Monopolies -- United States; Railroads and state -- United States
By the acts of congress granting and amending the charters of the
Pacific railroad companies and branches, it is made the duty of the
president of the United States to appoint five directors, "who shall be
denominated directors on the part of the government," and these acts
forbid such directors being stockholders in said Pacific railroad
companies. It is made the duty of these government directors to exercise
a general supervision of the Pacific road and branches, and to report
its condition from time to time to the secretary of the interior. In
contemplation of law they are to have no pecuniary interest in the
companies or in the roads. The present government directors are B. F.
Wade, of Ohio; Hiram Price, and J. F. Wilson, of Iowa; J. C. S.
Harrison, of Indiana; and D. S. Ruddock, of Connecticut. By act of
congress of June 2d, 1864, the Cedar Rapids & Missouri River railroad
was authorized to connect with the Iowa branch of the Union Pacific
road, and sections fifteen and sixteen of the acts of July 2d, 1864,
place all roads connecting with the Union Pacific on an equality as to
charges for freights and passengers, and permits them to consolidate if
they elect so to do. The Cedar Rapids & Missouri River company has
leased its road to the Chicago & Northwestern company, and it is
operated in connection with the Union Pacific, uniting with it at
Council Bluffs, and it virtually becomes a branch of the Union Pacific
road. The reader can look over the list of directors, as shown in the
_Railroad Manual_ before referred to, and learn if any of the government
directors of the Union Pacific are directors in the Cedar Rapids &
Missouri River company. The reports made of the cost, condition, and
other matters connected with Pacific railroad enterprises, disclose such
utter disregard of the rights and interests of the people, and such a
gross betrayal of the public good for the benefit of a ring (in part a
congressional ring) as to leave it without precedent.
The fact that the men who formed this ring have become a powerful
moneyed aristocracy, able by their votes and influence in congress to
convert the public lands and money to their own use, and are now boldly
taxing the people with the interest on the money appropriated to build
up these oppressive monopolies, should arouse the country to a sense of
its imminent peril.
CHAPTER IV.
HOW CONGRESS BETRAYED THE PEOPLE.
Public-domain text, read in full here on John Shaqi.
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