EAILROADS AS PROTECTED MONOPOLIES. 467 



lords, who, in reality, are able to compete with any nation 

 on earth on equal terms. Almost every man and woman in 

 the nation, however poor, now uses tea or coffee as one of 

 the necessities of life, and ought to use as much, nay more, 

 per individual, than the rich. They are obliged to pay an 

 enormous tax for this privilege, and we have not the poor 

 excuse to offer that it is protecting American industry. 



On the other hand, the money changer buys up govern 

 ment bonds, upon which he pays no tax but receives interest. 

 Depositing these again with the government, he is allowed 

 to issue notes to nearly the amount deposited, and upon 

 these notes he received the full interest which he may be 

 able to grind out of the necessities of the people, besides the 

 profits from the wear and tear of his paper currency (some 

 times amounting to ten, fifteen, or twenty per cent.), and 

 the discount thereon as compared with gold. He then uses 

 the moneys of his depositors to speculate with. The his 

 tory of commercial convulsions shows that usually it is not 

 forthcoming when most wanted. 



RAILROADS AS PROTECTED MONOPOLIES. 



A railroad corporation is granted a vast area of the public 

 domain, more than sufficient to build the road; nay, the 

 government subsidizes it besides with a grant of large sums 

 of money per mile. In return, and with the very moneys 

 thus donated, the management corrupt our public men, that 

 they may still further bind their fetters about the people. 



Or, a railway is projected through a country already 

 thickly settled. It is given the right of way, and, perhaps, 

 subsidized to the extent of from $10,000 to $75,000 by the 

 townships and cities through which it runs. The company 

 has a monopoly of the carrying trade, necessarily so. In 



