Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
For the sake of simplicity in the argument on this great point, we
will first look at what the facts are through recent illustrations
gathered by other parties for a wholly different purpose, and then
give in detail the economical grounds for these patent and universal
facts. Take for example, from Poor's Railroad Manual for 1889 a table
showing in a graphic way the steady reduction in freight charges per
ton per mile from 1865 to 1888 of seven representative Eastern trunk
railroad lines, namely, the Pennsylvania, Fort Wayne and Chicago, New
York Central, Michigan Central, Lake Shore, Boston and Albany, and
Lake Erie and Western; and of six leading Western roads, namely, the
Illinois Central, St. Paul, Burlington and Quincy, Chicago and
Northwestern, Rock Island, and Chicago and Alton. The following are
the figures:--
RATE CHARGES PER TON PER MILE (IN CENTS).
+------+----------+----------++------+----------+----------+
| Year.| Eastern. | Western. || Year.| Eastern. | Western. |
+------+----------+----------++------+----------+----------+
| 1865 | 2.900 | 3.642 || 1877 | .971 | 1.664 |
| 1866 | 2.503 | 3.459 || 1878 | .898 | 1.476 |
| 1867 | 2.305 | 3.175 || 1879 | .764 | 1.279 |
| 1868 | 2.132 | 3.151 || 1880 | .869 | 1.389 |
| 1869 | 1.860 | 3.026 || 1881 | .763 | 1.405 |
| 1870 | 1.593 | 2.423 || 1882 | .756 | 1.364 |
| 1871 | 1.478 | 2.509 || 1883 | .829 | 1.310 |
| 1872 | 1.504 | 2.324 || 1884 | .740 | 1.220 |
| 1873 | 1.476 | 2.188 || 1885 | .636 | 1.158 |
| 1874 | 1.332 | 2.160 || 1886 | .711 | 1.111 |
| 1875 | 1.161 | 1.979 || 1887 | .718 | 1.014 |
| 1876 | .985 | 1.877 || 1888 | .609 | .934 |
+------+----------+----------++------+----------+----------+
This reduction of rates in the case of the group of Eastern roads has
amounted to 79 _per centum_, and in the Western group to 73 _per
centum_, in the twenty-four years. Not less remarkable than the extent
of this decline in freight charges per mile is its uniformity. Both
groups show a wonderful steadiness in the progress of rate reductions.
Starting at quite different points as to territorial development, they
have yet travelled at a nearly equal pace in the same direction. This
shows the operation of causes at once steady and universal. Statistics
can never of themselves yield us _causes_; but they guide the way to
them; at any rate, they prevent any radical misinterpretation of them.
The great and overshadowing cause here of the cheaper freights per
ton, as everywhere else of cheaper rates at the junction of efforts
by capitalists and laborers, is of course the perpetual and augmenting
and ever-gratuitous assistance of natural forces at every point.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account