Railroads: Rates and RegulationsRipley, William Zebina
History
Railroads: Rates and Regulations
Ripley, William Zebina
Railroads -- Freight -- Rates -- United States; Railroads and state -- United States
Alabama $15,800,000
Arkansas $7,100,000
Delaware $600,000
Florida $4,000,000
Georgia $4,000,000
Illinois $12,000,000
Indiana $1,800,000
Kentucky $200,000
Louisiana $7,700,000
Maryland $6,800,000
Massachusetts $41,000,000
Michigan $3,200,000
Minnesota $2,200,000
Missouri $31,700,000
New York $5,400,000
North Carolina $11,400,000
Ohio $500,000
Pennsylvania. $12,700,000
South Carolina $5,700,000
Tennessee $34,100,000
Texas $4,800,000
Virginia $15,400,000
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Total (approximately) $228,500,000
United States:
Bonds $64,600,000
Interest to 1887 $114,000,000
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$400,000,000
Municipal and local $300,000,000
------------
$700,000,000
A true estimate of the proportions of this public aid recognizes, of
course, that many of these grants possessed only a nominal value.
The eighty-mile line in Texas, cited by Potts as the recipient of
588,000 acres of land, was glad enough to dispose of them for sixteen
cents an acre. Stickney mentions a Minnesota half-breed member of the
legislature who took ten dollars in cash for his vote on a railroad
bond subsidy, rather than $100,000 in capital stock. But, on the other
hand, if the land or bonds had little value, the roads themselves
were actually laid down at a very low cost. It was the proportion of
public aid to total real investment which was significant. Wisconsin
to 1874 had officially subsidized its roads to the amount of over
$21,000,000, including lands at three dollars per acre. This sum was
sufficient to have met one-half the legitimate cost of construction of
the properties then existent. Reliable evidence[24] tends to show that
the state and National governments, up to 1870, had pledged themselves
one way or another for a sum equivalent to one-fifth of the cost of
construction of the 47,000 miles of line then in the United States.
And approximately another fifth, at the very least, must have been
contributed from local and municipal sources.
Public-domain text, read in full here on John Shaqi.
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