The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-22
MEMPHIS DAILY APPEAL.
THE RAILROADS AND ADANS'S 40.
DRESS


Tho mastcriul address recently dcliy.
cred by Charles Francis Adams before the
Commercial Club Of Boston has been the
subject Of great deal Of criticism, most
of il Of commcndatory character The
great railroad magnates like Huntington,
Strong, Jay Could Roswell +. Flower,
Gable and Winslow have been greatly
stirred by II, and Chauncey NJ. Dcpew,
though not altogether agreeing with Mr..
Adams In his deductions admits the truth
and force Of much that hc said. But, diff
fering a. they do on minor points, all are
agreed that something will have 10 BE-
done, either by Congress amending the
interstate law or by the railroads them
selves in forming combinations TO save
themselves from the practical dishonesty
by managers, Of which Mr.. Adams most
loudly complains. The magnatcs sly
that Congress must make some pro.
vision for pooling or else they
will BE- compelled 10 lorni gigantic combi-
nations, as Mr.. Huntington explains, one
division north and another south OF the
Ohio River and east Of the Mississippi
and a third west Of tho Mississippi. An.
other sss@, ra,lroad man oze1sins ina, tits
not intended TO consolidate all the roads
in ihc-c divisions, but TO form a stock
company and lease the various lines In
order 10 bring them all under one CONTROL.
ing power. by this plan all competing
lines would be brought under one man.
agcmeni, AZ the sugar companies were un.
der one trust To this therc Is the insu.
pcrablc objection OF State laws There Is
not Supreme Court in any OF the States
that would no, declare that il was against
public policy and In direct opposition 10
the Law 10 permit such combinations, be-.
cause competition Is essential "a the he Of
trade and b. the maintenance in a healthy
way Of all commercial activities An
effort In this direction In this State wa r..
Gently doicstcdby a decision Of the courts.
Such a scheme Is impacucablc except nm.
der the direct control Of the Government.
Il alone Is competent 10 manage the rail.
roads Of the country choapy, safely aud
economically In the public Interests, and
II alone could legally group the vat net
work under one management without In.
Jury 10 Il aud without doirimcni 10 ih,
public interests. And Ibis b what th,s,
grca, railroad magnatcs confess when they
mako a proposition Of grouping iu tire,
grand divisions all the railroads II Tho
country. They confess that Capitalization
b essential 10 sale, prudent and rccom
pcnsug management An their combina
lions, their pools apd other rghcmcs hay,
failed, because Of the bad faith II th,
parties TO such schemes, aud they wan
three grand ccnimiying corporations that
leasing al thc lines In their respective gco
graphic limits, will be able to enforce thci
odicis aud compel uniformity In rate
This Is impossible Of realization. aud pool
ing Is equally IN. Congress has alrcad
signihcl b. opposition TO that method O
squeezing the irc.ghlcr There is nottin
for II, Therefore, but honest management
by honest railroad Managers aud the ~
curing Of these deyolycs ON the s,ockhold
cn aud bondholder. Either that or IA
naturalization Of the RAILWAY system
tho country and H. proprietary cunrp
and direction by the Federal Goycumcn