Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-03-21
Trying to Pirate the w. and A.

~ IGhS 81 ~ LIC IHG w ana n.
Divers emIsssries and dependents OF the Louis
vile and Nashville Railway Company are protesting
clamorousy that the State of Georgia commits a
grieyous wrong in owning a railroad and in seeking
to protect it, II shocks their of private priv
iege to see the public In control OF revenues and
resources which are coveted by lordly corporation
They blink the fact that the State road was built
by public funds in the days OF the pioneers when
private capital could not or would not adventure
such an enterprise. II oends them to the soul that
the Commonwealth should attempt to safeguard
this heritage against the schemes of special and
alien interests. They panied particularly by
the so-called Anti-Paraleling act which stands
athwart the plans of the L. and n. to undermine the
trafnc and destroy the value of the Western and
Atlantic. Accordingly. they have begun a steaIthy
propaganda for the sale the States most precious
and most profitable possession.
1t is quite natural that persons in the service of
the L. and \. should urge this proposition But
how can citizens with the common welfare of Geor-
gis at heart approve it? How can taxpayers whose
interests directly and vitality at stake consent 20
part with investment which has yielded the pub
lie treasury millions in the past, which will yield
millions in the future, and which, once lost can
never be replaced? A certain amount of "senti-
ment' can be manufactured, no doubt but il is
inconceivable that the thoughtful, patriotic major
ity of Georgians would sanction the surrender
Of a priceless birthright for mess of pottage.
The Western and Atlantic railroad is now worth
between sixteen and twenty million dollars; duly
protected and developed, it will worth vast deal
more in the years ahead II now nets the State All
annual income of nearly half million dollars and
under the terms of new lease il should yield con-
siderably more. 1t is among the best revenue pro-
ulcers of all the railroads in the South or the
nation. Considered merely as a piece of property
Il is the States richest asset. To part with such
treasure would be criminal folly.
IL should be remembered, moreover that be-
of its intrinsic value and steady rental in
eome the Western and Atlantic railroad is the bull
wark OF the States high credit. Georgia bonds are
rated among the soundest securities in America
They sought By the most careful investors
This is true very largely for the reason that they
guaranteed by the States road. With this
great property collateral. the State can borrow
at low interest all the money it needs Therefore
to sell the Western and Atlantic would deprive the
State of an invaluable basis of credit
II the road were Sold the proceeds necessarily
would be applied TO the payment of the States
bonded debt for there is a Constitutional mandate
TO this effect. Whatever amount of money the sale
might bring land We may be sure that in present
circumstances it would fall far below the roads
real WORTH would be swallowed up in instant de-
mands dissipated in special appropriations
other debts would be incurred, other obligations
would arise; but the rich and steady stream of
revenue for meeting such needs would be gone for
ever. No stable business would sell a profta-
BILE Investment, which he could not replace. merely
to get lump of cash. The State of Georgia cannot
afford to sacrifice bounteous source of revenue
and the handspring of its credit merely serve the
interests of the L. and n. road.
Let us not be deceived as to the animus behind
this propaganda. There are, to be sure, honest
minded and DISTINGUISHED persons who per-
suaded that the road could be sold to advan-
tage. But the loudest and most insistent clamor
to that end comes from mouths whose bread is but
tered by the corporation which is bent upon ruling
or running the Western and Atlantic.
The Louisville and Nashville Railway Company
attempted first to build a parallel and competing
line to the States road Having been thwarted, for
the time being least. in that design. it started
agitation for the sale of the States road Its
emissaries represent il wOefully prosecuted
corporation which wants to develop Georgias re-
sources but which is hindered from doing by
the anti-paralleling law. Everyone familiar with
the facts knows that that timely measure en-
acted TO save the Western Atlantic from threat
eued ruin, and that there divers ways by which
the l. and " can get entrance into Atlanta without
jeopardizing the safety of the States line. There
is no demand excuse for another railroad in the
territory served by the Western and Atlantic; In
deed that territory cannot support two railroads.
Therefore, in fOrbidding the construction or new
line parallel to the Western and Atlantic. the
Legislature in no wise trenched upon the rights or
interests of private capital simply protected the
rights and interests of the State and the people
Yet, the propagandists of the L. and n. are
whining that this corporation. notorious for it's
defiance of public rights. is being wronged ptiably
wronged: and that the States road should be sold.
lest it assume the aspect of dangerous monopoly,
The motive back of such appeals is too transparent
TO deceive anyone who will observe and think The
T. and N is trying pirate the States road. II is
scheming to buy invaluable piece of property at
a bankrupt price. But IL there is any wisdom and
Justice in the shield of this Commonwealth, that
assault upon its welfare will be repealed.