The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-27
MUNICIPAL OWNERSHIP.

j. A. Finch, John Hoffman, S. p. Sheer
in, Alfred Potts. H. e. Kinney and others
made short talks. Mr.. Finch received loud
applause when he recited Bret Harte's RE
veille." Mr.. Potts, In the course of his re-
marks, said:
l'Mr. A. L. Mason, Of our city, in late
number of the Arena, presents one of the
aDleSt arguments for municipal ownership
which has recently appeared, but he has to
leave unsatisfied the serious doubt which
comes to every mind-the inevitable danger
politicians to prey upon. Theoretically, in
the large things that affect our interstate
and international relations, we have a gov
ernment of the people, by the people, for
the people;' but when we come to the study
of municipal government, Lincolns great
generalization shrinks to the form-gov-
eminent of the politician, by the politician,
for the politician
when any great reforms are inaugurated
they spring from nonpolitical sources, as in
the case of the reform of the civil service
and the work of the monetary convention.
All disinterested men agree that the people
should control those enterprises dependent
upon public franchise, the natural monopo-
lies but shake their heads and offer weigh
ty objections to the. usual proposition of
municipal ownership by which hundreds or
places Weuld be added to the already too
long lists from which patronage may be
promised as the price OF polltisc aa Work.
ipal ownership which involves the issuing
of bonds presupposes mortgage lien and
leaves an open door Tor planned 1nlSTndndS6-
meat foreclosure sale, reorganization, wa
tered stock and all the evils of the present
system. But is there no other way? Is
there no way in which the people at large
may hold the profits of these enterprises
for themselves-may keep these benefits at
home? ] think there is and that the Com
mercial Club is the organization through
which it can be accomplished Mr.. Mason
points out how 1t can be done through legis-
lative action authorizing cities to become
stockholders in auxiliary corporations, and
in some cases to issue bonds but who
would marshal the forces to meet the pow
erful hobbies of the corpora tons who would
the Council, and when established who
would save the enterprise from the political
machine? / believe that ii will never come
except through business men and by purely
business methods. Methods entirely jnde-
pendent of any political or legislative aid.
And what is needed to insure an unselfish
and control of these enterprises? Simply
the provisions that will put it out of the
power of the nominal stockholders of the
corporation to elect directors or manipulate
the stock or to manage or to mismanage
it's affairs, with the further provision that
shall be devoted to the redemption of the
stock, after which the service shall be at
cost.
as no longer an experiment the plan which
suggested nearly ten years ago and assist
ed in carrying into effect in the organiza-
ton of the Consumers Gas Trust Company
of this city. 1t was made possible by the
public spirit and financial aid of many of
the gentlemen present. 1t was then an ex-
pertinent. 1t is now an established insti-
tuition. Natural gas and its future was an
unknown quantity, its duration was then
and Is still uncertain. Demand was made
for doubling the ordinance rates. The city
was threatened with a cessation of all work
upon the mains which had been brought TO
the citys limits. The Council YVES about to
double the rate, but withheld action for a
few days at our earnest entreaty to give us
u change, as the opposition put it, to show
that we were lot of 'dreamerS.' You know
the story. How in few weeks we had
raised a million dollars and organized a
company that every year since has saved
the city a round million dollars. You all
know the simple plan of its organization.
First the creation Of a self-perpetuating
board of trustees who have no stock.
Second. the assignment or all stock to
these trustees with an irrevocable power to
vote II for directors.
Third, that as soon as all investors have
received the face value of their stock with
8 per cent. interest, that the service shall
be rendered at cost.
BUYING A STREET RAILROAD.
Now If such sum could be raised for
investment In a product which all scientists