MR. MIDGLEY S ARTICLE CONTINUED. 433 



Would be our downfall if passion were to displace experience. 

 Misguided and rash attempts have been often made to decree 

 a schedule of rates, but the statesmen conceded their ina 

 bility, and were wisely willing to let those who had grown 

 up with the system, and mastered its principles, decide what 

 is a reasonable rate. 



Forced to admit the failure of legislation, &quot;the dissatisfied &quot; 

 demand that government shall purchase the railways. Per 

 haps the corporations would not seriously object, for it is 

 very probable they would be the greatest gainers by the 

 transfer. Is it at all likely that government officials of the 

 stripe we now have would possess superior fitness for rail 

 way management ? Economy is our pressing want. Is it a 

 distinguishing trait of the Caseys, Murphys, Butlers, et al f 

 The proposition premises that the State would lease the 

 railroads. In that event the lessees would have to be respon 

 sible parties, who could give ample security. This would 

 necessitate their being either stock companies or wealthy 

 capitalists. In either case, they might be inexperienced in 

 railroad affairs, which would doubtless cause the control to 

 fall upon the old working force, thereby increasing the num 

 ber of salaries and adding materially to the necessary oper 

 ating expenses of the lines. 



Besides, the lessees would incur risks. Should the net 

 earnings exceed the rent, the surplus would afford a toler 

 ably good dividend upon their comparatively small invest 

 ment ; but should the results be reversed, they would have 

 no dividend whatever. Therefore, it is certain the lessees 

 would accept the risk only at a rental insuring them against 

 loss, but so low as not to reimburse the State for the outlay 

 in purchase. Neither is it likely the lessees would cramp 

 their operations by agreeing to reduce rates, irrespective of 

 the course their own interests would dictate; consequently, 

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