172 THE FARMER AS A BUSINESS MAN. 



ably set aside as unreasonable, as they doubtless should have 

 been. Legislatures can now deal only with tariffs within the 

 state, which are doubtless, however, of great importance. 



There are many who favor government ownership of all 

 railroads. This would doubtless remove the abuse of passes, 

 the evil of stock jobbing in railroad securities, corruption in 

 aid of private interests, and discrimination between individ- 

 uals. It would not, however, remove the conflict between 

 local and industrial interests, which causes most of our trouble. 

 It would merely transfer the combat to the halls of the Legis- 

 latures, and the private offices of officers appointed by we 

 know not what influences. It would involve an indebtedness 

 of several billions of dollars,* upon which interest must be 

 paid, whether earned by the properties or not, and an increase 

 in the number of employees of the nation to the number of 

 nearly a million. If the eight-hour day were insisted upon, 

 and the scale of wages fixed as in other government employ- 

 ment, the number of employees would be largely increased, 

 and with it the cost of transportation. Of course it could not 

 all come at once, and I have such confidence in the common 

 sense and executive ability of our people that I feel confident 

 that the gravity of the situation would compel soberness in 

 dealing with it, and tliat we should evolve a competent and 

 effective service. It would take a long time, cost a great deal 

 of money, and many lives, but we should do it. Frankly, 

 however, as a business proposition, I am unable to see much 

 wisdom in buying what we can control without buying. At 

 any rate it will be time to discuss the matter when seriously 

 presented in concrete form, by men who understand the sub- 

 ject. We can buy the roads whenever we decide that we wish 

 them. Most railroad owners would prefer United States three 

 per cent bonds to their present railroad securities, and the val- 



* It is hard to say how many billions. As stated on pages IGl , 102, the rail- 

 roads of the country, in 1896, paid dividends and interest to the amount of $337,- 

 227,538. This, at 3 per cent, represents a capital of $11,240,917,933, which is 

 $1,496,518,001 more than the total alleged capitalization of all the roads- 

 watered stock and all. Capitalized at 4 per cent, it represents $8,215,356,725. 

 Capitalized at 5 per cent it represents $6,744,550,700. Capitalized at 6 per 

 cent it represents $5,620,458,966. It is a tidy sum, at all events. 



