The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-11-10
FOR GOVERNMENT RAILROADS.

FOR GOVERNMENT RAILROADS.
A Proposal Which Commends Itself to All
Glasses of Citizens.
SINCE the close Of the silver conven-
ton Mr.. George F. Washburn Of Bos-
ton and Colonel A. G. Fisk Of Denver.
together with other prominent Populists
of the west, have been in daily consu1tar
ton with leading government officials,
bankers, capitalists and railroad men Of
the west devising a gigantic railroad
scheme OF government ownership which
they think will afford financial relief to
the country and make at once an issue
of two Of the pet planks of their plat
form. It is alleged that the money
stringency has affected transportation
so greatly that the receipts on many
western roads have fallen off fully one
third, and that receiverships for some Of
them have already been asked for, which
would also mean the ruin of commercial
and industrial interests in every western
and southern state. Mr.. Washburn to-
night says that most of the stock of these
roads is held in New England, they be-
ing Boston enterprises, and that the loss
of dividends and threatened ruin is rap
idly changing sentiment in that section
in favor of government ownership Of
railroads as we'll as for bimetallism.
The plan proposed is that the national
government shall issue bonds for all legal
and just indebtedness, being governed
by the same tenure and contract which
now exist. The amounc1s 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 remaining one-third.
Objection was raised to the Pop1lists
plan to pay one-third in treasury notes,
which would greatly increase the price
of products in the country, but it was
asserted that even though the full amount
of one-third should be issued IS, 000, 900
people could better absorb 1900, OOO, 900
in treasury notes now than $4,000, OOU
people did in 1867, and that this issuance
of treasury notes would give immediate
financial relief and inaugurate period
Of prosperity unparalleled in the history
Of the world. The Populists do not pro-
pose that the government shall buy all
the railroads at once, but so 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
low.
The Populists say that while their party
is opposed to any new issuance of ma
tional bonds no objection could be Of
fered to the even exchange of bonds
which already exist, and that the bonds
could be gradually paid, and in a few
years the government would own the
railroads.
It is asserted that the plan will not
antagonize existing railroad interests,
and that if the government owned all
the railroads west of the Mississippi
river, instead of being competitive to the
eastern roads, they would be distributive
and could be used by the government to
move the crops to the markets at cost,
and in this way develop the resources Of
this great western country and thereby
stimulate trade. Also that uninhabited
sections could be colonized, the low fares
being an inducement to immigration, and
in this way relieve the cities from their
present congested state and provide an
additional market for the manufactured
products for the people who remain, and
that inasmuch as commission only
would be needed in each state the say
ing in high salaries would be enormous
It is asserted that the bondholders like
the idea because they would receive ma
tional bonds in even exchange for f1uc-
tuating railroad bonds of uncertain val.
ne, and it would save the stockholders
from loss.
The bankers take kindly to the scheme
because it solves the problem of how to
get more bonds.
The employees would advocate the
plan because they would have tenure
and stability Of employment and
through election and civil service laws
be able to protect themselves against in
justice bySsuperior officers, as we'll as
against removal.
1t is further alleged that merchants
and shippers favor the plan because
there would be no discrimination in
transportation rates in favor of trusts
and syndicates.-C Chicago Dispatch.
The Truth Concerning Gold.