"That it [the Wisconsin law] has effectually destroyed all future railroad enterprises, no one who is acquainted with its effect in money centers will for a moment doubt.... The whole amount received on the investment [Chicago, Milwaukee and St. Paul Railroad] for interest and cash and stock dividends, amounts to only six per cent. per annum of the actual cost of the property. I submit to your Excellency, and through you to the people of the State, whether this is more than a fair and reasonable return for the capital invested in these improvements. Is it not far below such reasonable amount? The best and most careful economists admit that no less than ten per cent. per annum should be allowed on such investments.... The directors of this company have at all times had a due regard to the interests of the public, and a desire to furnish transportation at the lowest possible figures, and, although not receiving a fair and reasonable return on their investments, they have for the last four years prior to 1873 steadily reduced their rates of freight and passengers from year to year, as will be seen from the following tables, showing the charge for freight per mile, and the average per mile for passengers for each year, from 1868 to 1873 inclusive: Charges per ton Average passenger rate per mile--cents. per mile--cents. 1864 .04 1868 .03 40-100 .03 86-100 1869 .03 10-100 .03 92-100 1870 .02 82-109 .03 85-100 1871 .02 54-100 .03 75-100 1872 .02 43-100 .03 54-100 1873 .02 50-100 .03 42-100