The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-06-28


! deal and that is the United states
! government For the same reason that
! ] would not purchase sam Crandall
( house. l should oppose the public pur-
chase of existing railroad lines. Do
make myself clear?"
Perfectly" said Judge Sawyer. and
I presume that you are in favor OF
proceeding with the construction OF
government lines which Will compete
with the present ones o.
I believe that the government
should go into the railroad business
without delay" asserted Col Monroe,
but il is idle 10 expect tina; any aC-
ton will be taken so long 5 the in
terests which would be menaced are
dominant in shaping party policies
The construction of such a railroad
system by the government would re-
suit in the depreciation of all railway
values, and the absolute wiping out of
many securities" declared Judge Saw
yer. Thousands of investments would
be menaced and innocent holdedrs of
stock all over the country would suffer
losses. Did you ever stop to think of
that?"
Il have" responded Col. Monroe.
Did you ever stop to think that every
great public improvement, be il pri-
Vate or public, menaces in exactly the
same way the holdings of innocent per-
sons? Did you ever stop to think that
the prospect that wireless telegraphy
will be a commercial success menaces
the dividends of the thousands of wild
ows and orphans who are reputed to
own all or nearly all of the property in
the world? 1t is remarkable how much
interest an imperilled capitalist takes
in the welfare of widows and orphans
Did you ever stop to think that the
railway companies paid little attention
to the woes of stage coach owners and
investors in shipping? You have
voiced popular argument against
state competition with monopoly, but
it is not logical one. When a man
or a woman for that matter, invests
a dollar in anything, it is done with
the full knowledge that there is a
chance of its loss by reason of de-
structive competition. For that reason
there is no such thing as an absolutely
safe investment in the world. By what
right do you claim exemption from
competition in favor of the holders of
railroad stocks? l see no reason why
the innocent owners of these securi-
ties should not take the same chance
as the guilty ones who have been un-
able to get rid of their holdings"
II should like to see a genuine re-
Vival of railroad competition" said the
Judge, land 1 should like nothing bet
ter than to see the trusts forced to fight
for their share of the market, but l
claim that the government has no right
to interfere IN either case"
And 1 claim that it has" laughed
Col. Monroe and between us we rep
resent both sides of the greatest ques-
ton which ever confronted an intelli-
gent people. 1 think that both of us
will admit that a government has a
right to carry into effect the properly
recorded verdict of a ajority of the
people. Well and good. Thus far the
people have made no demand for an
extension of the functions of the gov
eminent in the directions we have been
discussing, but l hold. as 1 have said,
that the logic of events has created
situation in which there remain only
two avenues of escape from abuses and
deficiencies which are becoming intol-
cradle One is the purchase and opera
ton of the railroads by the govern
ment, and the other is the re-establish-
ment of competition. with the govern
ment as a bidder for public patronage"
IF conditions are as bad as you
claim" insisted Judge Sawyer. Il do
not understand why competition does
not assert itself. If it is possible to
build a great railroad system vastly
superior to the present one, why do
not capitalists come forward and do
SOP"
Because there are no capitalists out
side of those directly or indirectly in
terested in the existing railroad sys-
tenn" responded Col. Monroe. There
are from twelve to fifteen billion dol
lars represented in railway securities.
and every banking institution in the
country is controlled by the owners of
these billions. You know as we'll as /
do, judge, that it is a certainty that
private capital will never again build
another competing railway across the
country. Where would you go, suppose
you had a million to invest in such an
enterprise, to raise the remaining mill
lions with which to construct a compe
titor to one of the great railway sys-
tenn? Wall LaSalle or Lombard streets
would Taught at you. Private competi
ton is impossible. Having a monopoly
the railroads are not compelled to
make improvements. There is only one
possible comprehensive national gov
eminent"
Il doubt if the government would
make a financial success of such an
enterprise remarked Judge Sawyer,
as he arose to go.
Then your innocent holders of ex-
listing railroad stocks would not suffer"
rejoined Col. Monroe. The great trou-
BILE with you conservatives who object
to the government taking any part in
industrial affairs is that you contradict
yourself when you attempt to defend
things as they are. One moment you
insist that national ownership will be
so decided a success that its compet-
ton will wipe all private enterprise off
the face of the earth, and the next
moment you declare that your oppos-
ton to public ownership is based on the
fact that such an undertaking is fore
doomed to financial failure. 1 wish you
would stand still long enough for me
to get your range. Judge"
Il am a bit mixed this evening,
admitted Judge Sawyer 81 have been
reading one of the popular historical
novels. l concede defeat. but am still
unconvinced."
Gnh Mt 4.