The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-10-26
rHR PILLAGR OF THE PEOPLE.

thereby extracted IEOm Su6 PuO+AO1 AO
would be convinced by a parallel OF the
following extract from the Manutac-
turer RS Record, OF Baltimore, which Is
avowed organ and exponent OF the
Southern Railroad. Not anticipating
that a people piIlaged by high rates
might not like the telling of the enor-
nifty and extent of the pillage the tale
is artlessly told and the "Organ" frank
IL puts the story under the significant
heading: "What has been done a
be done again"
1t will be seen that our railroads
were bought at a mere song by the
London and New York bankers who
now own them, and the freights n
fares have been kept high enough to
run up these stocks far above par, De-
sides paying enormous salaries to the
chief managers. The stocks and bonds
have been thoroughly watered and we
pay dividends on millions Of dollars OF
fictitious capital.
It will be seen that Atlantic and
Charlotte stock bought at s. has ed
vanced to 800 and the public are pay
ing 6 per cent on that. What is the
per cent? Petersburg and Weldon
stock bought at fifty cents per share is
now worth $40, or, as the Record says:
for 81, 500 the purchaser now has
property which is worth half a million
dollars" thanks to the high rates a
patient camel Of a public pays without
resistance. Richmond and Danville
went up from 50, when bought, to $3.50
and the roads in North Carolina which
it's successor, the Southern Railway,
bought at a song are now all bonded
and stocked according to report OF
Railroad Cormissiop) at $40, 557 per
mile. Chesapeake and Ohio, bought
by the bankers at 81 so, went up
promptly to $33, and Richmond and
Allegheny from nothing to $50 per
share. Columbia and Greenville from
nothing to 800 per share, and Norfolk
and Western from s. per share to $500
The Wilmington and Weldon, bought
at $50 has declared &4OO stock and cash
dividends in ten years time, and the
original ahares are still worth $115.
And the story goes on. Read it as
the Record man tells it in it's CHASTITY
simplicity. How were these countless
millions upon millions put in these
stocks and their owners 8 Welled up into
m~illionaires while cotton and every
thing else was sinking in priceg These
added values were put in by being
taken from the people by the exOrbit
ant charges extracted by the railroad
managers and collected by the station
agents. All the while the people had
the legal right to protect themselves
fixing rates. But those whom they
honored with the office were too often
riding on free passes and having their
own freight hauled free Or at reduced
rates. Read the story as the Record
tells it with simple glee and note the
assurance that it gives that the game
of plucking the geese that laid these
eggs will continue. What say you,
men Of the people7 Shall it go on and
on ~forever9 Shall you and yours get
poorer and poorer while your members
of the legislature (whom you are taxed
to pay ten cents per mile each way
while going and coming) shall go to
r Aleigh on free passes and vote down
all bills to reduce these high charges3
Have you not yet gotten enough of
this7 Citizens, freemen, fathers, have
you ever thought about these matters7
II no4, think now. Think before it is
too late. Read for yourself what the
railroad organ says you and yourlabor
has done for the millionaires and then
ask yourself if you have done as much
for yourself and your children. Have
you enhanced the value of your farms
and other property in like ~proportionG
II not, why nOt7 Here is what the
Manufacturers Record says about the
phenomenal increase in the value of
railroad securities:
I'VE will enumerate q few instances
Of the rapid and phenomenal apprecia-
ton which took place In railroad securi-
ties in the Southern States following
the revival which began in 1880.
Among the notable advances may be
mentioned Atlanta 6 Charlotte stock,
which, after selling al So per share, be-
came a 6 per cent. dividend payer, and
advanced in two or three years to 500
per share, and is still quoted around
par. The stock of the Petersburg &
Weldon Railway was considered almost
worthless. Five thousand shares were
purchased in 1880 at fifty cents per
shana In about two uaars ikadunnooa