The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-09

CHICAGO. Aug. s.-Since the close Of
the silver convention Mr.. T. Wshburn
or Boston. Mass. chairman eastern di-
vision national committee peoples party,
and Col. A. c. Fisk Of Denver. Col, presi-
dent pan-Ameri6an bimetallic association,
together with other prominent populists
OF the West. have been I'm daily consulta-
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. Mr.. J. II. Davis Of Texas. who
was the populist candidate for attorney
general a year ago. and who. during his
campaign, proposed similar plan, is the
legal counsel for the populists. IL 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
mean the ruin of commercial and indus
trial interests in every western and
southern state Mr.. Washburn. who is
a prominent business man in Boston to-
night states 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 government
ownership Of railroads. as well as for
bimetallism.
The plan proposed is, that the national
government shall issue bonds for all
Il = Ak
erned by the same tenure and contract
which now exist. The amount is esti-
mated to be about tWO-thirds Of The
value of the railroads. and an issuance
Of legal tender treasury notes OF silver
certificates for the remaining third. OBJ
lection was raised TO the populsts' plan
TO pay one-third in treasury notes. which
would greatly increase the price Of pro-
ducts in the country, but IL was claimed
that even though the full amount of one
third should be issued that sixty-five
millions OF people could better absorb
two billions Of treasury notes now than
twenty-five millions Of people did in
1861, and that this issuance Of treasury
notes would afford immediate financial
relief and inougurate period OF pros
perity unparalleled in the history OF the
world, but the pOpulists did not propose
that the government shall buy all the
railroads at once. but SO gradually that
no shock would 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 populists say that while their
party is opposed to any new issuance Of
national bonds. no objection could
be offered 10 the even exchange OF bonds
which already exist and that the bond.
could be gradually paid, and in a few
years the government would own the
railroads II is claimed that the plan
would not antagonize existing railroad
interests, and that, II the government
owned all the railroads west Of the Mis-
sissippi river. instead Of being cOmpcu-
tive to the eastern roads, they would
be distributive and could be used by this
government to move the crops TO tho
market at cost. and in this way develop
the resources of this great western coun-
try and thereby stimulate trade. Also
that uninhabited sections could be colo
nized, the low fares being an induce
ment to immigration, and in this way
relieve the cities from their present con-
gested state and provide an additional
market for the manufactured products
for the people who remain, and that in
asmuch as a commission only would be
needed in each state, the saving in high
salaries would be enormous.
1t is claimed that bondholders like the
idea because they would receive national
bonds in even exchange for fiuctuating
railroad bonds OF uncertain value, and
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
then have tenure and stability Of en-
ployment, and through election and civil
| service laws be able TO protect them
selves against injustice by superior Off
GERS as we'll as against removal
1t is further alleged that merchants
and shippers favor the plan because
there would be no determinations in
transportation rates in favor of trusts
and syndicates, and that il would re-
duce the aggregate of fixed charges
fully one-third. The farmers favor it
because they would get freight rates
which would not be all the traffic would
bear" and thereby absorb all their
profits.
Mr.. Washburn will leave for Washing
ton tomorrow to have the matter pre-
scented TO congress and to secure the
support of western and southern con-
greSSmen.