538 THE POPULAR SCIENCE MONTHLY. 



in these great interests will be jeopardized. The value of any invest- 

 ment depends entirely upon its earning capacity, or upon the benefit 

 or increase that can be realized from it. If the present or prospective 

 earning power of any property is impaired, then, in the same propor- 

 tion, the principal invested in the enterprise will be diminished in 

 value. Pi'oceed but a step further, and wipe out the revenue-produc- 

 ing capacity, and the total value of the investment is destroyed. These 

 points are so plain as to be almost self-evident, but yet there is danger 

 of their being overlooked or ignored. 



What will be the result if the prices for railway service and trans- 

 portation are to be controlled by the uncertain and often unintelligent 

 action of a bare majority of a popular body of legislators. If mem- 

 bers of Congress were all intelligent and conscientious experts, and if 

 railway legislation were free from the element of demagogism, the 

 case would be quite different. We are, therefore, forced to the con- 

 clusion that the time may be not far distant when not only the tariffs, 

 but the veritable vcdue of railway property will depend upon the whim 

 and caprice of a bare majority of the ever-changing politicians who 

 compose our national Congress. The railway interest of the country 

 may well shrink from a near view of the logical sequence to the so- 

 cialistic demagogism now so prevalent both in Congress and outside 

 of it. An increasing number of pseudo-political economists are advo- 

 cating governmental ownership of railways, among whom are found 

 a few prominent professors and clergymen, who are distinguished for 

 their voluminous theories, but whose ideas are destitute of any practi- 

 cal element. Any plan of transferring the vast railway interests of 

 the United States, with which our general prosperity is so bound up, 

 from business to jyolitical control, seems unworthy of candid considera- 

 tion. With assets of four billions added to spoils already too great, 

 to be fought over every four years by politicians, together with the 

 unlimited patronage connected therewith, the result would be certain 

 and utter corruption and demoralization. Many sentimental and vis- 

 ionary persons idealize the Government into a great infallible, all- 

 powerful personality, which makes no mistakes, and which can accom- 

 plish impossible things ; but the real Government is very unlike this 

 ideal. 



But let us return to the question. What are the proper limits of 

 railway legislation? Clearly within these limits may be mentioned 

 all such advisory powers and offices as are exercised so successfully 

 by the Massachusetts State Commission, including the protection of 

 the public by all proper moral, mechanical, and police restrictions and 

 regulations. To these may properly be added regulations against dis- 

 crimination, and the doing away with the abuses of the "free-pass" 

 system. On the other hand, the domain of prices and rates is dis- 

 tinctly and pi-operly outside of legislative jurisdiction, and, for the 

 general good, should be left subject to elastic natural laws. Price- 



