People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1892-04-08

Aao"AA. NAAlAN4 NNlAls Va polu anu ollNtT
certificates, at the option of the owner
OF the bullion. Then as fast as gold or
silver coin or certificates are received
and sunk into the railroad sinking fund,
pay out upon legalappropriations United
States full legal tender paper money in
the same amount TO take the place Of
the gold anu silver held TO redeem tho
railroad purchase bonds.
But, it may be asked. show will that
demonetize gold and silver?" answer:
by the force Of public education and
the example of public precedent. We
have now, in round numbers, about one
billion dollars in gold and silver money,
and with free coinage of silver the two
metals may be relied upon to furnish
SjO,OOO,OO0 additional each year. Under
the operation Of the system have out
lined, Sl6O, 100000 in gold and silver will
be locked up il, the government vaults
each year, and United States legal
tender, paper money, issued in its place:
such money being "bottomed on taxes"
and redeemable in United States one
per cent interconvertible savings
bonds of small denominations At
the end of a decade 81, ,OOO,-
100000 of such money would be
in the hands Of the people, having re-
placed that amount of gold and silver,
which would then be paid to the holders
of railroad purchase bonds. What would
these men do with this gold and silver?
They could do one of but three things:
First-Invest it across the ocean,
either permanently in real estate, or
temporarily in merchandise, which they
would have TO bring here and exchange
for paper money. In investing abroad
the gold and silver would be sold by
weight, thus being demonetized.
Sccond-Store it in cellars or vaults,
in which condition it would possess less
value than a cellar full Of potatoes.
Third-Use it at home in buying real
estate and the products of labor, or loan
it in competition with the paper money
loaned to the people at two per cent, in
accord with the demands of the Cincin-
natl platform.
There appeared in the August num-
Der of the Arena an article upon the
subject under consideration, prepared
by c. Wood Davis, who is known TO be
an experienced railroad man and an &C
curate and well informed authority
upon RAILROAD statistics.
In the course Of the article in question,
Mr.. Davis presents carefully prepared
schedule Of savings" which would or
could be effected by government owner
ship and operation. l shall, therefore,
take the liberty of using his schedule
of savings in the summary or recapitu-
lation which | shall now offer, in which
l hope to make the justice, necessity
and feasibility of the peoples owner
ship and operations of the railroads so
plain that "a wayfaring man, though
he be a fool, need not err therein" Mr..
Davis schedule is as follows:
Saving In consolidation Of depots
and sials.......................... s0WO,W
Saving in exclusive use Of shortest
rOutes........................"... 100000
Saving in attorneys salary and legal
tAplAstS. .s....... .........s.... l-,UlD,ulO
Saving in abroglton Of the pass evil 100000
Saving in abrogation Of the commits.
sion system.-..........".......... @.moOOo
Saving In dispensing with HIGH
salaried presidents, managers, etc. 100000
Saving in disbandng trafic associa.
tons ACKNOWLEDGEMENTS. 10000
Saving IN adjustment OF TALL but
local Oalces....................... 100000
Saving in fye-seyents OF advertising
account........................".... 100000
Total............................ s1tO0OOO
1t will be noticed that the total saw
ing in operating expenses" as sched-
uled by Mr.. Davis is SlGO,OOO,OO year.
For the year ended June 80, 1889, the
gross earnings Of the roads were $780,
100000; net earning, $500, 900.
(both round pumbers). The amount,
1860, 100000, given as gross earnings"
does not include the amount paid by the
people TO the railroads for the transpor-
tation of the mails; therefore such item
is not factor in the calculation. The
case would stand thus:
Present operating expenses. ........ 500 10000
Deduct Mr. Davis schedule Of saw
ings Effected. ....................... l60OO0,0O0
Net operating expenses. 4SJ,OOl,OOO
Gross earnings. ...................... g0,OO0000
Deduct net operating expenses...... 4SO,OOO,OOO
Net earnings. ........................ 5000. 90
Deduct interest account............. 2OJ,OOO,0OO
Surplus .......................... 2SlOO.OO
Deduct sinking fund. ........ loOOO0,O0O
Available net annual surplus. ...... sl2OO 0,OOO
At the end of ten years one-ffth of
the cost of the roads would be paid,
while the population having increased
to 50, 100000, the per capita cost of rail-
road facilities would be reduced from
SIG to Sl2, gross reduction of 25 per
cent. and an average annual reduction
of ~ per cent, while the met annual
surplus would furnish fund of $780,
100000 year for all necessary uses.
The bonds being now payable at the
option Of the government, the sum Of
Sl60OOO,OOO of such bonds would be
paid each year, thus effecting an an
nual reduction in interest charge of
1900, 900, and adding that amount each
successive year to the surplus revenue
and saved interest fund Of the year be-
fore, such saving in interest charge and
the net annual surplus amounting dur
ing the last years Of the fifty years
term to the enormous sum Of 81, 1920, OOO,-
0OO-or an average of 900, 900, 900 each
year for the term Of forty years. This
fund, thus furnished, would build all
necessary additional tracl,ape. and also