Then again, there is the system by which the railroads are built, which
is little less than a gigantic swindle. Shrewd persons discover places
where railroads may be built. They obtain charters and the rights of
way, and get the towns along the lines either to issue or endorse bonds
and give them stock in the roads for this. They sell the bonds to
themselves at tremendous discounts and build the roads, themselves
taking the contracts at extravagant prices, and when done begin to
operate them. Of course the earnings are not sufficient to pay the
operating expenses and the interest, to say nothing about dividends to
the stockholders. They were never intended to be. So after a few
defalcations of the interest on the bonds, they come in and foreclose
under the mortgages and sell out the stockholders and buy in the roads
and thus come into their possession built free of cost to themselves.
Can such processes be rightly called anything less than swindles? They
may be called by some other name, but they still have the odour of a
swindle about them. And yet our best men engage in such schemes and call
them honourable. To speak vulgarly, this is one of Uncle Sammy Tilden’s
best holds. Is it any wonder that there is so much knavery and trickery
among the common classes upon a small scale, when they have such
examples set them by the upper classes on gigantic scales? or is it any
wonder that the public morals are at so low an ebb? So, examine where we
may into the schemes for the accommodation of the public, we find them
to be vampires sucking its life.
How long do the railroad men imagine that the people will endure their
exactions? Should they not know that their scheming will have to come to
an end soon? Then why do they not act the part of wise men, and
anticipate its coming in time to save themselves? If they do not, the
people will sooner or later take the roads from them. It may be said
that there is no constitutional or legal way in which this can be done,
and they may rest upon this as secure protection. But I would recall the
words of Charles Sumner, “Anything that is for the public good is
constitutional,” and warn them not to rely upon so slim protection. This
was the argument of King George and of slavery; but it failed them both,
as it will fail every wrong that relies upon it. The people and the
public welfare always triumph in the end; and the longer the triumph is
delayed, the more fearful is the recompense for those who stand in its
way.