When the paper published in the February ARENA, entitled "The Farmer, the Investor, and the Railway," was written, the writer was not ready to accept national ownership as a solution of the railway problem; but the occurrences attending the flurries of last autumn in the money markets, when half a dozen men, in order to obtain control of certain railways, entered into a conspiracy that came near wrecking the entire industrial and commercial interests of the country, having shed a lurid light upon the enormous and baleful power which the corporate control of the railways places in the hands of what Theodore Roosevelt aptly termed "the dangerous wealthy classes," has had the effect of converting to the advocacy of national ownership not only the writer but vast numbers of conservative people of the central, western, and southern States to whom the question now assumes this form: "Which is to be preferred: a master in the shape of a political party that it is possible to dislodge by the use of the ballot, or one in the shape of ten or twenty Goulds, Vanderbilts, Huntingtons, Rockefellers, Sages, Dillons, and Brices who never die and whom it will be impossible to dislodge by the use of the ballot?" The particular Gould or Vanderbilt may die, as did that Vanderbilt to whom was ascribed the aphorism "The public be damned," but the spirit and power of the Goulds and Vanderbilts never dies. OBJECTIONS TO NATIONAL OWNERSHIP. The objections to national ownership are many; that most frequently advanced and having the most force being the possibility that, by reason of its control of a vastly increased number of civil servants, the party in possession of the federal administration at the time such ownership was assumed would be able to perpetuate its power indefinitely. As there are more than 700,000 people employed by the railways, this objection would seem to be well taken; and it indicates serious and far-reaching results _unless_ some way can be devised to neutralize the political power of such a vast addition to the official army. In the military service we have a body of men that exerts little or no political power, as the moment a citizen enters the army he divests himself of political functions; and it is not hazardous to say that 700,000 capable and efficient men can be found who, for the sake of employment, to be continued so long as they are capable and well-behaved, will forego the right to take part in political affairs. If a sufficient number of such men can be found, this objection would, by proper legislation, be divested of all its force. At all events no trouble from such a source has been experienced since Australian railways were placed under control of non-partisan commissions, such a commission, having had charge of the Victorian railways since February, 1884, or a little more than one term, they being appointed for seven years instead of for life, as stated by Mr. W. M. Acworth in his argument against government control.