Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-10-01

ePcCSh NJ MUSEUM, IN LEG county, on
the Oath of September, 1874, which
treated ct great length upon the trans-
portation question. It was q capital
speech, such as he always makes. We
give room for merely the concluding
portion Of it as follows:
IA great source of extortion is to
be found in the almost universal prac-
tice Of these corporations known as
watering stock" Upon this subject
Mr.. Hubbard, of Boston, q gentleman
Of integrity and learning, in . recent
memorial to Congress, states some facts
to which I wish to call your attention.
He-.says:
The Syracuse and Utica section of
the New York Central railroad, It is
said, coet $4,000, and is now repre-
sented in stock and debt by &c, 800, 900.
The total capital of the New York
Central 10 over 100000, 900. Its stock
dividends in two years were AZ, O0O,-
600, nearly equal to the entire cost Of
the road
"Who pays this interest and these
dividends upon this watered stock |?
These profits must be made up by ex'
orbitant charges upon the people who
patronize the road.
The annual dividend e per cent. }
paid on this fictitious stock, is eqnal to
nearly Is per cent. Of the gross re-
ceipts !; that is, the rates might be one
seventh less than they are, il this stock
dividend had not been declared. The
directors and stockholders Of this cor
poratIcn are not guilty beyond Others
they have only carried out tho princi-
Piles upon which eli roads ere conduc-
ted, and which the public has tolera-
ted
ITO show the absurdity of the at.
tempt to settle this question by State
law alonh, IS proposed by our opron.
ents, allow me to call your attention
to the proceedings Of . recent meeting
Of railrod d agents in New York. The
New York Grophic says Of this meet.
ing: The railroad magnates held 4
meeting yesterday, and decided "a
double he rates Of freight on lire stoc1
and jacsease the charges on other class
e. Of merchandise It 10 not usual t.
raisa ffeights in mid summer, but II
was done In this instance In retaliation
because Of the efforts Of some of the
western States to limit charges. Wha1
they were compelled 10 take OF Of 10
cal charges, they added on to througl
frelghts, and this they will continue Il
do until we get some national regula
ton.
| Il WHAT CONGRESS HAS DONE.
Your Republican Congress has un'
dertaken in earnest the work OF regu
lating this vast commerce in tho in
terestof justice and the right Of all
both railroad and people. The Hous,
OF Representatives, at the last session
after . long debate, passed bill which
ID intended simply to enforce the com
mon law. It prohibits, under suitabl,
penalties, extortion and unjust dis
elimination on the part of RAILROAD
companies engaged in inter- State com
merce. 1t gives the Citizen remedy
in the Federal courts, and requires th,
United States District Attorneys 4
prosecute, 1t the public expense, fol
all violations of the Act. 40 aid thu
people in securing justice, It provides
for Z board OF commissioners who's,
duty 1t shall be to take testimony and
ascertain facts and collect and lpublisl
statistics as to the cost Of the construc
| tion and operation Of al such railroads
and with power TO compel such com
pauies to make such returns. Thi
board is also TO have power to prepar'
schedules of what they deem fair ana
reasonable rates, and these schedules
are to be admissible In evidence OF
the trial Of any case of extortion Or un
just observation-disclosures - conclusive
but OF prima .fdcia evidence that thu
rates therein received are fair and
reasonable. / do not claim that thiI
bill 10 perfect but I do claim II viii
furnish > plain, speedy and adequate
remedy for many Of the worst Of the
existing evils to which have directed
your attention. II was opposed by
the opposition In the House, including
Democrats and Liberals, in an almost
solid column-only six Democrats
voting fer II, while II Democrats and
two Liberals voted against It. +
"FELLow-ClTIzENs: submit, with
great confidence, In view Of tho NV n
1t is laid down by the Supreme Court
in view Of the facts TO which I have
called your attention, and In view o.
the record Of tho two parties upoz
this question, that your hope 10 In TIL
Republican and not in tho Democratic
party. Isubmit. with great confidence
that the party which denies the power
Of Congress- to anord You relief from
the extostions Of those great corporate
monopoliss which extend their linsl
from the Missouri river to tho Atlantic
and which viii, ere long, span the
whole Union from ocean to OCEAN
virtually abandons tho struggle
Senator Morton In his great speech
at Indianapolis last week said: s.The
recent onlbe6ak Of murder and yio.
lence, not only in Louisiana, but
throughout most of the Southern
States, has, in . great part, grown out
Of notion that the President would
mot again interposs to suppress VIC.
lence In the South and to protect the
lives and liberties Of the people and to
maintain the State governments In the
exercise Of their authority. They were
mistaken. and the President has again
interposed, has disarmed the insnrree-
i Ascv, &, ~~~seaan,rn anH ~. .~xsA.a