60 
ILLINOIS STATE DAIRYMEN’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 goo , an 
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. Bights imply corresponding duties and 
obligations. Corporate rights are given to the few, that the many, as we 
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 
a<'gr«rate of wealth invested, of all the rights of individuals and of prop¬ 
erry, yet, as these works have been constructed for private gam, 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 y 
the process of watering, when through prosperous times or too high rates, 
I 
