Another, and an incalculable benefit, which would result from national ownership, would be the relief of State and national legislation from the pressure and corrupting practices of railway corporations which constitute one of the greatest dangers to which Republicaninstitutions can be subjected. This alone renders the nationalization of the railways most desirable, and at the same time such nationalization would have the effect of emancipating a large part of the press from a galling thraldom to the corporations.
With the nation operating the railways, we may have some hope that rates will be reduced by some system resembling the Hungarian zone which has had the effect of diminishing local passenger rates about forty per cent., resulting in such an increase of traffic as to greatly increase the revenues of the roads; the average of rates by ordinary third-class trains being about three fourths of a cent per mile, and one and a half cents per mile for first-class express trains.
In Victoria, the parcel or express business is done by the government railways, and the rates are not one half what they are with us when farmed out to a second lot of corporations. Space does not permit the discussion or even the statement of the many salutary phases of government control, as developed in the various countries of Europe, and it is not necessary, as there are abundant reasons to be found in conditions existing at home, for making the proposed change. By far the most menacing feature of continued corporate ownership is the power over the money markets which it places in the hands of unscrupulous men, any half dozen of whom can, at such a time as that following the failure of the Barings, destroy the welfare of millions, and plunge the country into all the horrors of a money panic. Whether it be true or not, there are many who believe that a small coterie, who had information before the public of the condition of Baring Brothers and that a block of many millions of American railway securities held by that house were being (or soon would be) pressed upon the market, entered into a conspiracy for the purpose of locking up money and thereby depressing prices in order to secure, at low cost, the control of certain coveted railways. The railways were secured, and there is not much doubt that they had been lying in wait for such a critical condition of the money markets to accomplish this purpose, which still further enhances their power for evil. With the railways nationalized, not only would there be no temptation for such nefarious operations, but the power of such men over values would be greatly lessened, if not wholly destroyed, as there would be no railway shares for them to play fast and loose with, and as money, instead of being tied up in loans on chromos representing little but water, would seek investment in bona fide enterprises, their operations would have little influence, and would certainly have no such baleful power over the industries of the country, as their ability to affect the value of railway shares--on which such immense sums are now loaned on call--gives them, they being able by locking up a few millions when the money market is in the condition, which obtained at the time of the Baring collapse, to force the calling of loans and the slaughtering of vast numbers of the shares, carrying the control of the railways they covet. If only for the purpose of divesting "The dangerous wealthy classes" of this frightful power, national ownership would be worth many times its cost, and without such ownership a score of manipulators are soon likely to be complete masters of the republic and all its industrial interests; hence, the question reverts to the form stated in the opening of this paper: Shall the nation accept as a master a political party that may be dislodged by the use of the ballot, or shall the republic be dominated by a master in the form of a score of unscrupulous Goulds, Vanderbilts, and Huntingtons, who cannot be dislodged, and who never die?