Towanda daily review. [volume] (Towanda, Pa.) 1879-1921, 1881-03-05

digest 1t was delivered the other day
by Ex-Governor Washburn of Maine, who
is himself the president of "A railroad COM
railroad monopoly before committee Of
the Legislature of that State. Among
other things, Ex-Governor Washburn
said:
And now, gentlemen, all we ask is JUS
tice in this matter that the monopolieS
in this State shall not discriminate against
the smaller enterprises. The time has
come in this country when the large cor
porations are devouring the smaller ones
property centering in the hands of the
few. The gigantic railroad monopolies
are controlling the price of property and
produce by pooling freights and tariffs.
One small railroad company after another
is being swallowed up. The giant mon
ster Capitalization is fast destroying the
liberties of the people, and we must see
one railroad after another lose it's identi-
ty. 1t is true we become alarmed. The
people in many Of the Western States
lists they have been forced to it as
matter of selfpreservation. The rail
road monopolists have become so strong
in this nation that they can elect Legsla-
lures, Congresses and Presidents, and
control them, too. They frame the laws
ofthe land, and the people have right
to be relieved. They demand it at the
doors of the legislative halls, and they
will have it-and that speedily. If they
cannon get it through legislation they
will appeal to that mighty and omnipo-
tent force which always prevails under
like circumstances. am no alarmist or
extremist. l am interested in railroads,
but | am compelled to accept the lawful
truths which are forced upon me.
The tendency Of legislation at the
present time is toward the destruction Of
the smaller enterprises and corporations
and in the interest Of the monopoly. The
great middle class is being crushed out
OF existence, and society is being divided
into two classeS-the very rich few and
the dependent and pauperized mass.
--~>->
The Presidents chief objection to the
Refunding bill was the fifth section whic h
has been severely criticised, and was OBJ
jected to by Secretary Sherman. In clos
ing his veto message, the President says
In short, cannot but regard the fifth
section as step in the direction of the
destruction of the national banking sys-
tenn. Our country, after long period of
business depression, has just entered up
on a career of unexampled prosperity.
The withdrawal of currency from circula-
tion by the national banks and the en-
forced winding up of banks in conse-
euence, would inevitably bring serious
embarrasSmentS and di saster to the bust
ness Of the country. Banks of issue are
essential instruments of modern COM
merce. If the present efficient and ad-
mirable system of banking is broken
down, it will inevitably be followed by a
recurrence to other inferior methods of
banking. Amy measure looking to such
"a result will be a disturbing element in
our financial system. 1t will destroy
confidence and surely check the growing
prosperity Of the country.
Believing that the measure for the re-
funding of the national debt is not neces-
sarily connected with the national bank
ing law, and that any refunding act
would defeat its own object if it imperill-
ed the national banking system, or seri-
ously impaired it's usefulness, and being