Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-10
UNCLE SAM TO OWN ALL.
Populist Leaders are Maturing n Gigantic
Scheme of Railroad Consolidation.

Scheme of Railroad Consolidation.
CHICAGO, Aug. Since tho close Of the
Silver convention MIR. George f. W ash
burn Of Boston and Col. A. C. Fisk Of Den
yer, together with other prominent popu-
let of the West, have boen in daily con-
sultation with leading government officials.
bankers, capitalists and railroad men of the
West, devisng gigantic railroad scheme
of Government ownership, which they
think Will afford financial relief to the
country and make at onca an issue OF two
OF the pet planks Of their platform.
1t is alleged that tho money stringency
has affected transportation so greatly that
the receipts on many Western roads have
fallen Off fully third, and that receiver
ships for them have already been asked for,
which would also mean the ruin OF CONNER
cial and industrial interests in every West
ern and Southern State. Mr.. Washburn
| says that most of the stock Of these roads
is held in New England, they being Boston
enterprises, and that the loss Of dividends
and threatened ruin is rapidly changing
sentiment in that section IN favor of gov
eminent ownership OF railroads, as well as
for bi-matalism.
government shall issue bonds for all legal
the same tenure and contract which now
exist. The amount is estimated to be about
two.thirds Of the value of the railroads, and
an issuance OF legal tender treasury notes or
silver certificates is proposed for the renal in
ing oue-thrd. Objection was raised to the
populsts plan to pay one-thlrd in treasury
notes. which would greatly increase the price
Of products In the country, butt vas assorted
that even though the full amount of ne-third
should be issued. Sixtyfvo million people
could better absorb two billions of treasury
notes now than -, 900, 600 of people did in
! 1867 and that this issuance of treasury
| notes would give immediate financial relief
and inausurate period Of prosperity un-
paralleed in the history of the world. Tbs
| populists do not propose that the govern
ment shall buy oil the ralro at once, but
50 gradually that no shock will be felt in
the money market. Beginning with the
western roads, they would be taken in the
order Of their application, some being
ready now.
The populist, say that, while thar party
is opposed to any new issuance of national
bonds, no objection could be offered to the
even exchange of bonds which already exist,
and that the bonds could be gradually paid,
and in few years the government would
| own the railroads
1t is asserted that the plan will not an
tagonz, existing railroad interests, and
that, if the government owned all the rail
roads west OF the Mississippi river, inst aad
OF being competitive to the Eastern roads
they would be distributivo, and could be
used by the government to move the crops
| to the markets at cost, and in this way
develop the resources Of the great W->tern
country, and thereby stimulate trad. Also
that uninhapitsd sections could be colonized,
! the low fares being an inducemont to immi
grafton, and in this way relieve tho cities
from their present congesttd state, aad pro
| vide an additional market for the manufac-
tured products for the people who remain
and that, inasmuch as commission only
would be needed in each state, the saving
in high salaries would be enormous.
1t Is asserted that the bondhoders like
the idea, because they would receive nation
al bonds in even exchange for iuctuating
railroad bonds of uncertain value, and il
would save the stockholders from loss.
The bankers take kindly to the scheme,
bscause it solves the problem of how to &c,
more bonds.
The employees would advocate the plan,
because they would have tenure and stabil
ity OF employment, and, through election
and civil service laws, be abls to protect
themselves against injustice by superior
officers, as well ss agains. removal.
1t is further alleged that merchants ant
shippers favor the plan, because there wou!c
be no discrimination in transportation rate!
in favor oil trusts and syndcatcs.