THE FARMER'S WAR AGAINST MONOPOLIES. 69 



of the Lake Shore road, that comparatively legitimate 

 and reasonable waterings should satisfy any one not 

 inordinately rapacious. 



" The Pacific Railroad furnishes a fine 



example of all these ingenious devices'. In speaking of 

 this enterprise it is not pleasant to adopt a tone of criti- 

 cism toward the able and daring men who with such 

 splendid energy forced it through to completion. It 

 was a work of great national import and of untold 

 material value. Those who took its construction in 

 hand incurred great risk, and at one time trembled on 

 the verge of ruin. This enterprise was to them a 

 lottery, in which they might well draw a blank, but, 

 should they draw a prize, the greatness of the prize 

 must justify the risk incurred. The community asked 

 them to assume the risk, and was willing to reward 

 their success. Success was thought to be well worth 

 all it might cost. At the same time the process of con- 

 struction afforded a curious example of the methods 

 through which fictitious evidences of value can be piled 

 upon each other. The length of the united road was 

 1919 miles, and the cost of construction was estimated 

 at $60,000,000. To meet this outlay a stock capital 

 was authorized of $100,000,000 for each of the two 

 great divisions of the line ; upon this, however, no de- 

 pendence was placed as a means of raising money ; it 

 was only a debt to be imposed, if possible, on the future 

 business of the country. A curious mystery hangs over 

 this part of the financial arrangements of the concern. 

 Probably not $20,000,000 ever has been, or ever will 

 be, derived from this source. The rest is very clear. 

 There was the Government subsidy of $30,000 a mile 

 and $30,000 a mile of mortgage indebtedness ; there was 



