The advocate., 1894-02-14

OF what avail in trade, for instance, would 1t
be to reduce our import dues and permit an
increase OF transport dues. transportation is
lust as much part of our exchange system as
is money hence 1t would be the height Of
folly for us to abandon that vital demand.
think we have made mistake In the past ad-
vocating that the government should secure
ownership OF all our lines Of transportation at
once. Many would be willing to try the ex-
pertinent Of one or more trunk lines who
would not be willing to risk taking control of
all. I would therefore recommend that we
concentrate our efforts to the securing OF one
great trunk line as an experiment. In making
the selection we should be careful to selecta
route that would First, be cheap OF construc-
tion; second, that would run through fertile
country where local traffic would be abund-
ant; third, that would not parallel any great
line Of road. In all these respects l know Of
no line that would so completely fill the bill
as that recommended at our last annual ses-
sion known as the Gulf and Interstate rail-
road.
In my Judgment any efforts on the line sug-
gested should be directed towards securing
the construction Of such q road by the ma
tional government only. In advocating it we
should incorporate our financial views, viz:
that no more bonds be issued for any purpose;
we should ask congress to appropriate say $25,
100000 In full legal tender paper money mot
redeemable in gold or silver but receivable for
taxes and dues to the government) to build
and equip road running from the Gulf Of
Mexico to our northern boundary In North
Dakota. Such q line OF action could be made
to demonstrate, frst that public improve
ments can be made without taxation second,
that the government can create money that
It's citizens viii take In exchange for material
furnished or labor performed; third, that q
great trunk line OF railroad can be built and
equipped without issuing an interest bearing
bond or rlncurring 81 OF debt; fourth, that the
government can operate q railroad.
AS the government Is now operating nearly
one-fourth OF all the railroads in the country
that should not be hard to prove. 1t Is differ
ent though when they operate for the benefit
Of private corporations (by recelyers) from
what II would be to operate for the benefit Ol
the whole people. Why cannot the govern
ment operate railroad as well as navy
The purpose OF each Is transportation. Strange
Is IL not, that we can trust "Uncle Sam" with
the means OF transportation on the sea, but
are afraid to trust him on dry land?
We vote millions annually to build and
equip navy and no one hints ut the danger
Of paternallsm, but ask for q similar amount
for government railroad, and 1t Is paternal-
ism, socialism, communism, anarchy and many
other dreadful things too numerous to men,
tion. Again | ask why Is 1t that we can trust
"Uncle Sam" with unlimited money and power
on the high seas, and away from home, and
cannot trust him with limited power on dry
land and at homer / have always seen him
pictured as tall, active, angular, energetic
self-reliant Yankee, but II this partiality In
legislation in favor OF the sea is to be perpetu'
ated would suggest that in the future the
picture should be that OF mermaid
THE UNION PACIFIC.
A suspicious movement seems to be on fool
Of late, viz. that the government should fore
close Its mortgage on the Union Pacific rail
road and operate 1t as government road Th
advice emanates from the vicinity Of Wal
street where general ownership is bitterly op
posed. Why this special concession? Their
must be q reason for II and 1t is not far Il
seek. Those who own the bonds and stool
would like o guarantee Of returns. 1t has
been loaded so heavily with fraud and waite
that the prospects are very gloomy indeed
The government claim Is a second lien on thu
property hence to foreclose would simply
mean that the government would forgive the
debt and operate 1t for the benefit Of the bono
and stockholders. 1t would have to assume
the debt which in 1890 was; Central Pacific
ls49 miles, bonds, $SS,7l5,6SO; stock, $6SOOO,OOO
Union Pacific, 1895 miles, bonds, $1SllS7,l 1872
stock, s6OS6sy5OO. Total SSl9771,sl2
As one 40urth Of that amount would dupl1
Ia d. a. hnA "A,