, 1873-09-18
COL, MOHGAN'H SPEECH.

Tho address, delivered yesterday by Col. r. p.
Morgan, at saybrooko, In this statc is astraght-
forward presentation Of practical truth. Tho
speaker has givon tho subject Of railroad MAIL
agoment very considerable attention. For many
years ho waa m engineer engaged in tho con-
ntruction OF Ruch roads, and he Ind two Joara'
experience as Railroad Commissioners, and has,
therefore, knowledge Of detail TINT is valuable,
and entities his statements to much weight.
Speaking from this experience and knowledge,
ho places tho oxcosa upon which interest aud
dividends arc now to DO paid out Of earnings,
over and above tho actual cash cost Of The
railroads In this State, at $4,000, 900, and tho
excosB Of tho interest and diyidond-boaring oapt-
tal of tho railroads Of the United States, over
tho actual cash cost thereof, at $500, ,090, 900.
Thoro can bo no question that, iu computing
fur and reasonable compensation for services
rendered, tho dividends on this largo amount Of
fictitious capital should ho rejected. Col.
Morgan preBonta tho injustice Of this
o1actfon in tho quoation, II Vanderbilt,
Drew, Gould, and othor railroad managers had
placed dobt of $500 100000 On tie country,
without consideration, would the pooplo submit
to be taxed to pay either thu interoBt or tho
pEincipa7 COL Morgan docs not think It at all
impraotioablo to ascertain tho aotual cost Of tho
railroads.
Among the OWLS Of the preaent system tho,
determinations, he holds aro oven more out
rageouB thnn tho average ratos. Frst-class
freights from Now York to Bloomington
arc 80 cents por 100 pounds, or 8 mills
pcr ton per milo; while tho rate on tho Han1o
freights from Chicago to Bloomington nre 58
oonts per 100 pounds, Or cents and mill per
ton por milo, or eloyon timoa greater per ton per
mile than from Now York to Bloomington. Tho
ratos charged by the Illinois roads on lumber.
stone, agricultural products and implements
arc from three to twenty times creator per ton
por milo than are charged on higher clasacs Of
foights to ind from Eastorn oitios. all this
shows oithor that Eastern manufacsuroH are
brought West and grain shippod East, at much
less than romuneratiyo ratios, or that our local
ratos aro outragoously high. This transporta-
aon Of freight to md from tho East at less than
cost, and skinni,g various localitios to make up
tho Desired profits, ia a discrimination which,
noeds to be explained. It ia discrimination
against tho Western manufactures calculated to
h}uro their business snd raprosB their growth,
and should bo discontinued.
Col. Morgan had no faith in tho proposj-
tion that tho Government should obtain control
Of all tho railroads in the country. At best, 1t
WAS Of doubtful propriety. The rocont exposure
Of tie want Of integrity In Congress- ought to
be warning sgainat committing this enormous
railroad systom into their hands, to be regulated
by their legislation. One per cent on tho COM
bined railroad capital OF tho country would be
e95,ooo,ooo, aud A1r. Morgan might layo sall
that half this sum expended annually would
corrupt not only Congress and tho General Gov
ernment, but all tho Legislatures OF all tho
states. Tho real protection for tho people Ia to
bo found in ali incossant md storm
domnnd for official integrity. As ho
we'll remarks, this integrity is the
only power that can successfully oppoHe
corporate capital. Any reform which stopa short
Of d general publication Of public morals and
official conduct will provo Il loluson and snare.