The committee were clear and unanimous in the opinion that the State
should under no circumstances part with the absolute control of the
Tunnel to a private corporation.
The majority bill is the first step in giving up the control of the
Tunnel to a private corporation. It gives to that corporation control
of the whole line, except the Tunnel; and entrusts it with the
operators of the Tunnel itself.
The pressure upon the State to part with the Tunnel will grow with the
increase of business; the whole power and usefulness of the line must
rest in the hands of the corporation which owns the railroad entering
the Tunnel on either side. I am not old in railroad tactics--but, Mr.
President--with the bill reported by the majority of the committee, I
think I should have no difficulty--with less than one-half of the
amount of the money expended in the efforts to pass the bill--to
capture the Tunnel from the State in three years, and it would be
accomplished in such a manner through the representatives of the
people, that no one would presume to question my honesty.
The Commonwealth, owning the Tunnel,--the most valuable portion of the
line, the _key_ to the whole line,--has no voice in its management
except a minority in the board of direction; no voice in fixing rates,
no influence in its operations. This is all placed in the hands of a
private corporation, governed by stockholders, whose stock is at all
times in the market, and may be purchased at any time by any parties
who deem it for their interest to control the line. The corporation
may at any time combine with existing corporations to fix rates, and
thus the main object sought by the State in constructing the
Tunnel--an independent and competing line--be defeated.