The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1897-03-18
RAILROADS. OF RMERI6H.
General Balance Sheet Shows a
Total Valuation Of
Sl2, 900. 900. 900.
Also that Rates and Revenues
Have Been Steadily Re-
duced Since 1890.
Robt. P. Porter in Ne,c York Run.

AO AoIOot SOANA a. boAAhNN
sheet of the railways of the
United States gives total val
uation of the railway property
close to twelve thousand mil
lion of dollars, and over one
hundred and eighty thousand
miles of road. Next to our
farms, which aggregate thirteen
thousand millions, these great
properties will form, at the close
of the century, the most valu-
able assets of the Republic.
The capital invested in our
manufactures is less than half
that invested in railways, and
vet the condition of our manu-
features, if we may judge from
the frequent tariff agitation,
seems to command much more
public attention. The con-
struction of these great systems
of transportation has played
an important, if not the most
important part, in the progress
of the Nation during the last
half century. By the extension
of these railways, population
has been distributed, large areas
of country have been opened
to cultivation, cities built,
manufactures established,
mines developed, foreign trade
increased, and the varied pro-
ducts of our vast domain
brought from tropical and frig-
id zones to- the temperate re-
gion of densest population. In
short, the laying of the track,
and the penetration of the loco
motive have kept time with
the building Of the Nation it
self.
Within the last few weeks,
the Ways and Means Commit
tee of Congress have granted
hearings at Washington to
those representing our several
industries. In reading the pub
lished testimony, one is struck
with the deplorable accounts
given of the condition of many
branches of manufacture. Low
tariff and cheap foreign labor
have played havoc with Ameri-
can labor and production. This
is undoubtedly true. And the
remedy asked for is increased
protection. A duty sufficient
to enable the American manu-
facturer to pay a living wage
and compete with his foreign
rivals. While not occupying
the public mind to anything
like the extent of the manu-
features, the American railroad
is in as bad if not worse plight.
If Congress would only extend
it's hearing to railways, the
stories of the recent tariff hear
ings could be repeated with
emphasis on larger and even
more impressive scale. Loss
of earnings, reduction of rates
below the paying price, actual
loss on passenger traffic, deter
ioration of roadbed. reduction
in the number of employees,
others working half time, re-
ceiverships, foreclosure sales,
practically half of this enor-
nous investment bringing no
returns, and the blight ofinsol-
vency steadily settling down
upon our entire system.
The losses and disasters aris-
ing from these conditions have
been widespread and far reach
ing. In the first place, it is un-
doubtedly true that in no other
industry is so large a business
carried on upon SO small a
banking account. A railway
company is great distributor,
not only of passengers and
freight but of money. AS fast
as its earnings come in, they
go out again. First, we
have the army of direct en-
ployes, which reached nearly
eight hundred and seventy-fve
thousand few years ago, but
which has been reduced fully
one hundred thousand. With
continued prosperity, our rail
way system would have to-day
furnished direct employment
to at least one million employees.
This, however, gives but an i'm
perfect idea of the number en-
ployed indirectly, that is, in car
shops and locomotive works,
and equipment shops of all
kinds, blast furnaces, rail mills
and myriad industries Deepen
dent upon the railroad for their
prosperity. AS the percentage
of increase in equipment has