The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-01-26

eppafs upon the scene. and. WIN nGuieS
tables and statements. more than confirms
the Constitutions conclusions. He declares
that fully 100000 persons have been dis
charged by the railways OF the unite'
states. The percentage OF increase II
equipment has been reduced from 10 re
cent In 1890 to an actual decrease IN 1895
ana II may be safely presumed that thous
ands engaged in furnishing railway cup
piles have been thrown out OF employment
Inc statistics complied by the Unite
states government show conclusirelv tina
under existing conditions most of our rail
ways are running behind. and those tina
are apparently holding their own are IA
from hopeful OF the future.
Unless the decline in receipts is stopped
wages must be reduced. and then I'd:
trouble will begin" says Mr.. Porter. ant
be adds that the reduction In rates be
tween 1920 and 1895 represents loss IL
revenue OF over 500. 600, 600. Seventy pei
per cent. OF the outstanding stocks OF the
railways ian aggregate OF $500 900 0O0l
paid nothing in 1895 This symptom went
even deeper in 1886. Seventeen per cent
OF the bonds paid no interest IN 1895. Five
thousand millions OF these railway invest
ments are non productive.
The conclusions~of Mr.. Porter are very
gloomy. He foresees widespread destruc-
ton II present conditions continue. and he
says this destruction will sweep down with
II the very interests that sustain the roads.
so Tar as we can gather from his long. but
Interesting remedy. he has no remedy 10
propose. He hints something about the
tarif. He declares that II congress would
only extend its tariff hearings to the rail
ways the managers thereof could tell a
more emphatic and impressive story than
the manufacturers have told We do not
doubt II, but we do not see how the tarir
hearings would help the matter Neither
does Mr. Porter, to do him Justice, and he
does not press the matter. Nor does he
suggest remedy. He simply points to
facts and informs the country that another
twist or so In the downward direction will
result in widespread destruction.
We think there can be no doubt OF that.
At the same time It is only fair to say to
all concerned that there is a companion
piece to Mr.. Portcr's interesting story He
says that between 1890 and 1895 the rail-
roads have suffered loss OF revenue to the
amount OF 800 .o0o,o 900, part of which was
RENTED to the people In lower rates. on
the other hand, between 1893 and 1897 the
farmers OF the United States have suffered
an actual loss In their revenues OF g 00o,-
o00,o 600! In one year there was a shr!nkage
in their income of $3.50, 900 600
Now the railways sustain many allied in
dustries, but the industry OF farming sus-
tains all other industries. and could sus-
tain itself II every other industry were
blotted from the face OF the earth. It
could not only sustain itself. but II would
replace. renew and revive the industries
that had been destroyed There is no need
to tell Mr.. Porter these things: he liz an
economist, and the facts we have stated
are the = b c OF economes--the facts on
which all economic science is based,
What effect does Mr. Porter suppose this
tremendous loss Of revenue on the part OF
the farmers and those who depend on them
has had on the railways Of the country and
on general business-on the mercantile in
terests and manufacturing Is Mr. Porter
so blinded by the tariff that he can rot
perceive that there was and is some ac-
tive and powerful agent at work to depress
prices. and that this loss TO the farmers is
responsible for all our railway and business
troubles? II he knows. rs he must know.
that agriculture is the basis OF all wealth.
he foundation OF all trade. surely he must
De- aware that whatever reduces the rev
snucs Of the farmers must necessarily hurt
business aud trade?
II it is highly necessary to protect
by raising the price nj their
goods, why is 1t not thousand fold more
important to protect all business, all trade
md all industries by raising the prices of
'arm products?
Perhaps Mr. Porter will fail 10 see this.
certainly the manufacturers ana the rdll-
way managers have failed to see IT. and
hey have paid, are paying and Will con-
inue TO pay pretty price for the privi-
ege Of shutting their eyes to facts plain
enough to be understood by schooboy,
rhcy will continue to pay a heavy toll 10
blindness until their own personal inter-
's's compel them to open their eyes TO the
acts. Their knowledge may come too late
o save them from the disasters that Mr.
Porter plainly foresees. but it is comfort
ng. at all events. to know that in the end.
hey will be Obliged to know and see the
ruth.
Meanwhile. we should Re glad Cor MIR.
Porter to inform us why the railway au-
horities, whose roads are going to pieces
10 not rise up and demand the legislation
Witch the republicans declared would re-
toro prosperity? II was an easy matter
o restore prosperity during the campaign.
MI that was necessary was the election OF
ir. Mckinley to be announced. At once
ho mills would be opened to labor. and
verifying would slip along as though 1t
la1 been creased for the occasion.
1t may he that Mr.. Porter Will be de-
crihed as calamity bowler" II so, it
nus; be admitted that his howl Is loud