The times. [volume] (Richmond, Va.) 1890-1903, 1892-10-16
| Naturalization of Railroads, Mines, &C.

Mr.. Editor:
The policy of Government ownership
of railroads and other large undertake
ings being now a favored plank in the
platform of one of the political parties
of this country, and also doctrine
strongly enforced as wise end polite by
many who yet hesitate to accept all the
teachings of that party, it would seem TO
me- the part of wisdom for our people 10
study and examine the experience OF
those countries which have already en-
tered upon such an investment OF ma
tional funds. The colony of New South
Wales, in Australia, has, perhape, en-
tered as fully into the experiment as
any other country, and under conditions
as nearly parallel 10 those existing here
as may be found anywhere in the world.
That the policy is an uns0und one and
the experiment dangerous to the perna-
nent well-being of a community cannot.
| think, be disputed, when viewed in the
light of recent disclosures and expe-
riences in that colony. | recently sent
YOU report showing up some OF the
evils, which you published. | now send
YOU a further extract from the London
England Times. containing later views
on the position of affairs there. com
mend this to the careful consideration OF
all who are in love with the idea that the
Government SnOulu ONH anu NOlh viz
large railroad and other business enter
prises of the country. The whole tend
ency of such ownership is to lead up TO
the conclusion that the Government
should support the people, rather than TO
the true principle that the people should
support the Government, and only re-
uuire of it that it should maintain order.
execute laws and secure to all the peo-
pie fair field and no favor" in the ex-
50 chill nd ability In1I-
vidual enterprise and free competition
have in all ages been the great factor IN
building up nations and moulding the
highest types of humanity, whilst govern
mental ''coddling" and interference has
ever resulted in a type of civilization
which could not bear the stress of adj
yersity or the vigorous onslaught OF
free and independent community. 1t
is one of the paradoxes of the times that
both here and in other countries the la
Dor parties seem bent on forcing on the
adoption of these paternal systems of
governmental interference in the bust
ness of the people, which have in the
past, and is evidently the case now in
New South Wales, always resulted adj
versely TO the best interests of the ''peo-
Pile The subjoined extract will, |
think, bear out the truth of this asser-
ton.
J.F. JACKSON.
The Sydney correspondent of the Times,
writing on August Sth, says:
The treasurer of New South Wales has
just negotiated local loan of half
million with the Savings Bank, at 4 IL
per cent, and has also renewed at about
the same rate the loan for an equal
amount obtained from the same institu-
ton by his predecessor This makes
million borrowed in the colony during
the last two years The general objec-
ton to local borrowing of this kind Is
that the Government sucks up money
that is withdrawn from the amounts
available for assisting private enterprise,
that il makes the banks stingy, and
tempts them TO raise the rate of dis
counts. No such result has followed this
particular borrowing, because the banks
have as much money as they want, and
are not bidding for deposits. This arises
from two causes--hrst, the labor troubles,
and, secondly, the collapse of the land
companies No one seems to know who
to trust. or what to be up to. Enterprise
is at a standstill, and the fortunate per-
sons who have money to invest prefer TO
lend the banks at a low rate to entering
OH business ventures.
The Government. though strongly
pressed to find employment for all the
men out Of work, is very cautious about
taking new contracts. Two short rail-
WAYS il has put in hand. hut they were
both sanctioned by the railway commits
sioners and the public works committee:
Its principal outlay is on works started
by the preceding Government, but they
are all works Of value In facilitating the