The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-10

grows by what 1t feeds on. The very way 10
bring TO pass the thing YOU want 10 avert Is
to start on the policy OF rate fiNing
| have just alluded to the silver question
which will again illustrate the point have IN
mind IL was said Won Will remember, that
we must do something for silver or wc should
speedily witness something extreme done,
and would even find ourselves upon the silver
standard And so We did some things for
silver. and the very things We did almost
put Ms on the silver standard. aud II they had
not been repealed they would certainly have
put NJ there Your bill in my opinion. takes
the first long step In the direction OF the policy
whlc you say YOU wish TO avoid And after
your bill has been in operation and the rocks
are loo ming large around YOU. you cannot be
sure that YOU will have at the helm man OF
the indomtable will and courage OF Grover
Cleveland. suppose You have a President
who sets his stlls TO catch every breeze ID ~
blows DO you think you would have as
fortunate an escape az YOU did from the con-
sequences OF doing something" FOR silver
Let us consider Tor a moment what Is IN
volved IN the pending proposition. II ~ said
that the construction OF the great highways
OF commerce is a governmental junction
which has only been delegated to individuals,
but IL Is plain that IL IL a governmental iunc-
ton that the different states OF the Union
generally rcrraued from performing, ana
refraiurd with good deal OF discretion ia
view Of the disastrous financial experiments
which some OF them made IN attempting 10
build the railroads for themselves. lhey
called upon private enterprise to employ
private capital in order that the country
might bc built up. and gentlemen embarked
In the business OF building railroads NOT. hs
might be inferred from some OF the sounding
generalites INDUCED in to-day, for the mere
"a
tion. but they embarked in II IN response TO
the invitations OF the different state govern
menfs as all men embark in business. Tor
the purpose OF making profit Tor themselves
And the result has been the creation OF a rail-
road system beyond comparison, the most
splendid Of the railroad systems OF the world
a system built up with few exceptions 10y
private capital extending to the most mac
cessible regions OF the country and that has
been the chief factor In the production oil our
unparalleled prosperity.
Tho American railway system resulting
from this policy is the browning Industrial
glory of America. 1t is as fair and innocent
form of property as any In existence. II
il did not bless him who made il. 1t doubly
blessed the country. II could not be dupl-
Gated to-day ! venture TO say. by an amount
OF money equal to IL nominal capital !
know IL is argued that the shares are largely
tstics were produced here thet notorious
facts OF an opposite character were not
stated Some of the ancient stock watering
performances of Gould aud Fisk and Wander
bilt were cited as II they were quite the rule.
Why, the New York Central Railroad. when
has been referred to. has Tithin ten years
Increased It's capital many millions OF dollars
and has received In its treasury rs per cent.
more money than the par value OF tho new
stock IL issued. The Pennsylyania Railroad
within two years increased its. stock 30 per
cent. and II received in money from 20 TO 40
per cent more than the stock it issued. Only
the other day great New England railroad
issued a large number of new shares and
received sl70 for each share Of the par value
of 800 Many instances OF similar char
actcr might be cited. Speaking broadly.
while there are particular roads with inflated
capitals. the railroad system az a whole cost
In actual money not greatly less than the
amount OF its nominal capitalization The
returns upon the money actually invested
will on tho average. believe. not exceed
& per cent. Notwithstanding our sparse
population we have the lowest rates of any
great country in the world.
Now. having practically completed the
railroad system Of the United States private
enterprise having bridRed over our great
rivers and tunneled orr mountains and
bound together every portion OF our country
by the network OF more than 100000 miles OF
railroads along come the prof essonal agta-
tor and the man VINO bought ms land for
81 Is aracre and saw it increased 10y the build
lug Of railroads to $50 or slO0 al acre. md the
member % the boar d o: trade. possibly IA
with the Government under
some tarin schedule. engaged in manufact-
urinR some commodity. making very likely
many times the returns upon has capital that
the owners OF the railroad make upon theirs.
and they Join hands together and gay. Go TO
these gentlemen are performing govern
mental function. the Government should
take charge OF their business and should say
at what price they are to transport our wheat
and iron" As nearly 81 600 O1Oo 900 are each
year directly expended by railroads for labor
and great additional amount for supplies
in the production of which labor IL the chief
factor OF expense. as IN fact two thirds Of
the gross earnings of the railroads are paid
out - labor. the proposition IL this that
people operating WIKI their own capital rail-
roads bunt by thcmselves. or those they
represent. shall do tho work Of carrying COM
mod'ies at a price ANed by the Government
with a very limited right OF appeal to the
courts. and that a million or more OF mon
working in the employ Of private enterprise
shall. in the last analysis. have their wages
fixed by n Government which Is controlled
by the majority. whose interest il win be TO
have cheap transportation.
can YOU imagine n more ideal scheme for
the destruction OF private property and one
moro likely 10 corrupt our people, And not
merely does ihc proposition involve the rights
Of private capital and invade the practical
freedom of man to sell his labor in the open
market, uncontrolled by the Government
but II vests ip n commission the power 10
81
natural advantages. to give 10 an inland city
the benefit Of location upon the seabourd
or upon a great river and to give 10 the sea
bonrd city the diGnifcd seclusion OF an inaud
town I believe this power with the inefrcc-
tive safeguards of this bill Is too vast and
too dangerous 10 be welded by any political
and that h "a likely to lead to the
destruction of cities and TO ultimate Govern
ment ownership OF railroads over the path
way Of condscatou.
There IL no essential analogy between this
and the control which munich
palitics exercise over those services which
ise the public streets, or even such control az
States. the mothers Of those corporations
have attempted 20 exercise over their chill
dren Tie national Government is n vastly
engine than are the subordinate gov.
prnmeuts aud the constitutional safeguards
o gainst eucroachments by ii are far less ex-
pliclt and effective.
The looting propeusities sometimes shown
beyond question by cities and States have
been effectively restrained. but when the