The midland journal. (Rising Sun, Md.) 1885-1947, 1901-02-22
FridayAFeb. ~, 1901.
The Great Railroad Trust.

Every person who reads the daily
almost everybody who is
anybody reads them-is cognizant of the
great railroad combine that is being per-
fected by a few men-about dozen.
These men have managed to get con-
trolling interest in the stock of the great
main line roads which brings all collat-
eral roads within their power.
The concentration of through or main
lines a few years ago could not have been
accomplished. The time was not ripe for
such colossal scheme to be worked out
to completion. 1t is comparatively easy
now. 1t does not require new charter
and new company to buy all the roads
as a bonafde purchaser, as industrial
trusts are formed. This little group OF men
have agreed to acquire controlling in
terest in the stocks and having secured
this, can control all the roads they pro-
pose to make their transportation trust of,
can officer them with such men as they
choose and who will obey orders. In fact
they must obey orders or be fred out.
1t is to the pecuniary advantage of this
"group''-group is the fashionable Wall
street word-to enter into an agreement
to fix freights and fares for all the roads
in their combine, and il. will be to the adj
vantage of all to stick to the agreement.
The orders are issued by this group"
who in effect compose board of direc-
tors, and the operators receive orders only
from this board or company. This in
sures against cutting rates and drumming
for custom. The arrangement secures a
complete railroad trust except in name.
To finance, or find the money to carry
out the gigantic scheme was not possible
until now, for it required hundreds of
millions. Bonds and stocks had to be
bought SO as to secure controlling in
terest in the different systems, main lines,
and their branches and the properties
belonging to the companies.
The extensive military enterprises this
peace loving nation of ours has engaged
in these last three years, aided greatly in
making the great railroad trust possible.
The government collected heavy taxes
from the people, and expended them
largely among railroads for transportation.
The government also bought ships Of all
kinds and paid double prices for them.
and in other ways distributed the taxes
which came out of the peoples pockets
with lavish hands. The most of this
money fell into the hands of millionaires
through their trusts and banks.
A combination of banks in New York
with insurance and trust fund companies,
and Rockefellers and other kings of
finance was organized. The government
also deposits million dollars day with
this bank trust, which, together with all
the principal railroad earnings and larg-
est industrial trust funds, create an inl-
mense aggregated capital. This enables
the group of millionaires to use the mill
lions of dollars necessary in carrying to
successful issue their colossal schemes
The so-called gold standard law passed
by the last session of Congress assisted
greatly in the scheme. The banks were
enabled to issue notes to the full face
value of their bonds and were encouraged
to do so by lowering the tax on circula-
ton from one per cent to a-half per cent,
and to increase the number of banks by
reducing the necessary capital to SIS, 900
in country towns, thus Initiating the cur
rency and preventing stringency in the
money market.
This danger being removed the railroad
trust could use the money deposited in
their banks in order 10 make the neces-
sary purchases of stocks, bonds, etc, and
in short time the new owners Of the
cash deposited it again the banks.
And this is how the great "financier-
ing" was done or is being done by Nor
gan, Rockefellers, Hill and the Wander
bits chiefly. 1t is not difficult problem
to buy if you have special laws made by
congress empowering 'magnates" to use
other peoples money in carrying out
their colossal schemes Of inanciering
The ship subsidy scheme is another
part of the same national freebooting
The principal docks and wharves on the
Atlantic and Pacific coasts are owned or
controlled by the great continental rail
rOadc tl,a raslrAoI
A subsidy of 50, 900. 600 annually for 20
years taken out of the national treasury
and given to the ships which are an ocean
extension TO Europe and Asia of the great
American continental railroads, will en-
able them to run out all competition by
lowering freights to the tune of nine mil
lions year, and in place of building up
a merchant marine, as the advocates of
this subsidy steal claim it is for, the con-
tinental maritime trust will freeze out all
competition and pull down in place of
building up an American marine.
The people voted for all this when they
cast their votes for Mckinley. who is but
a Presidential igurehead in the hands of
this plutocratic combination that rules in
place of the U. S. government.
The government is about shorn of its
power, which has been transferred to the
plutocracy that has been installed in its
stead. President Mckinley is used as an
executive tool TO carry out its orders in
due form. When constitutional provis-