Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-01-01
wATEREp STOCK.

How to Squeeze the water Out--A Plan
TiIat ouiti WORK.
Two excellent articles recently APP
peared in the Hutchinson News, one en-
titled what Does II Mean the other
entitled ''Let out the Water, both hay-
ing for their object TO attract attention
10 the people by railroad companies
through the medium OF 'watered stock"
We copy ADaragraph from the first
article, as KJllows:
The one thing above All others to-day that
IL depressing our farmers all over this land
Is watered railroad stock. IL Is estimated
that there Is sl6GO00 900 OF water IN the KAN
sas railroad stock that Is just the mileage in
Kansas alone upon which they try TO earn "A
dividend Of six per cent, amounting annually
60 nearly ten millions Of dollars, wrung out
OF the people, not one cent of which Is honest
or should be collected. Is there any reason
farmers ia Kansas are hard up2 And now
Mr.. Gould boldly announces that the present
rates must be advanced beyond the present
high figure even, in order that the stock
holders who have this water can secure
dividends. Happily, Mr. Could can buy up
all the railroads, but the people are learning
how 10 make the rates, and they viii do it.
asnd this from the second article.
In determining what reasonable and
just rate" should be the question of what tho
s-houd sut.~o figuro. yhe sulv~
question that should properly enter Is what
Is the road worthr' Now, II the santa 70
road 1--WE refer to lt because il Is the oldest
Kansas road, the same principle is true OF
all the others can be built and equipped to-
day for 5000 per mile, her rates for trans
portation Of freight and passengers should
be- 80 adjusted that a reasonable dividend
would be paid on that Investment 4N.ead ~
on Sls. 90 per mile as reported 60 the Inter.
state Commission by that road last spring.
The News is right. The Kansas
Farmer, years ago, taught that doctrine.
Now comes the question: How shall
we get the water out? The easiest. the
quickest, the cheapest and the best way
TO dispose of this ''watered stock busi-
ness is to let il be done by the men who
made ii and their creditors. How is
that to be done, you ask? Why
this way it win require two methods:
First, let Government, State and
National. determine what is reasonable
compensation for the transportation of
persons and property, and this without
any reference to the cost Of building,
withoutreference TO capitalization, with
out reference u indebtedness, either
bonds or stock, but with reference only
10 what the work can be done for ON
the basis OF modern conditions, as the
News says. what is the road worth2'
Second, let the National Government
establish a system of Interstate COM
merce railways, beginning with-say,
for example, double-track freight road
from a convenient point in the northern
part Of North Dakota, extending in
direct line southwark through South
Dakota, Nebraska, Kansas and Texas.
10 a deep water port on the gulf
of Mexico. Let the road he
built in sections, all progressing
at the same time, every days
labor and every item - property
needed being paid for in ea Va out of the
public Treasury, so that WHEN he road
is completed il viii be pai5 Tor, it win
belong to the people the same as a COM
mon highway, or a court house, and the
people would have the money as well as
the road Then transportation lat
cost" would be reduced TO practice, and
there would be no further trouble about
''watered stock" Creditors Of railroad
would finally get the roads
at just what they would sell for on the
open market. After that, the Govern
ment acting as the agent Of the people,
having demonstrated what the actual
cost Of transportation is, all roads man
aged by corporations must come a. that
OF they will 20 ont OF business
and their lands. covered as ''right-of-
way, will revert 10 the original owners
or their heirs. Won't that, dear News,
squeeze the water out?-kansas
Farmer