The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-09-11

'IaUs which had hamp-r,Si the develop
men, IT larE scale business wer" suddenly
removed corporations. pools and trusts
multi lied m Cons'Qu "nCe and assumed
political and industrial Importance
unknown until then IN the United States
. ! he war created an un"Namplsd demand
Tor r'ady made clothing. packed meats
and other commodities which at the
beginning of ho-ti.iIi.s were a. rule
manufactured and consumed locally
Z What had formerly b.-en IN the main
/ household Industries were now trans
ferred To factories and factory products
entered into general a. well IA local
commerce. Interstate commerce. how
1 ever. was handicapped 10y the particular
i-tic legislation Of the individual states.
notably with reference To transportation.
banking and currency
Freedom 81 trade. the first essential
Of large scale business. did not exist
4 before IN. civil war In Philadelphia. to
quote Prof FitR. resident merchants
enjoyed practical monopoly % the trade
( 81 the city Drnmmers from the outside
offering gooda Tor sale within the city
limits were subject to- arrest and fine and
| imprisonment. and tho law was rigidly
enforced Agents Of Boston iobblng
houses were arrested in Maine and
treated with greater rigor than sharpers
or swindl-rs Boston itself enforced
such a law. aud so did Louisville and
Pittsburg 81 Louis passed an ordinance
requiring a heavy license from all drum
msrs doing business in that city who
Were not residents Of the state Laws
IN favor ~ resident merchants were
common in every state. and although
they were not always enforced they
could ~ invoked whenever outside
competition became keen
Transportation was slow and costly
owing Ia n multitude - State and MUM
cipal imp"Sts and regulation There
wer" tolls On bridges. roads and ferries
and tonnage taxes On railways Cities
like New Nork Boston and Baltimore
excluded steam locomotives from Ger
tain parts - the railway routes through
their limits In Philadelphia the Penn
sylvania Railroad trlVsr-si Market street
for = mile. where every car. passenger
~ we'll a. freight. was unCouplei and
taken m charge by gangs - mulete~rs.
each with team - a dozen mules Rail
wsv and river steamship mnnopoliss Gre
atei Nv individual states wer" not un-
common On" = these the camden and
Auhny Railroad m NsS Jersey, running
between New York and Philadelphia,
mad" Its'lt especially pdI"u- during N"
war lu IN" early N-. when railway
building over lrnR distances was a haz-
ardous enterprise IN" Nsw jersey Legs
aturs had granted O. the Camden and
Ambny complete monopoly of all rail
way transportation across the STATE be
tween New York and Philadelphia. In
return the company was ~ ray ~ the
state ~ cents Tor every passenger and
IS cents for every ton - freight carried
h"1w zen ~" two Citic. Later this tax
had been rornmutei for I On shares ~
stock. a holding which as a result ~ stock
divid"ras Wa Increased u , .88S shares
n. annual cazh dividend ~ 500 1O re-
r.ry"' ~ tho State was sufficient before
H. war cam" IN - pay tho debt - the
stat" ? prbvit" fpr the ordinary expenses
{ TO state government and - create
q surplus
Meanwhile contrary - lts stipulation.
the New jersey I.gislatur" had allowed
4 --rl"s Il small rpais TO be built, which
wh.u cons ritatrI after the war began
I..ram .. an ..T.rfiv" rival q tho Camden
mi Amhov Tor ~" New York and Phila-
r'alyha trufic Tho beW road known -
the delaware and Raritln. was at once
put mt up~ratipn Tor military purpo-a@
by "a" Secretary e War The step war
u..C..-s,rv. fpr the I'D road was unable
- reform all the services required -
y IN" emergency Wa pressing. but the
legal mpnopuly tp"k ur"nc" IL de- .
rnandei hat all the money - be- paid by
no government for services IN the illegal
road -h,ui b." pad - 10. and on ~"
niz,l - II, demand ~ carrl. IN" ca-A
G. the S-lt" curtis which 10y injunction
Il - up the intrud,ng road The Della .
war" aud Rlritan remained clo-ri for
the rest e ia" var
IN" action - tho Stlt" - New Jersey 4
IA upH l!iug III" Camden ard Amboy
rT.rt"i universal ind gnatInn Legally .
'ho state - attitId" was unasslIlabl-. hut /
p4hNr sentiment r"fu-a any longer - .
~. bound by a dOctrin. Of State rights I
which was contrary g. the public good .
Congress- M 1884 enaCt.-d a general law .
any continuous railroad in
any State g. carry goods and pas@enE gers !
from On. Common wealth TO another and !
- ,hargr for th. -ervic" The state ~
N..V Iarr'y surrendered and N" Camden .
and Ambpy promptly abs prb"i IT, legal ,
ilni cpmpetitI 4
StIll another obstacle IN the way Of .
utsr-t1t~ commerce. and consequently 4
81 larg" scale business was the absence ;
81 uniform currency and banking laws
There was a b"widering variety nf note .
--'Ic- ~ state banks II was Estimated 1
that the different kinds 81 hank notes
numbered 1850. - which o.GI had hsen /
counterfets-d. No one could possibly !
r"m-nl,~r the genuine forms " so many I
i--u.- and N spite ~ counterfeit de /
t-Ctor-- and reporter every merchant \
REFUSED 20 accept other notes than those !
wiih which he was familiar. generally B
notes ~ nearby hanks Exchange he .
tw'-'n cities was excessively high. In b
decd a. times It was impossible IN Chicago ,
Ia buy exchange on Eastern cities. 49, the /
local currency might d"preciat@ IN value
in the short interval necessary for the I
uf the trsI.zact ion To- the !
Fast
II was the heyday ~ wildcat banks. |