, 1877-07-29
BUSINESS ASPECT.


0NO5t Y HNC
VIEWS or 4 POLITICAL ECONOMIST.
Special Dispatch to Tac Tf1oune-
NEW YORK, July as.-Grosvenor, in bis COM
nsercial Journal, in an article headed 1.-THE Pub
lie Discussing Pending Labor Troubles" ," says:
ssA.rarianism destroyed the Roman Rcpub-
lie. Communism has thus fur made genuine
republic impossible in France. Tradc-union-
ism, If unchecked by strong laws sternly Gu
forced, will yet destroy this Republic. When
ever neither free labor nor capital finds
protection from self-goVcrnmcnt, and it
comes to pass that the right
Of any man to labor, or
all tho savings of all past
labor aud self-denial arc placed at the mercy Of
any mob or any association which may see flt to
contiseaic them, the country will soon find an
other form Ut government for ITSELF At pres
ent the question is, whether about go ,OsU en-
ployes Of di1way companies can practically
conflscate all the property invested therein.
Had those who were dissatisfied merely stopped
work, leaving Others to accept the proposed
wages II they pleased. there would hare been no
disturbance. BIZ resortng to violence. tho
strikers admit that their places you'll have been
readily filed by men anxious to obtain work at
the terms proposed. He denounced the move
ment as conspiracy to rob other men Of their
labor, aud to
CONF1SCATE TIE PROPERTY
OF sioux and bond holders, for their IS every
evidence of concerted action on many widely
separate roads at distant points carefully
chosen to interrupt to the utmost the
traffic between East and West, with perfect
concord in time and in violent defiance OF Inv.
The determination to prevent other workmcn
from running trains, who wished to accept the
wages offered, WAS everywhere openly avowcd.
The movement was not directed only at CON-
panics claimed to be able to pay the demanded
wages, but also against bankrupt roads like the
Erie and Ohio & Mississippi. which are a1-
really in the hands of the courts because they
are unable to nay the interest on their
debts. In these cases the necessity Of
getting labor Is cAcaply as possible Was known
to everybody. The ability OF companies to get
labor at the rates proposed was confessed by the
strikers when they resorted to violence Their
course Is, therefore, nothing but bold, naked,
1MpuDEsr coNF1scAT1oS
Of money which belongs fu law and OF right to
the creditors. In reality the case is no better
with the other companies It IS noue the less
confscation Of property to deprive stockholders
Of reasonable retarn for their invest
ment. Official statistics are quoted to show
that less than ouethirl OF the SAILS, COO, ,000 OF
railroad stock In the country. excluding Pacific
railroads, is DOW paying dividends. Practically
the value OF tHo-thtr1s Of this stock has been
for the present destroyed, besides many millions
wiped out by recent foreclosures The latest
dividends were little over 2 per cent, but there
were also defaults upon over S60o, ,000, ,000,-
tr ahout AZ pcr cent Of the entire
bonded railroad debt; this, too, despite
extraordinary economies in material, fuel;
waste, and other expenses Other comparisons
demonstrated tnat each of the eight leading
roads had lost since 1878 in gross earnings, and
increased its debt The aggregate decrease IN
the earnings was nearly twenty-onc and quar-
ter millions and debt increase nearly $50 000,00o
To deny to roads thus situated the right to OBJ
taln as cheap service as competent men arc will
ing to give Is plainly to conftacate property.