The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1904-04-23


chase OF existing railroad lines.
Il believe that the government
should go into the railroad business
without delay" asserted Colonel Mon
roe. but 1t is idle to expect that any
action viii be taken SO long as the
interests 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 holders OF
stock all over the country would sur.
fer losses. Have you ever stopped To
think OF that"
Il have" responded Colonel Monroe.
did you ever stop To think that every
great public improvement. be II private
or public, menaces in exactly the same
way the holdings OF Innocent persons?
Did you ever stop TO think that the
prospect that wireless telegraphy will
be commercial success menAces the
dividends OF the thousands OF widows
aud orphans who are reputed TO own
all or nearly all OF the property Ia the
world? II Is remarkable how much in
terest an Imperfect capitalist takes in
the welfare OF widows and orphans
Did you ever stop 10 think that the
railway companies paid little attention
to the woes OF stagecoach owners and
investors in shipping? You have voiced
a popular argument against state CON
petition with monopoly. but il Is not
a logical one. When a man. or a WON
an. for that matter. Invests a dollar In
anything 1t = done with the full knOwl-
edge that there Is a chance Of its loss
by reason OF destructive competition.
For that reason there IS no sucn 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 stOCksg"
II should ike To see genuine ~
vival OF railroad competition" said the
judge. and | should Ike nothing bet.
ter than To see the trusts forced 70
fight for their share OF the market. but
claim that the government has no
right to interfere In either case"
And 1 claim that 1t has" laughed
Colonel Monroe. and between Us We
represent both sides OF the creates,
question which ever confronted an in
telligent people. think that both o,
Us will admit that a goverumentAas
right to carry into effect the properly
recorded verdict Of a majority Of tn
people. Wen 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 | hold, as | have said.
that the logic OF events has created a
situation in which there remain only
two avenues Of escape from abuses and
deficiencies which are becoming lntol-
cradle. one Is the purchase and opera
ton OF the railroads by the government.
and the other ia the re-estaDlishmeut
OF competition, with the government "a
a bidder for public patronage"
III conditions are "a bad as you
claim" insisted Judge Sawyer. Il do
not understand why competition does
not assert Itself II 1t IS possible to
build a great railroad system vastly
superior to the present one, why do
not capitalists come forward and d.
soT'
Because there are no capitalists ont
side Of those directly or indirectly In.
terested in the existing railroad sys-
TEN" responded Colonel Monroe
There are from twelve to fifteen bill
lion dollars represented in railway So
curities, and every banking institution
In the country Is controlled by the
owners Of these billions. You know a.
we'll as | do. Judge, that it is a cor
taInty that private capital Will never
again build another competing railway
across the country. Where would yo1
90. suppose you had a million to In
vest in such an enterprise. 10 mise the
remaining millions with which 10 con
struct a competitor to one Of the great
RAILWAY systems? Wall, Lasalle or
Lombard street would laugh at you
Private competition Is impossible"
Having monopoly. tho railroads are
not compelled 10 make improvements
Their" IA only one possible competitor
the national government"
Il dOUb, II the government woqll
make q financial success N such ma en-
terpris"." remarked Judge sawyer a.
be arcs" 70 ~.
Then J1ur innocent holders n o.
listing railroad stocks would not glf
fer" rnlJ'urd Colonel NTnu-oe ,.,Th.