The Sunday herald. [volume] (Washington [D.C.]) 1866-1887, 1886-06-13
THE GAS QUESTION.

IL the Invest In the OF
| congress Is only performing its duty in invesi
gazing the cost OF making gas AMI protecting The
consumers against eXtortiOn. Eut 1t Is desirable
that what is done shall he In the public interest and
| not conriyed to bcneHt speculatOrs of any kind
We append two communications, which the crowded
stale OF our columns prevented our giving place to
IN our last issue. We must premise them with the
remark that there IL suspicion that there ia stock
pooling ring which is taking a Keen interest I'm the
attacks on the Gas Company. No Senators wonlI
knowingly lend themselves to scheme to frphten
holiers INTO selling their stock, hut such may he the
wish OF those outsiders who are raising the most
c!anor. When Mr. Dodge makes 1t appear that he
IL IN the confidence OF the committee by predic citing
what they Intend to do We feel assured that the
facts do not warrant him In taking this liberty and
that he really knows nothing OF what the action of
the committee will be. We would therefore adj ise
our friends to hold on to their stock and not to sell
as Mr. Dodge advises.
we are In favor of cheap gas, AMI of the Govern
men purchasing and owning the works, but we are
opposed To these continued raids being made before
every Congress- for the benefit of speculators The
following are the letters referred to:
EDITOR HERALD: l would be glad to have you
ddentially, that the exhibit made by the Gas Com
pahy u Jar worse than ANYTHING yet dreamed of by
he tue pe Wnra, rhe Is not closed yet and
friends who own stock quietly tell them to stand
IRON under. Yours truly, w. c. DODGE
1.-THE GAS QUESTION:
TO Tie Editor or The SUNDAY Herald:
SIR; ] notice In your issue of May 80 an article
ua.0 unuef me above caption, signed ~. g. W." who
pahy ought 10 he let alone because he was not In at
Inc big divies, and has not received over len per
100 70. per cent. premium ] should like to ask j. q.
W., hhd all others who think as he does what pas
sin,av ,a ape met chartered for for n ms opinion? a
serve me public? Evidently he thinks the former
ni nae ony Rronnh on which any corporation OF the
est. The Legislature has no power 10 take from The
pnbc right that belongs 10 IT, aud confer 1t on a
ht the public by securing for the public hy Inc use
OF combined capital, that which private capital and
enlerprse cannot or wlll not provide. Profit 10 The
corporation or aioOk IL mere incident AMI
not the prime object. III q. ". does moi Know his.
ne has yet to learn the trst principles OF law OH is
All any chartered company has q right to expect
or exact IL reasonable profit on ne Cdpitai aotu-
aud profits OH watered atook is sIInply robbery OF
the public. Az stated IN the report Of the commit.
zee o. tue New York Senate on the gas invesiiga-
"Corporations deriving their existence ani power
from the public for the purpose Of providing the
common necessitleH of llfe such as light water aud
transportation, ought To furnish those necessities al
reasonable prices, (and OF proper qualiiy) Not 10
from themselves"
Ana again:
"The Issuing OF watered stock IL an aduteration
oi the capital, an Increase In volume without cor
responding Increase In intrinsic value. 1. bsooInes
an instrument whereby additional burdens may bc
Imposed on the people. II furnishes u preteNt for
adding to the cost OF commodities furnished AMI ser
vices rendered II enables The few 10 bec0me i'm.
mensely rich AT the expense OF the many II IL The
root OF tree which exhauais the soil and egaalss
aaSev as en aa stsg increasing prevalent e Fiat
enough 10 discard ti 0apitdl also ail eleciualiy
prohibit II as All element In business" 4"
And ihey further lay II down as rule that 10 per
cent. on the actual cdpiai egitlmalely Invested In
HE business IL fair proill, and as much AZ any com
pany should be allowed to collect 4 people CHOOSE
iuences The cry OF the "nnocent si0ckh0lderi' is
ne usual one whenever an effort Is made to protect
Illea Ihat Was iie cry raised In New York when IL
.as proposed 10 annnl the charter OF Jake sharp's
street Railroad but II did not avail The
harier was annulled all the same, and Jaehne ia in
he penitenliary, where great many more ought
inc talk about the Gas Company's plant b,inp
worth four millions IL the merest b0sll. / have no
oubt that quarter OF that sum will build better
ost, all told, Including land hougai hui NOT used"
II that mas heen worn out, destroyed, and aban-
ON onedmba. ss,iOo, 900, and do not believe 1t ever
ost near that; and, whatever II cost, rdS ldid
o., out V me poafs; no the public paid for II,
The sialemen, put forth by the co,npany that n
es gas as cheap here as elsewhere Is not true, aud
ven II u was, thai ID no Justification BECAUSE gas
3ipanles elsewhere ron ghe citizens Ia no reason
!, what can gas be furnished for, aud pay fair
rolt on Tue capital actually paid IN by the com
any or acknowledgements out Of the profits, but out
their own pockets? That's the question Tried
that test, j. u. w. would not get one per cent on
Is fictitious stock, as he Will see when the commit
u makes is report. 1 have no desire to Dee any
10 lose money but my advice to him ~ 10 unload
soon as possible, II he don't want % gel caught,
y no 10 600" lobbyist VIII save them this lime.
What ought TO be done IL for the Government to
ndemn their plant, paying fair cash yau for IL,
~ then either run the works itself, the same aB the
lier works are, or contract Win some responsible
rites 10 run them and furnish good gas al a small
vance on It's actual cost. There are plenty OF 4
rules able and ready 70 do this.
JUNE 3, 1856. W. q. DODGE u