People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-10-14

for fair work, and threats of discharge.
That is the millionaire treatment OF
employees
On the other hand, as described
by Mr.. Garfield in June, 1874, "these
modern barons, more powerful than
their military prototypes Of the mid
die ages, own our greatest highways
and levy tribute at will on all our
vast industries !"
Senator Window, in an official re-
port to Congress in 1874, described
our present masters and oppressors
as follows:
In matters of taxation, there are to-day
four men representing the four great
trunk lines between Chicago and New
York who possess and who not infre-
quently exercise powers which the Con-
gress Of the United States would not ven
ture to assert. They may at any time,
and for any reason satisfactory to them
selves, by single stroke of the pen, re-
duce the value of property in this coun-
try, by hundreds of millions of dollars
An additional charge of five cents per
bushel on the transportation of cereals
would have been equivalent to a tax Of
$40, 000,0 900 on the crop of 1878. No Con-
gTess would dare to exercise SO vast pow
er, except upon a necessity of the most
imperative nature, and yet these gentle
men exercise it whenever it suits their
supreme will and pleasure, without ex-
PLANTATION or apology. With the rapid
and inevitable progress Of consolidation
and combination, those colossal organi-
cations are becoming daily stronger and
more imperious The day is not distant
if it has not already arrived, when it will
be the duty of statesmen to inquire
whether there is less danger in leaving
the property and industrial interests Of
the people wholly at the mercy of a few
men, who recognize no responsibility but
to their stockholders, and no principle Of
action but personal and corporate ag-
grandizement, than adding somewhat to
the power and patronage OF the Govern
ment directly responsible to the people
and entirely under their control.
In all cases they act on the rob
ber's rule when he sets out to get
rich by his calling. From the labor
ing men who operate the roads, the
corportions require all that flesh and
blood can stand (and more) at the
lowest living or starvation wages !!
OF the public they require "all that
the traffic can BEAR" regardless as to
the financial embarrassment, the loss
of homes, or the means of life by the
individuals who compose the public.
Having raised freights on the one
side and suppressed wages on the
other until the margin Of profits is
large, then comes the opportunity to
swell capitalization" by the sale of
manufactured or forged stocks and
bonds. These are known as ''watered
stocks" An agent of the company
orders printed blank stock certificates
and blank bonds. These blanks,
which cost m8rely the price Of print
ing, are then flied out with large
amounts, signed, and sold for cash in
the market at the market price-at
par, more or less. If sold at only
fifty cents on the dollar, the trans
action is bold robbery. A bit Of
paper costing the company only a
cent may be sold for $4,000 (cash
to the corporation). Then, after
that sale there will be 100000 more
of water.
AS the amount is increasing over
half billion annually, it is within
the truth to call the present total
burden ten billions. According to
the best railroad authorities one-half
Of this incomprehensible fund is
fraud-watered stocks! Five bills
lions of water! If sold at par it
brought enough money to make five
thousand new millionaires J.! At 4
per cent per annum the income is
enough to make two hundred new
millionaires each year from this wat
cred capitalization, which represents
no honest value.