Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1873-08-08

1A49 'iSsi WIS VtiC " + Sdt 1ldilGeF anu flsf
caity !; to treat 1t noac as one Of 40 aaagsr an
no d.Dfcalfy scouSd b. sisssots swiaatsag. III
! word is bard, but the times demand plli
! Siesch. This was perls.ps a bad mode Of s.
cll''Ass Iihes o. sorrAnunication, but the law
alloWea e ans encouraged it, and tie peopl
applausles,d Il, aniit Is now d contract as bIne
'ng ia morals rs iii law. Its epen to US t
sifn over new leaf, and permit no NOR
roads 20 be made in that way, but ii Is lls
{! open to fls to treat those who lent lis tIiei
/ nsa'ffy us iHpes. As There has been enongl
i af fhis sfiarp practice already, more Of j
! VA Hs ~ l5E4isr. fsEl1s'- - =
In the second place, as regards the olde
!, roads, 1t is not passlbie Tor ssthe peoplei' q
anybody else to ascertain what is the exac
amount on which, in abstract justice. th,
earnings ought to pay interest. The stock
Fwiiether fictitious or not. has in mos
cases passed out of the hands of the origina
holders It has been sold and resold, Ii
open market, under The most solemn guar
antees known to civilized society, with the
understanding that it represented the toat
l fde ownership o the roads, With all their
earnings. possible as well IS actual. The
/ laws, the coalrts, and public opinion assured
| to it this character, without reservation or
qualification. In this character it has passe d
into the hands of widows, orphans, and
helpless people generally. Of charitable cor
porations, OF colleges, banks and institutions
OF all kinds BY which the affairs OF the com
munity are administered. To throw any
doubt Oh their value now would be to cause
an amount OF misery and alarm, which no
shuadcr. Ii the State wants to make the
railroads common highways. 1t has the right
| to take them, but ut their market value, pay
ing the owners what other people would pay
them. and not enquiting curionsly and kilas-
ishiy into the ori- inal cost. Between honest
parties % bargain, that. to use homely
phrase, is .'neitlitr here nor there RE
people ought, undoubtedly, to have looked
iorword little when they first began to grant
charters; but not having done so. they ought
not now throw on others the whole damage
done by their own laehes.
Though last, not least. much of the outcry
over the high rates charged by railroads is
due to M immef Sc but deeply seated popular
deiuslon as 70 the value OF railroad property.
{ hen one puts his newspaper aside, and sits
soss1f cHifniy 20 examine the receipts which
the farmers are 80 anxious to have cut down,
the proposal We. are discussing assumes a
somewhat lidicroa~ aspect. We have before
us the lastissue OF '.Poprs Rsilroad MANUAL
viii certainly onght to be perfectly stuffed
before the minds OF the public are filed with
wild aldrsvoltitionary notions about railroad
property. There were In operation last year
~ the United States 1888 Aliles OF railroad.
the net earnings9of which bereto the cost Of
the rosds the relation of $40 nsr cent, aud
u Tie ccs.,rsiital steck Of 32I This means SIM
ply that the work of transportation in the
United States is on the average. already done
al a loss to the owners of the liner. or, i'm
other words, vastly more cheapiy to tFe pub
lie than there is the least likelihood of its be-
ing dorr In auy other way--an assertion
which Anybody may verify by examining the
New York State canals. Now, fancy any
body's seriously proposing to a capitalist to
construct railroads, as most of the Western
railroads were constructed. through howl
ing wilderness. for the chance OF five and a
half per cent, whenever the earnings al
lowed it; and fancy what subjects for spolia- |
tion are presented by the ,bloatrd owners of /
railroad property who pocket on the average
less than tour per cent. on the face value at I
their stock. Ief lis add. finally. that no cor
roration should be restricted by law to a cer-
tain rate OF earnings, unless it contracts I
freeley to do the work Oh those terms or has
4 minimum guaranteed to II by the State. In
short. the railroad question. we would remind
the Chicago Tribune, isnot simply 4 question
If dollars and cents. 1t is question of NOR
alitv in its highest ana most important phases.
and one the settlement of which must touch
The security OF all property. and affect the
ralnc Of constitutions as safeguards Of indi-
vilual rights
We have gone on for thirty years treating
ailroads d. private property. ard permitting
md encouraging their construction by pri-
gate enterprise. Out Of this uum rsus abuses
rave grown up which ought to be rcmedied.
I'he corporations have grown too powerful
heir influence in politics is corrnpting the
,nwer Of directors In the management fs toe
yreat. For the reform Of all this, careful
egislation preceded by CAREFUL inquiry is nfc-3
ssary. The prohibition Of special legislation
vonld do much to abate the corruption
;ome nleans ought to be devised for protect
Nd the mi, oriiy Of the stockholders against
he despofic power. which IN some instances
monts to virtual confiscation, OF those hold
ne bare majority Of the stock, or. IN other
words. OF giving stockholders the means Of !
ctually experimenting the management OF !
heir own property and defending themselves
gainst ..rines', and .sraids.'' Moreoyers the
over of director to do anything but work
he road ought to be diminished. Their dis
retion as regards extensions. combinations. g
leases and purchases onght to ]
& greatly reduced if not destroyed. This !
wolves two things not easily supplied. One
Wise legislation, and the other honest gov 3
= mem, inspection. How far We are from {
o,il 4 best shown by the Illinois attempt At
Storm. which CONSISTS At present n taking
s. working 81 the roads out of the hands Of I
"a exceedingly able body Of trained business z
IN rho now haze charge of i. and comnel 9
,em Is use d crazy table Of s'rates'' drawn J
IS /, ,t, f,f xswfiftsfl and Ignorant pOIiti-