He came to the young State of Iowa before any railroad had reached the Mississippi. Engaging early in manufacturing, he suffered all the inconveniences of pioneer transportation, and his experience instilled into him liberal opinions concerning railroads and their promoters. He extended to them from the beginning all the assistance in his power, making not only private donations to new roads, but advocating also public aid upon the ground that railroads are public roads. As a member of the Iowa Senate he introduced and fathered the bill for the act enabling townships, incorporated towns and cities to vote a five per cent. tax in aid of railroad construction. He favored always such legislation as would most encourage the building of railroads, believing that with an increase of competitive lines the common law and competition could be relied upon to correct abuses and solve the rate problem. He has since become convinced of the falsity of this doctrine, and now realizes the truth of Stephenson's saying that where combination is possible competition is impossible. It is the object of this work to show that as long as the railroads are permitted to be managed as private property and are used by their managers for speculative purposes or other personal gain, or as long even as they are used with regard only for the interest of stockholders, they are not performing their proper functions; and that they will not serve their real purpose until they become in fact what they are in theory, highways to be controlled by the government as thoroughly and effectually as the common road, the turnpike and the ferry, or the post-office and the custom-house. This book has been written at such odd hours as the author could snatch from his time, which is largely occupied with other business. He is under obligations to many of our ministers and consuls abroad for statistics and other valuable information concerning foreign railroads, as well as to a number of personal friends for other assistance, consisting chiefly in rendering the railroad literature of Europe accessible to him. WILLIAM LARRABEE. _Clermont, Iowa, May, 1893._ CONTENTS. I. HISTORY OF TRANSPORTATION 17 II. THE HISTORY OF RAILROADS 46 III. HISTORY OF RAILROADS IN THE UNITED STATES 76 IV. MONOPOLY IN TRANSPORTATION 90 V. RAILROAD ABUSES 124 VI. STOCK AND BOND INFLATION 163 VII. COMBINATIONS 189 VIII. RAILROADS IN POLITICS 205 IX. RAILROAD LITERATURE 231 X. RAILROAD LITERATURE--_Continued_ 273 XI. RAILROADS AND RAILROAD LEGISLATION IN IOWA 319 XII. THE INTERSTATE COMMERCE ACT 349 XIII. THE RATE QUESTION 370