The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1881-10-21
The GATHERING CLOUD.

tai are increasing. All this forebodes
no good to the m: sses. Since the
first dav of January, 1880, a period
of about twenty months, there has
been an increase of stocks on the
eastern market 10 the extent of $28l-
052, 900, which represents just s6
much paper. 1t is wealth treated
not by the production of any staple
exports of commerce or of any min
eral convertible into money, but by
the stroke of a pen-in a word, just
SO much watering of stock.
Take for instance, the Oregon
Steam Navigation Company, which
terminated its existence in January,
1880. For three years previous the
old concern, under the management
of Captain John c. Ainsworth, had
made three voluntary reflections Of
freight Tariff along the line. His last
reduction was eight dollars slow and
twelve dollars fast freight TO the
Dalles, while slow to Lewiston was
reduced $32 so per ton. In January,
1881. John Muir took charge of the
lines and by changing the method of
carrying by measurement TO that OF
weight, made an average increase Of
sixteen per cent. ON all articles save
dry goods and clothing. For instance
we will take The article of plug i"bac-
co, which ia put up in sycamore
boxes and weighs AZ much as it will
measure. Under tie oil rue it
wou,l cost ri ght dollars per tor from
Portland to the Dalles. Now it is
charged at 81 10 per 100 'hs or $22
per ton. A man at the Upper Cas-
cades got twelve sacks OF potatoes in
Portland and was obi sed TO pay s5
cents per 100 pounds freight on them
| while their first cost was rs cents.
Other fragrant extortions can be Civ
en if necessary.
The cause of this extortion is
watered stocks and the rff;,r, 10 force
shippers into paying dividends upon
fictitious valuations. The old o. S.
N. Co. sold ont to Willard for four
millions, which he watered up to six
millions and pocketed the difference.
The capital stock was then doubled
to twelve millions in February last.
II June the company bought on, FIVE
steamers on Puget Sound for $780,
900, which would have ben sold
well at $l35 900, for there were two
good boats worth 100000 and $70,-
600 respectively, while the Otter,
Annie Stewart ard Aida represented
nothing but so much old iron. 1t is
currently reported that this purchase
was represented by an another million
of watered stock, at which bait the
New York gudgeons are biting like
spring mackerel. To all this false
wealth. this imaginary capital created
by stroke of the pen, there mus. be
an end.
The productive power Of the conn
try is already strained by taxation of
this sort 10 it's utmost tension, and
something will have to give way
before long. A dollar is dollar,
but fifty cents is no dollar at all.
This is just what Gould, Vanderbilt,
Willard and others are doing. They
are trying on all occasions to- make
four millions represent twelve mi!-
millions and perhaps thirteen OF them
and the people have to pay for this
balloon ascension. Some of tIl.st. DAYS
there will he civil war, worse too
than that which free labor was com
PEELED 10 wage against slavery; and
tueH tueTe Will oe u sheuhuteIHtuC Oi
mercenary editors and hireling con
gress,nrn that will throw the Canada
hrgira of 1862 entirely into the shade.
If corporations would be contrnt
with ter per cent. interest per annum
on their actual outlay, the producers
of the country would be able to stand
it. But they wont .lo that. They
combine good paying roads and nn-
profitable roa.ls INTO what they cal IL
'sy stein,' aud then seek To make
the paying roads clear enough to
pay ten per crnt additional tor the
.non-paying roals. This is what is
going To bring about the next revo
luton. The wiser men are already
standing from under the tottcring
ruin: Tie selfish cnrmo,anis Whose.
motto "Apres moi le delsoge." viii
Ie eng llfed In the wreck, AMI such
as escape the lamp post will wisI,
they had rever learned TO write.-
Oregon Weekly Statesman.
Articles of Incorporation were last week
filed with the Secretary of State incorpors.
ting the Scio Lodge. No. 80, A, F. Y A, NJ.