The Washington critic., 1886-03-29
RICHARD II. SYLVESTER, Editor.
WASHINGTON, MARCH 90, 1886.
CoNKLING,s BIG FIGHT.

The possibilities of public robbery un-
der the forms of corporation law ap
pear to have been reached, when, in
New York, Jake Sharp organized
paper company, procured for 1t, by
bribery, the right to build railroad on
Broadway, and then had the company
contract with him to build the road for
$4,000, ,000--a work which was to cost
him not to exceed 100000. OF the
four millions he received S3,O0O,O) in
bonds and 81 900, 600 in stock. OF the
bonds he paid S50O,0O0 to the Official
thieves, and their pals who bought
them for him. The net profit was
SO, 100000. The annual interest aud
dividends on that amount would be at
least double the whole cost of the rOai.
The "vested right" thus acquired Is
about to be confscated by Governor
Hill and the Now York Legislature un-
dor the advice and guidance of Roscoe
Conkling. The right to annul the
charter, and all others, is reserved in
the constitution Of the State of New
York Its exercise is in the discretion
of the Legislature. The duty to ex.
tirpate this vilainous fraud is as clear
as parents duty to recover his kid
mapped child.
Mr.. Conklings argument before the
Senate Committee at Albany on We'd
nesday last, was summons not only.to
+ nr,e1at,,ra Df Nn,,r NAr1r 10 1e>
the foul crimes of corrupt city officials
and one ravenous corporation, but it
was a statement of broad principles,
which, if they could be enforced would
relieve the people of this country of a
burden of about S200,000,0O0 year,
which they now pay to railway corpo.
rations In the form of dividends on
watered stock and interest on false in.
debtedness.
The railroads of the United States are
stocked and bonded at about 81 900, 900, q.
0O0-being an average cost of $50, 900 a
mile. The people paid for their use
last year $73s, 900, 900. Their operating
expenses did not exceed one half Of the
gross earnings, whatever published
statements they make to the contrary
that is to say 1896, 100000.
The actual cost of these roads did
not exceed SEQ, 900 mile-a total of 81,
S00,000,000. The net earnings, as
above, would be about 13 per cent. on
the real investment Six per cent. on
that investment, which would be en-.
tirely fair, would be only S16s, 0OO 900.
If every State Legislature would sub.
ject the railroad corporations they have
created to the plain test which Mr..
Conkling applies to the Broadway sur.
face railroad, and If Congress would
apply 1t to the roads II has chartered
and can control, the water would be
squeezed out and the fraudulent bond.
Cancelled until the people would find
remaining in their own pockets every
year $1SS, 900, 900 which now goes into
the pockets of land pirates and rail.
road swindlers.
This would not cripple the roads
They would still receive over and above
operating expenses 6per cent. on the
cost of theroads. The Operating ex,
penses" now include large salaries, biz
. ., margins on all contracts, the main
, tenance and improvement of the roads
and many other things known only t.
the occult science of railway book
keeping.
We hope to see Mr.. Conkling's ef
forts crowned with success. He said
to the committee at Albany: Accord
ing to law, stock must be issued only
according to the cost of the road. ,
And he said that the issuance of any
bonds at all for construction purposes
in addition to this, was unlawful. Lei
this principle be stated and restated il
every newspaper in the land, until q
public opinion as irresistible as th,
tides of the sea shall be formed
To spoil the spoller as we may
And from the robber rend the prey.
New York has found Mr.. Conkline
as faithful and able to represent her il
the matter under consideration as h
was to represent her in the Senate o
the United States. If in rescuing thu
Empire State from the fangs of hungrl
harpies he shall arouse the people o
the several States and of the United
States to the assertion Of their rights II
the same direction, he will be entitle,
to the everlasting gratitude of hi
countrymen.
Jake Sharp is only one of a class
Let no guilty corporation escape.
THE WESTERN STRIKE.
Mr. Law Gould n seems had not II