The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-16
HON. w. j. BRYAN IN RELY TO THE
TINES.

II Mr.. Bryan insists upon an answer
TO the question with which his letter in
another column concludes. We shall have
90 say that We thought MIN financial
Nihilist before We received his letter, and
that letter has only contirmco us In our
previous opinion. 1t may be some conso-
lation, however, to Mr.. Bryan TO know
that we believe the avowed Russian Nihi-
list Stepniak 10 he a very sincere patriot
A man may, therefore, love his coun-
try and still be possessed Of an evil spirit
which makes him long to see all order in
II overthrown all property rights de
etroyed and all semblance OF law done
away with Mr.. Bryans principles would
necessarily produce much of this result
however much he may love his native
land.
1t would be a useless waste OF our space
10 follow Mr.. Bryan through all the
slnuosities Of his long letter. His whole
case when boiled down, amounts TO no
more than this: That because the com
petitions of trade and business may force
loss upon the original projectors of an
enterprise. therefore government may use
arbitrary authority TO force a loss upon
them. But this is a plain non sequitur.
IL the competitions of trade and business
bring loss TO the projectors of an en-
terprise 1t is 10 more than what they
knew was liable TO happen to them when
they undertook the business. They went
into the business. therefore. with their
eyes open. and knowing what was liable
TO befall them. This was part then. of
their bargain. and they have no one TO
bleme except themselves. But they never
bargained that whenever their business
succeeded. and their profits became sat
isfactory. government was 10 intervene.
and. by the exercise OF arbitrary authori-
~. cut their profits down to whatever
81 might think they should make.
When. therefore, business Is under
taken. II is with the perfect understand
ing that II may come to be ruined by
competition. But. If government comes
In and ruins II by arbitrary power, the
understanding on which the business was
commenced is violated. and men are made
10 suffer a disaster when they would
have realized a profit if the order OF
things which they were given 20 under
stand would be continued had been main
tained.
Mr. Bryan asks us; For how many
centuries should a railroad he allowed
90 collect profits on hve times the cost
Of reproduction before IL would cease TO
be nihilstic TO suggest reduction" We
answer him, for all future centuries.
When that railroad reduces profts by
the intelligent management which under
stands that the lower the charges the
greater the proht through increased bust
ness. ,hen IL is right that its profits
should be reduced. Or when il Is forced
20 reduce profits by competing lines. then
II is right that they should be reduced,
because its owners knew this was liable
TO happen. But so long as a railroad
keeps within the scope of the powers
that were granted to IL In it's charter, the
public has nothing whatever TO do With
che profits 1t may make. and II is rob
bey for the public to interfere with ar
bitrary power and force II TO reduce its
profits. We are talking OF what is right
on elementary principles and not what
a Granger court has declared that power
may lawfully do.
Mr.. Bryan says: 1.-The law does not
protect the innocent purchaser OF a note
from loss because OF the insolvency OF
the maker" Quite true; nor does the law
force that maker into insolvency. and
thereby compel the innocent purchaser
10 lose his money. This IS what Mr..
Bryan would do with the railroads.
As 20 Governor Patteson and the Pa
eiac roads, all we have to say u that
n ~ government had ACQUIRED q right