actual cost; and this is true. al
though that cost is estimated upon the basis
of actual cash subscriptions to stock and the
proceeds Of mortgage-bonds sold at consider
able discount. In addition to this, stocks have
been issued by way of dividends, and to ''capi-
talize earnings" as it is styled by railroad
managers. This, in brief, means that those
railroad companies which have made earnings
great enough to enable the payment of MAIN
tenance and operating expenses, interest on
their bonded debts and to pay dividends on
their stock, and also construct branch lines
and make improvements in the capacity of
their roads-which latter items alike belong to
construction, must have charged unreasonable
rates to have accomplished so much.
1t is admitted that, by the common law I'M
derlying such privileges as could be constitu-
tionally granted to the railroad corporations
of the country, the charges of common car
rier must be reasonable, and without unjust
discrimination therefore, every dollar ex-
pended by the railroad companies of the
United States out of their earnings upon the
ccnstruction-after paying maintenance and
operating expenses, and reasonable interest on
the actual capital invested, has been taken
secretly and fraudulently from the people.
These accretions of value to the roads, in
their increased capacity, after an accummula-
ton of years, have been adroitly thrown into
the pockets of the stockholders by an Issue of
cumulated from excessive earnings, the re-
suit of unreasonable and excessive rates.
The New York Central railroad has more
than 500 900 per mile of this secretly-extorted
money now embraced in its represented capi-
tai
Various methods of erecting fictitious capi-
tai into the attitude of actual money expeade /
are employed, but always with the same result
80 far as the people are concerned and also
mortgage bonds have been, and are being,
fraudulently disposed of.
In this way, the sum upon which earnings
are now to be made, and interest and divi-
dends paid, is very largely exaggerated above
the true cost of the roads. 1t is impossible to
state with accuracy, from any statistics before
the public, what the amount CT such excess is;
but it is believed by those most competent to
judge, that, on the railroads in this State, the
amount is not less than eighty millions of dol
lars.
Can We realize the magnitude of this enor-
nous sum? Let us put it in form so as to
enable ourselves to do 30 in some degree.
For easy computation, we will say there are
100 counties in Illinois. II each county en-
braces an average of Is townships 6 miles
square, it would give in all the State ], 500
townships, which is probably very near the
truth. Eighty millions Of dollars divided by
500 makes the average amount of fictitious
debt for each township equal e53, 1873 enough
to build and complete So comfortable farm
houses in every township in the State, and, in
the whole State, sc, 900 houses better than the
| average farm-houses of Illinois.
The aggregate of such excessive nominal