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Transactions Texas Academy of Science. 
entire — even contemptuous — and utter disregard for the rights of per- 
sons and communities. Discriminations of all kinds were carried on. 
Systematic methods of oppression were invoked against all who bowed 
not humbly before the decrees of unscrupulous agents, or shared 
not the spoils of discrimination with them. At the nod of a railroad 
manager, a merchant or broker could be made a millionaire or a pauper. 
Cities and towns prospered or were wrecked at his pleasure. 
This abuse of prerogatives, conferred on them by a fair-minded and 
generous people, precipitated in the early seventies what was known as 
the “Granger” movement, which sought to regulate the rates, methods 
of operation and political relations of the railroad companies by legisla- 
tion. The latter claimed that they were entitled to make such charges 
for the transportation of freight and passengers as would enable them 
in addition to paying expenses of all kinds, to pay interest on all bonded 
indebtedness and fair dividends on all stock. The people contended that 
they had the right to make only such charges as would enable them to 
earn a reasonable rate of interest on the actual value of the properties 
besides the cost of operation, maintenance and management. In other 
words, the railroad companies argued “that the commerce of the coun- 
try must be taxed so as to reimburse them for all losses by improvident 
contracts, extravagance and shrinkage of values from whatever cause 
and from the effects of accidents and mistakes which may have entailed 
cost upon them, and to pay dividends on all stocks and bonds fraudu- 
lently issued.” In regard to this contention Judge John H. Reagan, 
chairman of the Texas Railroad Commission says: “This proposition 
would seem so monstrous as not to call for argument or demonstration, 
and it is constantly made in behalf of corporations which represent 
eleven billions of dollars, including the fraudulent stocks and bonds and 
which are operated by nearly a million active, intelligent men, and con- 
trolled by thousands of the best business men of the country, and repre- 
sented in the courts of the country and in the lobbies and halls of legis- 
lation by as many more of the ablest lawyers and most expert lobbyists, 
thus presenting a combination of wealth and power which may well 
cause every thoughtful and patriotic citizen to feel the most anxious 
solicitude for the future of our governments, Federal and State, and for 
our free institutions and the liberties of the people. Neither this nor 
any other government has ever taken upon itself or imposed on its peo- 
ple the protection of any class of property against such losses as may 
have arisen from improvident contracts, extravagance, the shrinkage in 
its value, or the, results of mistakes or accidents. Nor has this or any 
other government, nor will any just government, force its people to pay 
dividends on stocks and interest on bonds fraudulently issued.” 
That the people were not ungenerous in their contentions nor inclined 
