Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-12-18
THE VOICE OF
THE PEOPLE
Problem of the Railroads-Urges
Single Tax as Medium of
Real Patriotism
To the Editor ojthc Ererjng Public Lcdgcr?

To the Editor Of the Erering Public Lcd0eE
Sr--The railroads are certainly up against
1t. with their employees asking moro wages,
with insufficient ready money to make neces-
sary improvements and extensions and with
their profits possibly lessened by the actions
of the bewildering array of price-fxing and
other regulating boards and commissions.
That the Government should be back of
the financing of the railroads seems to be
the proper idea, but this arrangement should
not be made without a definite declaration
of a platform, and l have two planks in
mind as a start for the structure:
First The railroads should be left abso-
utely free to fix rates OF transportation.
etc, and not be nterfered with by national
and State legislation.
Second. The railroads should guarantee
the payment of tho highest possible wages
in all departments; TO increase wages as
business warranted to allow their employees
to organize in any way they desired The
employees on their side should guarantee not
to strike until all grievances had been thor
oughy investigated and arb.trated, and then
give three months notice of strike.
With these planks as a foundation. the
railroads and the Government could get to-
pether and arrange the financial program.
Let us say that an agreement was reached
whereby the Government would finance the
roads on the following basis
All present forms of securities and other
ties limited to one single uniform stock cer-
tificate. guaranteed to be redeemed In cash
on demand, at par or at the market price, as
arranged The roads to be allowed to capi-
talize all the water they could maintain
ment would hold half of the stock securities
issued as security and would generally act
as a trustee for the roads In the financing
Of a new line the Government would become
absolute owner of one-half of the new COM
pany was able to maintain its capital pay
able in cash on demand turn over the profits
of the transaction to its owners. The equiva-
lent to a years dividend on railroads
redemption of securities. even under private
management, and the Government could more
easily guarantee the redemption.
In raising money for extensions, etc, the
Government could sell its own securities or
the securities of the roads, which ever there
was the best market for. OF course. the
securities of a good dvidend-paying road
would And quick markets. The Government
should nut all its own forms of Indebtedness
into a uniform certificate payable in cash on
demand.
The extension of the same IDEA to States
and cities, with States financing State cor
norations and with cities financing building
onsrations, would soon result In business
heinR on a cash basis. Maintaining corpora.
ton capital payable In cash on demand. as
banks pay deposits on demand. would grad.
uaiiy prevent the capitalization Of land
values. wages would rise to the maximum
which would be when wages paid to labor
would allow labor to buy back all II pro-
duced, including capital.
Anv financial legislation that does not
rsalize this fact-the total wages of labor
,nust be SUFFICIENT to allow labor to buy
hack ALI It produces-.s bound to be a fail.
ure A years business Of any country ID
limited to the amount Of money that is paid
in wages In that year.
ANTHONY. r. CRowELL.
philadelphia, December II.