The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-02-27
N ADDRESS
of President H. L. Loucks to the Ma
tional Farmers Alliance and In
dustrial Union at Topeka,
Kansas, Feb. 6, 1894.
Continued from last Week.

SAAAO Sa6S(0SCN SASN
wards securing the construction OF
such a road by the National Govern
ment only. In advocating it we should
incorporate our financial views, VIZ:
that no more bonds be issued for any
we should ask Congress to
appropriate say $25, 600, 600 in full legal
tender paper money mot redeemable In
gold or silver but receivable for taxes
and dues to the government to build
and squip a road running from the
Gulf of Mexico to our Northern boun-
Diary in North Dakota. Such a line Of
action could be made to demonstrate,
6rst, that public improvements a be
made without taxation; second, that
the government can create money that
its citizens will take in exchange for
material furnished or labor performed;
third, that a great trunk line Of rail
road can be. built and equipped without
Issuing an interest bearing bond or in
curing a dollar of debt; fourth, that
the government can operate a railroad.
As the government is 10Y operating
nearly one fourth of all the railroads
in the country, that should not be hard
to prove. 1t is different though when
they operate for the benefit of private
corporations 10y receiver) from what
it would be to operate for the benefit of
the whole people. Why cannot the
government operate a railroad as well
as a navys The purpose of each is
transportation. Strange is it not that
we a trust Uncle Sam with the means
of transportation on the sea, but are
afraid to trust him or dry landi We
vote millions annually to build and
equip a navy and no one hints at the
danger of p~aternalism; but ask for a
similar amount for a government rail
road and it is paternalism, socialism,
communism, anarchy and many other
dreadful things too numerous to men
ton. Again | ask why Is it that we
San trust Uncle Sam with unlimited
power on the high seas and away from
home and cannot trust him with linn
tied power on dry land at homeG I
have always seen him pictured as a
tall, active, angular, energetic, self
reliant Yankee; but if this partiality
in legislation in favor of the sea is to
be perpetuated I would suggest that in
future the picture should be that of a
mermaid.
THE UNION PACIFIC.
A suspicious movement seems to be
on foot of late viz: that the government
should foreclose its mortgage on the
Union Pacific railroad and operate it
as a government road. The advice
-emanated from the vicinity of Wall
street where general ownership is bit
terly opposed. Why this special con
eession7 There must be a reason for it
and it is not far to seek. Those who
own the bonds and stock would like q
guarantee Of returns. It has been
loaded so heavily with fraud and wa
ter that the p~rospectors are very
gloomy indeed. The government claim
is a second lien on the property, hence
to foreclose would simply mean that
the government would forgive the debt
and operate it for the benefit of the
bond and stockholders. It would as
sumo the debt which in 1890 was, Cen
trail Pacific, 1349 miles, bonds SIS, u.s.
$50, stock $68, 900, 600; Union Pacific,
1926 miles, bonds $132, 1877, 1872, stock
$50, S68 500. Total $40, III. 3I2. AS one
fourth of that amount would duplicate
the road it would be far better for the
government to lose the present debt
than to take the road and pay the bal
ance of the debt. We should enter
earnest protest against the government
beginning the ownership Of railroads
under such unfavorable conditions,
even if it we're wise for the experiment
of government ownership Of railroads
to be tried by a political party opposed
to the policy.
BONDS.
The spectacle of this great nation,
after a period of almost thirty years
peace within and without; after an
epoch of unparalleled production of
wealth Issuing interest bearing bonds
to defray current expenses of govern
ment is something that should arouse
the people to a realizing sense of our
danger. To replenish the treasury re-
serve is not the real reason for the issue
of bonds, for the alleged danger point
was passed when the reserve fell below
800, 900, 600. 1t is not to obtain money
to defray current expenses because in
the treasury vaults is a large amount
of silver bullion on which the seignior-
age alone if coined would amount to