New-York tribune., 1874-08-26

champions of the farmers in this matter. SOmo OF
the Republican Journals have criticized certain ac'S
of the State Administration In its attempts TO en-
force this law but they all support the law i'sei
and advocate its enforcement their structures nave
fallen without effect upon people who approve
the energy and earnestness with which Gov. Taylor
has ayailed himself of every in his power to
make the law something more than dead letter.
The Reform party will surely lose very few sup
porers on account of Its action in the railroad cases.
and the fact that this party has kept good faith
with the farmers and shown a determination to
force the railroad companies to observe the rates
fixed by the Potter act if such thing Is possible
has secured for it the support of the State Grange
which has recently issued manifesto calling upon
its members to give Gov. TAYLOR their hearty support
But Senator Carpenter, as you know. has rushed
in out of breath and placed himself right a-straddie
of this railroad question. His letter on the subject
several months ago. sustaining the constitutonai'y
of the act. his speeches since the adjournment oi
Congress, his offer to argue gratuitousy for the
State the suit for injunction now pending IN 'no
Supreme Court at Madison-his entire atttuae
toward this question has been in accord WIN the
public sentiment. and he has probably got himseI
into such position that while he may not gam
very much strength from his championship OF the
Potter law, he cannot be successfully attacked for
his record on this ISSUE
POSITION OF THE RAILROAD COMPANIES.
The two great railroad corporations of this State
will. il is presumed use all the influence they can
command to secure the election to the Legislature
of men who will at least be moderate in their views
ON the railroad question: but neither party can in
advance claim that such influence will strengthen
it, l think it is pretty generally understood that
the main object of the present legal contest between
the State Government and the railroad companies
is rather to establish the principle that the Legsla-
ture may control the rates to be charged by the
railroads of the State for the transportation OF pas
sengers and freight than to force upon the railroads
the particular rates fixed by the Potter law Inc
investigation which the Railroad Commissioners
are now making will probably suggest changes III
the act of last Spring. possibly its entire repeal and
the substitution of some new law based on some
new principle.
What the character of such new law would be
it is of course impossible to tell. One suggestion
have heard is, that investors in the railroad
securities of this State should be protected by the
passage of an act restricting the power of railroads
to lend their credit to or divert their earnings here
for the support of less profitable lines elsewhere.
For instance prominent manager of the Milwau-
kee and st. Paul road told me. day or two ago.
that his road earned last year, all its lines four
ard slxty-sevcn onehundredths per cent on its en-
tire nominal cost. Had those portions of the road
that are in Wisconsin been operated alone and done
| the same amount of business without paying any
| drawback or rebate to the western feeders the
| profits would have been six and forty-eight
| one-hundredths per cent. Deducting fair
rebate for the western feeders the profit
| would have been about five per cent. These
profits were realized after the expenditure
out of the gross earnings of about $780,
| 600. mostly for new steel rails. Now the
proposition is to restrict the power of these compa
MES TO divert the profits of their business in this
State to the support of unpayng lines elsewhere,
and thus protect the property of those who invest
their money here in railroads But whatever the
character of future legislation this subject may
| be, the railroad companies have fully as much to
| fear from Republican majority as from Demo-
cratic one. Should the former return to power the
temptation would arise, under the present state Of
public feeling to outdo the latter by the enactment
and an attempt to enforce law moro severe even
than the Potter act
AS said in opening this letter. it is yet too early
to indulge in anything but conjectures, but if were
to venture guess, should say that the Democratic
Reforers have rather the best chance of controlling
the next Legislature, but that. even should the Re-
publcans secure a majority in it, Mr. Carpenters
reelection would not by any means be assured