Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-02-08
To Sell the States Road
Would Be a Criminal Blunder

OF all the schemes by which special interests
have sought to pirate the Western and Atlantic
railroad, the boldest is their present propaganda
for the sale of this invaluable public possession.
Thwarted thus far in their plans to crush cap
ture the Western and Atlantic by means of
parallel and competing line designed solely for
that purpose, these interests are now convinced
that the State ought to get out of the railroad
business. The w. and A. solemnly told,
is a bone of contention and tange of strife; for
the sake of peace, if nothing else, it ought to be
sold to some accommodating private corporation.
If il were sold, the inspired argument continues,
the States whole indebtedness could be paid with
the proceeds and Georgia would be quit of
troublesome issue.
To the interests that are bent upon reducing
the rental of the Western and Atlantic under the
next lease or buying ii in at a bankrupt figure,
this proposal is very logical and engaging. But
to the average citizen and payer, it is audacious
and absurd. The States road is worth today be-
tween sixteen and twenty million dollars and if
duly protected and developed, it will be worth
vast deal more as the years go by 1t now yields
the public treasury annual income of little less
than half million dollars, and there is good rea-
son to expect that under the terms of the new
lease il will yield much 1t is of the
best revenue producers among all the railroads of
the South the nation. Considered merely as
piece of property, it is Georgia's richest posses
nothing short of a crime against the Common
wealth.
Because of its intrinsic value and its steady
rental income the Western and Atlantic railroad
is the bulwark of the States high credit. Geor-
gia's bonds among the soundest securities in
America. They are sought eagerly by the most
prudent investors. This is true very largely-for
the reason that they are guaranteed by the States
railroad With this great property collateral,
ALI mar
it needs and if developed and managed as it
should be- this property would yield income
sufficient within itself to pay the States bonded
debt Therefore to sell the Western and Atlantic
would be to surrender resource of credit which
never could be replaced.
It should be remembered, moreover, that the
public ownership of this road affords the State
an opportunity for regulating freight rates
and other transportation problems. Especially will
this be true if the Western and Atlantic is ex-
tended to the sea. Given adequate connection
with the water routes to and from the East, the
State road would become natural arbiter OF
freight tariffs in Georgia and thus would be of in
estimable value to our commercial and industrial
interests.
But if the road we're sold to a private corpora
tion particularly to such corporation as the
Louisville and Nashville railway, all these ad-
vantages would be wiped out And what should
have IN rocOmpenSe. Inc pTOCSSuS VI ILO SoAO
would be applied necessarily to the States bonded
debt and to obligations which ought to be cared
for by the regular tax income. Whatever amount
of money a sale might bring (and we may be sure
il would fall far below the roads real WORTH
would soon be swallowed up by clamorous demands
and special appropriations. Other bonded debts
would be incurred, other obligations would arise;
but the rich and steady source OF revenue for
meeting such needs would be gone forever. We
do not believe that there is any appreciable num-
Der of Georgans so shortsighted and reckless as to
part with a priceless and irreplacable investment
merely to get a lump of ready cash.
The Western and Atlantic railroad is not going
to be sold: and unless all the powers of the State
prove unavailing, its rights are not going to be
overridden nor it's interests undermined by the
schemes of an alien trust. The questions OF the
new lease and the future development of the West
ernern and Atlantic are now in hands of compe-
tent commission. Instead of surrendering this
magniicent property to the Louisville and Nash
Vile railway the State is more determined than
ever to protect it. to improve 1t and to make 1t or
continually greater value and service to the Com
monweaIth. That is the policy of patriotism and
common sense Any other course would be as dis
loyal and as unwise that of othello's base In
dian who threw a pearl away richer than all his
tribe