Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1875-11-25
LETTERS FROM THE PEOPLE.
THE RAILROADS AND THE CHANGERS
REPLY TO STEEL RAIL no. /.

| THE r RAILROADS AND THE CHANGERS
REPLY TO STEEL RAIL NO l.
EDITOR HERALD:-As "Steel Rair'
has opened wide afield of controversy,
space in your columns viii not permit
of my answering in any one article.
"Steel Rail" places himself squarely
upon the record when he says, "the
law is very pernicious and ought to
| be repealed" / admire the seeming
fairness and candor that shines forth
from his letter, and speaks ola man in
nom de plume. A just and honorable
settlement of this question is what
the people demand. No class of men
have more interest in a just and hon
orable settlement than the farmer.
The charge that the Granger, alas
farmer, is opposed to railroad building
is not true. None receive greater
benefit from railroads, and none are
more dependent upon their aid in de-
veloping the resources Of the country,
in opening mp markets and equalizing
the prices of commodities OF sale and
purchase. The people have done
much to aid in their construction.
Did not they give to tt Northern
Pacific fifty millions of acres for a
railroad twenty years in advance Of a
demand for it !? To the Central and
Union Pacific roads thirty-fve mil
lions !? To the Atlantic and Pacific
forty two millions? In the aggregate
making one hundred and thlrty-five
millions to the three Pacific railroads.
To Wisconsin railroads three million
seven hundred and eighty four thons-
and four hundred and forty-eight
acres, and to other States, until the
grand total donated by Congress has
reached 1913, 165,593 acres about
three hundred millions of square
miles AN area larger than Texas and
the two Virginias combined. The
| Wisconsin Central has had from the
State of Wisconsin ten million dollars
worth of land and ten millions of
dollars, and two millions from its con-
fiding Eastern stock holders. What
has it rendered in return? 1t has
built two fragments of roads, 1914
miles in length-nothing more.
Railroads obtain from counties,
! cities and, in some instances, town
ships, bonds; the interest on these
bonds has to be paid by taxation.
Stacks Of certificates and bonds, for
which our farmers paid cash or
mortgaged their farms, are piled up,
which are not worth the blank paper
they are printed upon. Thousands of
our farmers have been absolutely
ruined by lending aid to railroads.
Have the people any rights that rail
roads are bound to respect? They
have been built in large part by the
peoples money. Should they expect
to realize as large percentage as
though built by capital of their own !?
[ admit the depreciation OF bonds
and stocks of the Wisconsin roads,
but deny that "untriendly Legislation"
is the cause. The first sign of the
coming storm was on the 18th of
September, 1878; Wall Street the
scene. INSCRIPTIONS capitalists had
so often manipulated the stocks of the
Erie road successfully--extortion was
the game-the bears had it all their
own way-stocks fell Jay Cook
& Co., the first bankers in the Union,
went down Fitch & Hatch suspend
ded the Union Trust Company fail
ed the Bank of the Commonwealth
suspended firm after firm goes
down. The panic is furious The
stock market wild and ungoyernable.
The gale spreads; houses in various
parts of the country go down. The
brokers demand that President Grant
should lend the $44,000,00O reserve
of greenbacks for the resumption of
business in Wall street. 1t is prompt
ly denied them. 1t was purely rail-
road panic; and it was hoped it
would be confined to the dealers in
stocks and bonds, but their hope was
not realized The reckless and I'M
sound management Of railroad enter
prises of the country had paved the
way for panic, and the greed of
railroad gamblers had precipltated it..
They were not the only sufferers
The whole country had to be involved
in it, and we have witnessed the de-
probation and shrinkage Of Wiscon-
sin stocks and bonds to the amount of
100000 of which "Steel Rail'
complains. And let the stock gamb-
lers of Wall street bear the ignominy
and not the farmers, or the Potter
law of Wisconsin. The 'three head
ed dog" that has frightened foreign
capital from our shores, is that horde
of stock gamblers of Wall Street,
New York.
With the strategetic shrewdness of
Napoleon, who saw his only safety in
keeping France fighting some one
else, they are shouting Changers, Pot
ter Law.
The battle Of September Il, 1878,
was an eye opener to foreign capit'
alists. Freemont's paper railroad
exploits, and the Pacific bauble
caused Germany TO send out com.
mission to America. Tho commits
sion saw the reckless character of
those who were the custodians of
their millions; they reported in turn
in the public prints of the Old world.
This is the true and real cause why
money Kings will not open their
money bags to US.
The Potter law was the necessary
result of the panic, and the reckless,
unsound management of railroad en-
terprises. sThe safety and prosperity
of the people demanded legislative
restriction. Both parties are pledged
to the people and in honor bound to
its maintenance. The railroads are