236 THE GRANGER MOVEMENT 



the period were at least as great in the four Granger states 

 Illinois, Wisconsin, Minnesota, and Iowa as in four other 

 western states Indiana, Michigan, Nebraska, and Missouri, 

 or in six representative middle states, or ten representative 

 southern states. 



It might seem from this that the railroad claims are completely 

 refuted. There are, however, a number of other points to be 

 considered. In the first place, in several of the states which are 

 used by Mr. Detrick for comparison with the " Granger states," 

 there were vigorous agitations for railway legislation of the 

 same sort and Missouri actually enacted a Granger act in I875. 1 

 If the Granger laws did affect the prosperity of railroads and the 

 confidence of the people in them at all, it is probable that that 

 effect was nearly, if not quite, as great in neighboring states 

 where similar agitations were under way, as in the states which 

 had actually passed the laws. There seems to be sufficient 

 evidence to justify the claim that the Granger agitation did tend 

 to make capitalists, and especially European capitalists, hesitate 

 about investing money in western or perhaps in any American 

 railroads. 2 If so, however, it is probably true, as ex-Governor 

 Larrabee of Iowa asserted, that this was caused rather by the 

 alarm sent forth by the railroad companies and their sympathiz- 

 ers than directly by the laws themselves. 3 There is no doubt 

 but that the nature and effect of the laws were greatly, and 

 probably intentionally, exaggerated, and the Nation did not 

 hesitate to advise capitalists to refrain from investing in western 

 railroad securities. 4 The contemporary business depression, 

 however, which followed in the wake of the panic of 1873, together 

 with the exposures of fraud in railway financing, were of so much 

 greater influence in causing lack of confidence in railway securi- 

 ties, that it is impossible to reach any very definite conclusions 



1 See above, pp. 194-196. 



2 Chicago Tribune, 1873, June 7, p. 5, June 28, p. 3; 1874, July 20, p. 4; Nation, 

 xvi. 384, 397, xvii. 218, xviii. 293, xx. 53, 338, xxi. 157 (1873-75). 



3 The same idea was expressed by Governor Taylor of Wisconsin in his annual 

 message, January 15, 1875, in Governor's Message and Accompanying Documents, 

 i. 28-30. 



4 Nation, xx. 190, 242 (March 18, April 8, 1875). 



