Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1873-07-25
The Vanderbilt Monopoly.

From Harper's Weekly)
The election of commodore Van
derbilt to the presidency of the Lake
Shore and Michigan Southern Rail
way marks another step in the grad
ual consolidation of our great rail
way and financial enterprises.
Starting from Chicago, the metrop-
oils of the Northwest, and the great
est grain depot in the world, the
Lake Shore Railway, running
through country which has been
settled for two generations of men,
drains the rich peninsula between
the lakes, and connects the populous
towns of the south shore of Lake
Erie with the railway system of the
East. AT Buffalo it connects with
the extensive system Of railways
which Mr.. Vanderbilt has CONSOLE
dated within the past few years I'M
der the title of the New York Cen
trail and Hudson River Railway,
and which drain the best counties
of New York from Lake Erie to
Westchestcr. Adding to the Cen
trail and Hudson the Harlem, which
is now operated under a perpetual
lease, Mr.. Vanderbilt thus controls
2,l5o miles of railway, constituting
the main line between the West and
the seaboard, and the chief outlet
of such cities as Chicago, Toledo,
Cleveland, Buffalo, Rochester, Syr-
acuse, Utica, Lockport, Schenectady,
Troy, Albany, Hudson, Poughkeep-
sic, and the other riverside towns.
The property which he thus admin
listers is represented on the Stock
Exchange by securities equal to
s215,OOO,0OO, and its gross income
last year was s45, 900, OOO--more than
the whole income of the United
States Government few years ago.
1t is impossible to contemplate this
vast aggregation of money power
and commercial control in the hands
Of one man without feeling concern
for the result. Neither military,
nor political, nor commercial supre-
macy can be pushed beyond GER
tain limits without danger. 1t
would seem as though the limit in
this case had been reached. Yet,
not content with the mastery of 2,
$50 miles of railway, involving in a
large degree the control Of the in
ternal trade Of the States of Illinois,
Indiana, Ohio, and New York, it is
well understood that in October
next, at the annual election of the
Western Union Telegraph Company
the Commodore will enter into pos
session of that great property like
wise with its 10000 or 10000 miles
of wires, its $4O,Oo0,OOO Of capital,
and its $s,O0O,0o0 or $9,OoO,00O of
revenue. When this occurs, not
only will the commerce of the four
chief States Of the North be sub
.ect to Mr.. Vandcrbilt-under such
feeble restrictions rs our legisla-
lures may impose-but the whole
Geographic correspondence of the
country will obey his law. He may
prescribe not only what shall be the
price of 4 barrel Of -four in New
York, also when, how and at what
cost citizens may communicate with
each other by telegraph.
OF course he will be subject to
Legislative control. What that will
amount to we all know. In the
past no legislature in this State has
ever dared to beard him. He will
be bold man indeed who attempts
to do so now, when his resources
are so unbounded and his power SO
far-reaching. 1t was said the late
James Fisk, Jr., who controlled a
paltry $50 miles of Erie, running
through a halfsettled country, conld
on an emergency, bring 5000 votes
into the field. AT how many votes,
then, must we reckon the master of
2,159 miles of railway through a
thickly-settled country, and 10000
miles of telegraph? 1t is, moreo-
yer, one thing to pass laws, and
quite another to execute them
against Il man fertile in resource,
energetic in action, obstinate in COM
bat, and incxhaustible in purse.
We have some fine laws prescribing
the rate of fare on the Central and
Hudson, but every traveller knows