The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-10-10

In one of Gen. Henderson's Union edi
torials on the 9th, occurs the following
words:
| Enormous as railroad charges are and heavily a.
they weigh upon the people, We have yet to hear Q
any Western railroad declaring extravagant diyi
dends, and the lines being owned by private ind
yduas acting In a co.pol Ate capacity. II is but fai
that they should have some return for the money
| invested.
The inference which Gen. Henderson
would draw is.that the people are unrea
sonable in their demands for greater econ
omy and honesty in the building and man
agement Of railroads, in order that they
may get cheaper freights. Gen. Hender'
sons mouth piece says it has yet to hear
Of any Western railroad declaring extrav.
agant dividends, from which, we sup.
pose, Gen. H. is anxious that the people
should be bled to an enteat that will ena-
BILE Western roads to declare ertraragan'
dividends. We suggest to Gen. Hender-
son, /, that the people are not anxious to
| be taxed to an extent that will enable rail
roads to declare extravagant dividends, y
and 2, that however large the revenue Of
a road may be no road will ever declare any
such dividends. It, not the policy Of
railroads to do any such thing. They
sometimes declare reasonable dividends
say 3 or per cent. semi annually, but they
never commit the folly4 of declaring ''ex-
travagant" dividends. They know better
than that. If they find their revenues
will warrant large dividends the inside
ring of managers form fast freight line,
an express line, or buy up coal mine, or
double their salaries, or do something to
absorb the money and thus enrich them
selves and prevent the honest, legitimate
stock holders from getting much return for
their investment.
IF the people would send enough such
men as Gen. Elliott to congress, they could
reduce the tariff to revenue standard,
thus reducing the cost OF material for build
ing and equipping railroads; and if rail-
roads were bni!t aud run by frugal, care
full, economical and honest men, they could
be made to pay fair dividends at even
less rates of transportation than are now
exacted
The railroad managers are first at fault
for the war made upon them. They have
brought it all upon themselves by their ex-
trayagant and dishonest management;
their disregard of the rights and comfort
of the people their bribery of legislatures
aud public officers their curruptions in
lobbying for subsidies from the general
government; their Credit Mobilier swim
dies their land grabs, etc etc. These
things were endured until the railroad
maguates began to believe that they were
powerful enough to defy the people in
courts aud legislative halls, BY this course
they have reused the lion, and now the
people intend to have little legislation in
their interests, for while.
Gen. Henderson can 90 on with his apo.
ogles for the roads and their management
and his regrets that they do not declare
''extravagant dividends, but the people
do not mourn bit on that account. But
Gen. Henderson does right to defend his
clients. He is paid for it,-as he was
when he had rooms at the Leland and
headed a lobby in the interest of certain
railroads to get the legislature to pass an
act which would deprive Chicago of its
Lake Front. He is their man not the
peoples man