Standard Oil Company; Trusts, Industrial -- United States
But it was seen immediately in America, as in England, that the new
institution could not be left in the uncontrolled hands of individuals.
It created simultaneously two revolutions, each one of the most
momentous in modern civilization. It made the steam-engine master in
transportation, as it had already become in manufacturing. It made the
public highways the private property of a few citizens. An agitation
arose among the people--to-day stronger because more necessary than
ever--and they began to seek what they have not yet found: means of
regulating the relations between new rich and new poor, and protecting
the private interests of all from the private interests of the few who
had this double sovereignty. As early as 1857 New York established a
commission for the regulation of the railways. But the railroads within
a year procured a law abolishing it, bribing the leading commissioner
to make no opposition in consideration of receiving from them $25,000,
the whole amount of his salary for five years. "I was the attorney
of the Erie Railway at that time; I specially used to attend to
legislation that they desired to effect or oppose.... I remember the
appointment of that commission.... We agreed that if they" (the leading
railroad commissioner) "would not oppose the repeal of the law we would
pay $25,000, and have done with the commission; it was embarrassing....
The law was repealed, and we paid the money, I think." "If the
commission had been a useless one," said the counsel of the New York
Chamber of Commerce before the Legislative Committee, "the railroads
would not have parted with their money to get rid of it."[556]
Public-domain text, read in full here on John Shaqi.
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