The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-03-04

1925, ,OOO, 900. This is divided into inter
ests on bonds of about S235, 100000 per
year, and dividends on stock of about $685.
0OO 900. The passengers carried reach
nearly GOO, O0O, 900 per year and the freight
traffic is nearly 70O,000,OOO tons q year.
Every cent OF the enormous income from
this leading industry of the country comes
directly from the people. An examination
would show that the money honestly eI-
pended in the production of all railroads
and their equipments is but ti,he o: the
capital nominaIiy invested in them, the
rest is water pure and simple; but it fig
ures as invested capital, rs vested inter.
ests" upon which the capitalists claim the
protection of the courts and the whole
Government machinery, and always get 1t
NJ better illustration Of the power e1cr-
cised By the monopolists is needed than IN
the history of the West Shore enterprise OF
New York State. The Vanderb!lts and
their cohorts up to the time the West
Shore road was started, held the merchants
and the a.riculturalisis II m iron grasp,
debating rates aaI cuudiuons for The
han ding OF traffic With absolute despotlsm
rhe prospect Of competitive line reach.
10y from New York City 10 the lakes put
the New York Central people on their met
tie, and from the very inception OF the for
mer measures were taken to crush it out.
Alter the new line hal been completed
every obstacle possible was thrown sin Its
way, ami the road finally went into bank
rup;cr, a condition Which had beea re-
sarde, as inevitable by every one who at
the time Was acquainted with the inc'lcS
OF the Eanderbilts When the West Shore
became hopeles.iy involved, the Wander
n!Its, through MIR. }. 2. Morgan, goDbled 1t
mp at their own price.
those VINO had put money iuto it were
crowded out, all competition was crushed
ana the business Interests OF the State
placed undcr the Vanderbilt control as
completely as ever. The Vanderb,lts and
their friends were the only ones who profit
ed by the deal, which IS only one of hun.
dred carried through successfully, despite
public sentiment, and without Interference
from the courts and Judges whose duty 1t
was to interfere.
Take another case that is local to New
York City:
For years New York City pleaded for
rapid transit facilities ANA two companies
Were created to supply them, one taking
the east and one the west side OF the city.
The Metropolitan road ran up Sixth
avenue, and the New York Company took
the Third avenue route. Each issued stock
to the amount OF S6. $40, OOU together with n
small lot o! bonds. This amount was put
in cash IL the roa:lS.
Wall street saw the possibilities of profit
in rapid transit, and proceeded to take ad-
vantage OF 1T. The first step was to conSol-
ldate the two roads, not by adding the two
capitals together, making Sl3, ,OOU,00O, but
by creating II new company called the
Man haitian. merely to take the lease Of the
other two roai5.
J'uis lease had such large prospective
earning capacity that It was capitalized at
Sl3, ,OuU ,OUu, making total Of SIG. .0UO, ,OUO,
VI which o:!e.hilt wns clear water or wind.
1t represented no investment in the prop.
erty, and Wis merely SO much stock printed
10 order, to BE- uuloadcd on an innocent
pubic.
For months before the amAlgamatipu O!
the roads they were the centre OF IL cyclone
Of utilization and abuse. until the stocks
We're pouuIe! down to II cents on the dol.
lar. Ouce the property Lad passed into
Jay Gould's hands 1t Was manipulated up
ward uutil it reached It's, and then IN q
day, because OF quarrel between Cyrus
W. Field and the Gould Interest, it fell u
p, iItS.
1t has been a favorite gambling stock
since then, being specially useful III cases
where deals were made with local poltic-
ians. they being let Ill with points on the
market in return for tue grating OF public
privileges.
1t cannot be gainsaid thut Congress has
legislated steadily in the interest of the
corporations, and to curtail and restrict
the power of the States in controlling the
railroads and protecting the small invest
ors and shippers. The machinery of the
Federal courts has been the main engine
ID this robbery and rum. During the past
thirty Years, with very few ex, options. aud
I speak Of the exceptions TO the honor OF
the few judges who have withstood the al.
most overpowering temptations with which
thel have been bcsct, the decisions of the
Supreme and Circuit Courts have been
uLltormly against the people and in fur
tLerunce Of the aims of those who have
stolen, under forms Of law, the larger por-
ton OF this railroad property from its origl-
Nal owners. =
The reason why the Federal Judiciary
has been thus antagonlstlc to tse best IN
terests Of tie country and to justice is that
the Judges are almost usiformly selected
from among corporation attorneys, and l
have no doubt tLeir names have been ire
qucutly suggested or dictated to the Presi-
dent tor appointment by the corporations.
In addition to this the raw products
hauled to market, together with the manu-
iuc:ured products transported to the lnte-
rior in exchange. have had to pay treights
far in excess OF what is reasonable in order
to Weld fair dividend on the capital orig
inu!ly invested. This in spite OF the fact
that the Intertiate Commerce law was
passed by Congress essentially with a view
10 tue coutroi Of the extortlons Of railroads
IN handling freight and to prevent the dis
ordinations and rebates.
The United States Treasury is ran as
though it We're private corporation. The
Secretary OF the Treasury goes to New
York when called upon by his masters to
receive instructions. His deputies are con-
slant visitors at the Offices OF the men who
control the Treasury from this city.
II is notorious least it was generally
reported in the newspapers-that Mr..
Cleveland, III the early part OF 1893, said
that Wall street had the country by the
throat. We would have naturally looked
to maa who appreciated that fact, and
who sought to lousen W.ili streets grip on
the couutry's thro,.,, to haYe selected other
ADVISORS thau men who are the leaders and
directors IN Wall street
But he coo.ly and deliberately opened
the doors Of the Treasury and bid those
leaders in Wall street enter aud work their
own sweet will.
There have already been issued $780,
O0U wv Of bonds to add to the burdens of
already desperate taxpayers, and the end is
not Yet. Still, we are told that tn- fnan-
ca! question will uot be an issue in the
next campaign.
The bes: illustration of the existing COLI
ditions, and one which will appeal directly
to every farmer in the United States, is a
picture which I will draw. The idea. how.