Monopolies -- United States; Railroads and state -- United States
To show more fully the extent to which the people are being plundered
under the plea of assisting railroads in their efforts to develope the
country, we desire to direct the reader's attention to some of the acts
of congress covering "railroad legislation." Let us, for an example,
take the Union and Central Pacific railroad, beginning at Council Bluffs
and terminating at San Francisco. The charter for this road was granted
in 1862, at a time when the country was at war; when it would be natural
to presume that the government had no surplus capital, and when reason
and common prudence demanded strict integrity and rigid economy in every
department. In chartering the company, all idea of economy, integrity,
or even _common honesty_ seems to have been abandoned. The demand for
the road as a national necessity in time of war, for direct
communication between the Atlantic and Pacific states, and the immense
cost of the road, with its great length, were the arguments used in
favor of liberal aid. All these reasons were plausible--perhaps valid.
They were seized upon, and the action of congress besought in the
premises by a ring that was formed for the purpose of making immense
fortunes out of the enterprise. A noticeable feature in the matter is,
that members of congress, in the senate and house, as soon as the act
was passed granting the charter, became large stockholders and managers
in the corporations. The aid granted by congress to this company was
sufficient, if honestly applied, to construct a double track road the
entire distance, and leave a large margin for distribution among the
stockholders. The act of congress granting the charter, with subsequent
amendments, opened a wide field for plunder, and the way the corporators
availed themselves of their opportunity shows that they had determined
to plunder the people of the last available dollar. A reference to this
act and amendments, as published by congress, will fully sustain all we
have asserted. Selecting the charter of this road as an apt illustration
of all others receiving aid from government, we ask the reader's
attention to some of its more remarkable features.
CHAPTER II.
THE PACIFIC RAILROAD INIQUITY.
On the first day of July, A. D. 1862, the charter of the Union Pacific
railroad was passed. It contains, among others, the following
provisions, to-wit:--
Public-domain text, read in full here on John Shaqi.
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