The midland journal. (Rising Sun, Md.) 1885-1947, 1889-08-30
The Railroad Companies Kick

liz RdllfOdO oupdulSS Mum
Ever since the u s. Supreme Court de-
cided the Granger cases against the rail-
roads assumption that the companies, or
their management, possessed fee simple
ownership of the roads, but instead Of such
absolute ownership that their title was more
the nature of trust in which the public in
terest was of first consideration, the railroad
magnates have been kicking. The last OBJ
ject of their opposition to. and complaint
against, is the Interstate Commerce Law,
and their efforts TO dodge and annul the
authority which the Commissioners hold
over the roads have caused them much more
trouble and expense than honest compliance
with the law would have entaled.
Some of the agricultural states Of the West
are determined to compel compliance with
reasonable and just methods of doing bust
ness, and hold the companies TO as strict re.
sponsibility 10 law as individual citizens.
Against these just demands the railroads
keep up the most piteous cutlery and proph-
ecy dire calamity to the populations who
resist being robbed as under the old time
usage. Every turn of the legislative screw
to compel justice and fair dealing on the
part Of the roads makes those corporations
howl and threaten direst calamity TO the
people who have shown themselves strong
enough and determined TO take care of them
selves. The roads under the old plumber
ing, extravagant system have been stuffed
with watered stock till they are such inhat-
ed bubbles that their expanded capital in
stocks and bonds makes the actual cost OF
the roads, or the sums they should have
cost, entirely unrecognisable.
The people are rebelliug against this
process of robbery which they have been
subjected to by railroad wreckers and wat
cred stocks, and are beginning 10 sternly
assert that railroad property shall be sub.
jected to the same natural laws that govern
the property of the humblest individual
Manipulation of the gold ring has reduced
property to one half its former money value,
and the people insist that this shrinkage in
values shall be shared in common by the
railroads and all other natural monopolies
that have received valuable franchises from
the State. This the corporations resist, and
insist on maintaining the nominal values
which are in most cases far beyond what ii
would cost TO build the railroad at the
present time. By maintaining these fctic-
ious values the companies are enabled to
parade before the public large capital in
stocks and mortgages, and demand such
rates in freights and passenger fares as will
make handsome dividends on the watered
stock, large interest on the bonds, surplus
for the sinking fund and immense salaries
for the big officers-the smaller fry who
per form the clerical and manual labor have
to be content with reasonable pay.
The bone of contention between the COM
panies and the public which the railroad
people and their newspaper organs have
dubbed "grangers," is, on the part of the
people, that the roads shall be estimated at
their actual money value which is what they
would cost to build 1T the present time by
an economical and business, like expenditure
and this fact having been asccrtained, the
capitalized value of the road shall be taken
as the just basis on which the rates for pas
senger fares and freights shall be assessed
All other property is subjected 10 the state
of the market. farm may have cost
$40, 900 twenty years ago that will not sell
for half that sum in the open market to-day.
because its produce will not pay reason
able interest CD higher valuation, and il
is rank injustice for the State to permit a
favored corporation to compel the public to
pay enormous earning on capital that either
never had any existence watered stcck) or
that was wasted and stolen by former man
agements.
The stocks of nearly every railroad in
the country that has any right to exist
should be safe and permanent investment
for capital, if they were wrested from the
hands Of stock gamblers, the capital of the
roads reduced to the actual cost of the road
and equipments, and reasonable salaries for
its superior officers. To the accomplish
ment of this end the public mind is shaping
its course, and when this difficulty has been
surmounted, there is no manner of doubt
about it that half the charges for freight
and travel now exacted by the roads would
pay good interest on the investment. The
public Is now robbed by corporations Of
every kind which enjoy valuable franchises
and the contest between labor and capital
will 60 on with increasing intensity until
these great wrongs are righted, and the acts
on the statute books that give corporatirns
power to rob the public are replaced by just
laws.
English Capital in America.
II iS we'll Epoup tbot lo.oo orDo,u,, -