officials were dispensed with; many of whom under the former regime, not only drew salaries for supposed services, but absorbed besides in various mysterious ways, vast wealth that of right should have gone to the stockholders. The total mileage of the railroads of the U. S. in 1893 was 173,370 Total capital stock $5,021,576,551 Total bonds 5,510,225,528 Total actual cost $45,000 per mile 7,801,650,000 Total earnings, one year 1,208,641,498 Total net earnings 358,648,918 Amount of the railroad consols to be issued in payment of the R. R. 8,160,300,000 Annual interest on same at three per cent 244,809,000 Surplus of railway income after paying interest on railroad consols to be applied to sinking fund 113,839,918 Amount of sinking fund after twenty years to be used in the extinction of one-fifth of the consols 1,632,060,000 Net income of roads increased to 400,000,000 Surplus to be used in betterments 41,351,082 (The above figures I have worked out to accord with the Professor’s suggestions—as he did not give details. I have put the average value of the roads at $45,000 per mile which is much more than it would cost to replace them.) “I suppose,” said I, “that these bonds, especially those of the lower denominations would circulate to some extent as currency.” “They did, and those of the $1,000 denomination were used as the basis of paper currency. But now at the close of the twentieth century over half of these bonds have been retired and the currency based upon them withdrawn. The railroad, telegraph, transportation, express, and car companies have all disappeared and the entire business is conducted by the general government. All of the roads will soon have been entirely paid for and the rates for the transportation of passengers, goods and messages are reduced almost to actual cost of the service including wear and tear. You would doubtless be surprised by the schedule of prices. For example, passenger rates for ten miles or under three cents, 20 miles five cents, 50 miles ten cents, 100 miles fifteen cents, 200 miles 25 cents, 500 miles 50 cents and greater distances at the same rate provided it is a continuous ride in the same train.” “In my time,” said I, “electricity was being introduced as the motive power on railways. Did it prove successful?” “It did, eminently so, and entirely superseded steam locomotion, although steam stationary engines were used principally, throughout the century. But when we come to look forward into the twenty-first century, we shall find some remarkable changes. But we have not reached that yet.”