The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1901-12-27

there 10 any occasion for this panicky
alarm, which seems to be carrying
men of their feet, based upon the re-
cord OF the past9 Is 1t anything new
for the same set of men to own stock
in different enterprises and Is it illegal
d man to direct his broker to pur-
chase shares of Great Northern and
| Northern Pacific for his accountS The
railroad business is an open book.
They must report all of their transac-
tions to the interstate commerce COM
| mission and to the railroad commits
sioners Of every state which has such
a body. Would it not be well to wait
, for some development TO ascertain that
the public interests are in danger? 1t
will OF necessity become public if this
occurs. The organization of the
Northern Securities company has not
| repealed single law on the statute
book, state or national Whatever
power the law now gives in the regu-
lation OF railroads still exists The
| legislature of Minnesota and the legis-
! latures of other states can enact laws
forbidding something to be done in the
future, provided the present laws do
not give sufficient protection, but it
would be something new in the way
| made to forbid the holding of property.
One of the inalienable rights through
out the world is that which entities
man to own such property as he can
purchase and pay for. No state legis-
lature can revoke New Jersey char
| ter, and consequently that would exist
therefore, business prudence to ascer-
L. Nuh no mt nE hn
northwest are to be damaged or pro-
NOTED before becoming excitedf
We hear great deal about the i'm
portance of competition, and to GER
| tain degree that is important. But
| take the broad ground that no cut
throat competition, which destroys
| business interests and frightens capt.
taiists, in the long run benefits any
community. Such competition applied
to railroads, If sufficiently bitter and
| protracted, can only result in bank
ruptcies. do not believe there is q
man so hostile to railroads as to claim
that the previous bankruptcies of the
Northern Pacific benefited the north
west or that if the Northern Pacific
/, and the Great Northern could both be
| thrown into common financial mael-
strom of distress the public would be
| the gamer, or would deny that the
| people would be the sufferers Com
| petition, perhaps, generally results in
large shippers obtaining concessions in
| the way of rebates, which are with
held from the small shippers, thus re-
| pressing the business of the many and
| advancing the business of the few.
What is desired is equity in the con-
| duct of business affairs rather than
ruinous competition.
/ In view of this, 1t Is well to apply
common sense business principles.
Men engage in business for the pur-
pose of making money and not for the
destruction or the body polite 1t is
reasonable to assume that body of
men controlling such great enter
prises as our transcontinental railroads
will not consider ii wise business
policy to make extortionate rates
which would not only prevent further
development of the country these roads
traverse, but would drive out business
already existing. Is it not more prob
able, that based upon the development
of the country, they will realize that
their business interests will be adj
vanced in making rates which will in
duce settlements. the building of
towns and cities and establishment of
manufacturing Industries and the pro-
duction from the soil bringing new
wealth into the world by the millions9
Every one who has gore by either line
I from this state TO the Pacific coast
| knows that both traverse hundreds of
miles of unoccupied territory, and that
the villages and towns and cities,
many of them small, and all crude,
possess great business possibilities if
all of them are permitted to develop.
Does anyone really suppose that the
sagacious business men in charge of
these railroad interests will wish to
destroy their great opportunity for
making money by the petty gain,
! which, in comparison, would result
| from extortionate ratess 1t is not
beneficial for capitalists to destroy the
! people and the present alarm and APP
parent public excitement is unneces-
sary. 1t seems to me that the people
are far more in need of protection
against themselves than against the
capitalists. who could not deal them a
/ blow without receiving a more dam
aging blow from the rebound.
| 1t is the part of wisdom to profit by
experience In other parts of the coun
| try. A few years ago the owners or
the New York Central acquired the
West Shore, running from New York
to Buffalo. The state of New York
was not alarmed or excited, the bosom
of the Erie canal is still placid and
| the Hudson river still flows unvexed
to the sea. The Michigan Central
and Lake Shore and the Nickle Plate
extending from Buffalo to Chicago,
are all under the same ownership and
the states of Ohio, Indiana and Michi
gan do not seem TO be in distress over
| the fact. The owners of the Pennsyl-
vania road have recently secured the
ownership of the Baltimore 81 Ohio,
both extending from New York to
Chicago and st. Louis But there Is
no excitement In the states they ira
verse. These roads traverse the Oldest
and more thickly settled portions Of
the country. where If a joint owner
ship was to be used for oppression, the
opportunity would be great, but
| human nature and business common
sense follow different policy. If this
| Ia the case In those sections of the
country, 1t Is at all likely In this par
TALLY settled region, where everything
| is 10 be lost and nothing gained by
oppression or extortion that we are
imperilled because certain men own
stock in two transcontinental inesf 1t
Is safer TO trust to business .sagacity
protecting public interests. than the
possible violent action Of legislatures.
While / impugn no mans motives
who differs from these views / do not