Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1889-04-04

The reverse Of this would be true ii
both were suffering injury.
1T win be difficult to impeach such
testimony as that
The figures which | shall give in com
pairing the rates in Illinois and Niscon.
sin. are taken from the printed tariffs OF
the railroad companies, and no reputable
man will deny their correctness.
ION merchandise, four classes, rates
are per cent, on carload lots IL per
cent, on wheat and -four - per cent, on
and on other grain 81 per cent, higher
IN Wisconsin than are the maximum
rates on the same articles in Illinois
"Rates between way stations in Wis
consin are higher than in Illinois by the
following per centages Merchandise,
four classes. ~; carload lots, 30; wheat,
-four, etc, As; other grain, 81; lumber,
40; salt, cement, etc, 81; making an ay-
erage on these, which include almost
everything, of over 40 per cent higher
than the maximum rates in Illinois. And
yet men tell us there is no necessity for
railway legislation in this state
Rates in this state on merchandise OF
all classes are charged the same for 100
miles, and on wheat, -four and grain for
100 miles as are charged between Mime
apolis and Chicago, APO miles.
Remember that these enormous dis
ordinations exist against us to-day, al
though we we're told before the com
mittees that great reductions were made
on the LIST Of February. There were
some reductions made then, thanks to
the awakened consciences of railroad
and 10 chs haolf hxr TsaR natan,
of senate bill No. 10.
Another thing of vast Importance TO
the producer. In Illinois wheat Is
charged one rate and other grain lower
rate, on the principle that the more val
liable the product the higher the freight
just as less rate is charged for wood
and slabs than for lumber In this
state all grain pays the wheat rate,
which is the highest, and farmers are
forced TO pay the same rate on their
oats, corn, rye, barley and other grain
as on wheat. In this way they lose vast
sums out of every crop. And yet no
necessity for legislation. Everything is
lovely. The people ire happy, only they
don't know it.
81 say to you, Mr. President, and to
the senate that such estate of things as
| have depicted here is without pallia-
ton or excuse. There is no valid rea
under heaven why the people of Wiscon-
sin should pay higher railroad rates
than the citizens of other states similarly
located. 1t is an injustice that will not
be tolerated forever. 1t ought not TO be
permitted for a day There is no state
in the Union that nature destined should
have cheaper highways for it commerce.
Surrounded on three sides by water,
which always supplies cheap carriage, we
should nave the benefits Of the closest
competition and the lowest rates. In
stead of that We are sitting meeky
down and submitting TO extortions
against which all surrounding states
long ago made successful revolt, and
have compelled as we should compel
fair treatment at the hands of transpor-
tation companies.
"But we are told that the railroads are
having a hard struggle for existence,
and that restrictive legislation will drive
them into bankruptcy. | deny the truth
Of the statement, 1t is not legislstion,
but dishonest construction and capital
ization, and reckless and extravagant
management that brings EN- barrassment
anu buuhl hibAN u pun oO tlAiIN IAN ptiAA's
Bankrupt railroads were as frequent as
now before any restrictive laws we're put
upon the statute books Of any state
Paralleling lines, building nonpro-
ductiye branches carrying on ruinous
rate wars, these have been the prolific
sources Of railroad bankruptcy, 1t IS a
wonder that more railroads are not
bankrupt, built as they are by 81 4ming
managers and swindling construction
companies - capitalized at two or three
times their actual cost and often man
aged by officials whose usefulness is
measured by their capacity TO dupe the
public and cheat their competitors
Bankrupt, indeed? when they are re-
ceiwng interest on double their actual
investments. Let me read you the
figures from the sworn statements OF the
the two leading lines Of the state the
Milwaukee & St. Paul, and the Chicago
q Northwestern.
"For five years, up to 1888, the Milwau-
kee d st. Paul paid an average Of So
per cent. on its common, and per cent
on its preferred stock and in addition TO
this accumulated a surplus OF S5,O6oO0
Bankrupt, you say!
For the same time the Chicago AZ
Northwestern paid 80 per cent on its
common and 3-5 on its perferred stock,
and accumulated the comfortable sur
plus Of SG,492,O0O. Bankrupt are they?
Now supposiug they had only paid in
terest on stock represented by money
instead Of by water, what rate would
they have paid?
This talk about bankruptcy is az
bosh. manufactured TO control public
sentiment and legislation Less than
three weeks ago, since the hearing be
fore the committee. Phil Armour; a lead
ing director Of the ST. Paul road said in
The Milwaukee Sentinel Everything
perfectly satisfactory. The St. Paul
, makes good showing in comparison
with other roads in the north est. It's
condition has never been SO satisfactory.
In fact, it is better than it ever was
"What a sad story OF bankruptcy this
is How the farmer, struggling with
| drouth, and chintz bugs, and low prices
how the manufacturer, with the con
stantly decreasing value Of his wares
how the shipper, anxiously watching his
shrinking profits, must sympathlze with
these bankrupt roads.
But every cloud has silver lining,
they say, and even this dark picture has