60 ILLINOIS STATE DAIEYMEN's ASSOCIATION. 



charged ; or that he should be obliged to drive his stock or move his freight 

 for miles to a station of low rates, when it could be just as easily taken at 

 a nearer one, and it is not easy to convince him that there should not be 

 found some remedy. We all know how frequently through-freights are 

 taken in preference to local, and often at unremunerative rates, for which 

 loss the local business is made to compensate. 



Third, and most important : Producers ask such rates as shall give a 

 just return on a fair amount of capital, fairly invested and fairly and 

 economically managed. 



As a general principle of justice, I think no one will deny the correct- 

 ness of this position, either as applied to individuals, corporations, or the 

 public. It is the principal of a fair exchange ; a mutual benefit at a fair 

 mutual cost. And if there are legal or technical difficulties at present 

 intervening to prevent its application, the equitable claim is still good ; and 

 I believe the legal maxim that every wrong has its remedy, will eventually 

 hold true and apply to this case. Whenever we approach this subject we 

 are reminded of vested rights. Kights imply corresponding duties and 

 obligations. Corporate rights are given to the few, that the many, as well 

 as themselves, may be benefitted thereby, and in due proportion — not to be 

 used for oppression and injustice. 



And while fully recognizing the immense value of these works to the 

 country, their blessing to the world, while duly regardful of the large 

 aggregate of wealth invested, of all the rights of individuals and of prop- 

 erty, yet, as these works have been constructed for private gain, just as men 

 engage their capital in agriculture, manufactures, or other pursuits, I see no 

 special claim for consideration, or why we have not the same right to seek 

 redress for wrongs through the press, public opinion, legislative action, and 

 the law, as in other cases. And no one who understands the subject can 

 claim that we are at the present time receiving, generally, rates according 

 to the rule I have laid down. In the first place, the nominal cost or capital 

 basis on which returns are claimed ,is generally far beyond the real one- 

 This is the result of a variety of causes ; sometimes of bad judgment in the 

 lecation of roads, or ignorance and incompetency in their construction ; 

 sometimes to reckless extravagance, often to large sacrifices on securities 

 from deficiency of proper real capital on which to base a credit, too often 

 from corrupt rings and " credit mobiliers," speculating out of construction 

 or management, dividing large quantities of stock, as profit, or for corrupt 

 offices for which only imaginary services have been rendered ; often again by 

 the process of watering, when through prosperous times or too high rates. 



