The midland journal. (Rising Sun, Md.) 1885-1947, 1893-03-10

virtue Of pen, ink. paper and rascallty,
1t exists again by reason of the fact
that the people can be made to submit
to almost anything. No wonder Van.
derbilt scornfuIly said "the public be
damned"
The Erie Railroad is just as bad
Its real Capitalization should be
$50, 1000. But it has been watered
up to l60,6Ol 600 "a steal of nearly
i S1O0,000,000. On these watered stocks
the public is compelled to pay div
idends. L2borers on the road have
their wages cut down and shippers have
their freight charges run up in order
that these enormous blocks Of fctictious
stock shall yield an income and thus
have a value on the market. To show
how far reaching is the Leprosy of this
dishonesty [ state that when the
Richmond Terminal bandits got hold
of the Central Railroad Of Georgia they
promptly watered the concern to tn
tune of SIG, 100000. The people pay
the fiddler.
The Railroads of the United States
cost some S4,O00,000,00O. They were
built by donations of land and money
and credit. The public paid for the
Roads, the Coruoratiods did not. They
are capitalized at s9,000,O00,O00. Half
of this is fictitious, and the public
should not be compelled to pay divi.
dends on it. Were the Roads restricted
to an income of 5 per cent upon their
actual value, the public would save
S25l 100000 annually. This princely
sum represents the yearly plumber OF
the Corporations obtained through the
dishonest scheme of "Watered Stock"
The story of the Western Union
Telegraph, the Bell Telephone, the
Southern Express Company is the same
Spoliation under Sanction of Law,
To check this mighty evil the Peo
pies Party proposes Government
ownership. 1t is the only solution.
Regulation does not regulate any more
than Tariff Reform reforms As Jerry
Simpson says, You might as well
attempt to Reform He'll. p
The most shameful chapter in Cor
poration History relates to their con-
troll of Legislation. If not sternly
corrected it will lead 10 a monetary
despotism.
In Pennsylvania the Central Rail
road SO completely owns the Legislature
that there is this saying in the halls,
IF the Pennsylvania Railroad has no
further business for this body to
transact | move that we adjourn"
Things have reached most depraved
state when such remarks pass unnoted
as natural ''size up" of the situation
The Standard Oil Company combined
with the Pennsylvania Railroad and
the record of lawlessness, spoliation,
bribery and despotism of that combine
staggers credibility. Oliver Payne
Zone of the chiefs of the Standard)
bought his way into the Senate. He
was a democrat and his "party"
refused to investigate the charges
against him. Thus the corporations
keep their Directors. Agents and At
torneys in power. In the Senate at
this hour the Corporations are directly
represented by Sherman. Stanford,
Brice, Wolcott and Morton, the
Vice President.
The United States Senate is always
packed with these hired Retainers. In
the Senate of each State they maintain
chosen band. When was in the
Georgia Legislature in 1882, the Senate
was dominated by the Railroad
Lawyers. A bill to tax the property
of the Companies just as the property
Of the individuals was taxed, after We
passed it in the House was defeated in
the Senate. The Railroad Lawyers to
man opposed it stubbornly. The
Georgia Roads have fought the Railroad
Commission at every step; have de6ed
it have come near running it by Legs
Iative stabs, They almost succeeded 10
getting Law passed to give the Roads
the right to appeal from all decisions of
the Commlssion;-thus protractipg
litigation indefinitely and defeating and
running the citizen Litigation costs
the Railroad nothing, They can make
the loss good by squirt OF the pen iu
the freight rates. 1t does cost the
citizen. He has no way of taxing the
community to recoup his expense.
Therefore, such law as the Railroads
wanted, would have ruined the
| Commission aud left the people at the