144 
STATE AGRICULTURAL SOCIETY. 
If two railroads in our state, with their rolling stock, build¬ 
ings, fixtures and other property pertaining to them, are 
private property owned, operated and used by the respective 
companies “ybr the exclusive henefit and advantage of the stock¬ 
holders^^ of the respective companies, then they may. as easily 
and as legally, be consolidated, as two farms owned by two 
individuals may be changed from individual to joint owner¬ 
ship. As soon as a railroad is declared to ho, private property^ 
all the consequences of private property attach to it; and it may 
be operated or abandoned, kept or sold, at the option of its 
owners. In other words the public have no control over it, 
and the owners have a right to operate it without the slightest 
regard to the interests of the public; which they will be cer¬ 
tain to do. Consolidation will destroy competition ; and then 
the capitalist can exact just what he pleases for transportion 
of commodities, which of course, must be paid by the producer 
It is evident, that at any rate of toll above a fair profit upon 
the amount of capital actually in'.^ested in railroads, is an un¬ 
just exaction which should be restrained by law, if any power 
exists to restrain it. It is further evident that if the doctrine 
be conceded that our railroads are mere private property, and 
legislatures powerless to control them, the grossest abuses and 
oppressions will follow. Mo.^t civilized countries regulatqthe 
rate of interest by penal laws; visiting severe penalties upon 
the capitalist who takes advantage of the necessities of the 
borrower. But there is infinitely more need of legislation 
here. Loaning money is a thing within the power of any 
private citizen* having money; he needs and obtains no legis¬ 
lative franchise, or monopoly of the loaning business. Com¬ 
petition is therefore certain to exist; and this, of itself, is 
thought by many, to be a sufficient protection against the ex¬ 
tortion of lenders. But how does it stand with capital invested 
in railroads ? In the first place, the company has a monopoly 
The state has clothed it with corporate power and immunities. 
The farmer must export his produce over the railroad, because 
there is hut one. Every man does not own a railroad; every 
man could not operate it, exacting tolls from the public, if he 
