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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? Assuming that $30,000 per mile is the maximum cost of existing railways-as is shown in THE ARENA for February, and that there are 160,000 miles, it would give a total valuation of $4,800,000.000; but that there may be no complaint that the nation is dealing unfairly with the owners of much water, it will be well to add twenty-five per cent. to what will be found to be the outside value of the railways when condemned under the law of eminent domain, and assuming that $6,000,000,000 of three per cent. bonds are issued in order to make payment therefor, and it involves an interest charge of $180,000,000, to which add $670,000,000, as the cost of maintenance and operation, and $50,000,000 as a sinking fund, and we have a total annual cost, for railway service, of $900,000,000 as against a present cost of $1,050,000,000 ($950,000,000 from traffic earnings, and $85,000,000 from other sources of railway revenue) resulting in a net annual saving to the public of $150,000,000 to which must be added the other various savings which it has been estimated would result from government control, and which, for the convenience of the reader, are here recapitulated, namely:

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Saving from consolidation of depots and staffs,
Saving from exclusive use of shortest routes,
Saving in attorneys' salaries and legal expenses,
Saving from the abrogation of the pass evil,
Saving from the abrogation of the commission
system,

$20,000,000

25,000,000

12,000,000

30,000,000

20,000,000

Saving by dispensing with high priced managers and staffs,

4,000,000

Saving by disbanding traffic associations,

4,000,000

Saving by dispensing with presidents, etc.,

25,000,000

Saving by abolishing (all but local) offices, solicitors, etc.,

15,000,000

Saving of five-sevenths of the advertising account,

Total savings by reason of better administration,

5,000,000

$160,000,000

It would appear that after yearly setting aside $50,000,000 as a sinking fund, that there are the best of reasons for

believing that the cost of the railway service would be some $310,000,000 less than under corporate management.

That $6,000,000,000 is much more than it would cost to duplicate existing railways, will not be questioned by the disinterested familiar with late reductions in the cost of construction, and that such a valuation is excessive is manifest from the fact that it is much more than the market value of all the railway bonds and shares in existence.

Mr. John P. Meany, in the Railway Review of February 7, 1891, says: "It is safe to assume that the market valuation of the entire $4,500,000,000 of railroad stock in existence, would not average more than $30 per share, or, say $1,350,000,000 in all," and in his Sun article he states that fully $500,000,000 of this stock is duplicated, so that the "live" stock outstanding is really but $4,000,000,000, which at $30 per share would have an aggregate value of $1,200,000,000. Mr. Meany also states that there are duplications of bond issues amounting to some $300,000,000 leaving the live outstanding bonds at $4,500,000,000 and many corporations failing to pay interest, some issues. are selling as low as 12 per cent. of par, making it safe to call the average market value of bonds 90 per cent. of their face value, and their aggregate value would be $4,050,000,000, to which add value of "live" capital stock, $1,200,000,000, and the total market value of bonds and stock is, $5,250,000,000, being at the rate of $32,800 per mile for the 160,000 miles in operation.

After many years of familiarity with the turgid and obscure statements issued by American railway corporations, and which are usually of such a character that the more they are studied the less the shareholder knows of the affairs of the corporation, it is very refreshing to read the report of the Railway Commissioners of any one of the Australasian colonies, where every item of expenditure is made clear, and where words are not used for the purpose of misleading.

The last Victorian report shows this new and sparsely settled country as able to borrow money with which to build national railways, at three and one half per cent. per annum. How many American corporations are able to borrow money at such a rate? This saving in the interest charge directly benefits the public, and is due to national ownership,

and a like saving will be made by the nationalization of American railways.

This report also shows that while the country is so rugged that in many cases the gradients are as great as one hundred and thirty feet per mile, and the cost of labor and supplies more than here, the roads are operated at less cost, as measured by the expense per train mile, than in the favored regions of the United States. The Kansas City, Fort Scott, and Memphis Railway is, admittedly, one of the best managed and most economically operated railways in the West, and with an abundance of very cheap coal;* low gradients and running more trains than do the Victorian railways should be operated much more cheaply, yet the cost of operating this road, as measured by the cost per train mile, — and this is the best possible criterion of economy in operation, is one third greater than on the government owned railways of Victoria.

An excellent measure of the efficiency of the management is the number of casualties, as proportioned to the number of passengers carried and men employed, which is very great in such countries as Russia, Roumania, and Portugal; but in Victoria, and other Australian colonies, the proportion is far less than in the United States, more attention being given to the adoption of such safety devices as interlocking switches, etc., and all the stations and crossings are provided with gates, and otherwise better guarded than with us, where the corporations are much more intent upon paying dividends than in serving the public, or in saving life and limb, while on the government-operated railways of Victoria, the management devotes its attention with a due regard to economy, to the convenience, comfort, and safety of railway users, and employees having no bond or share holders to provide for. In the United States one of the useless traffic associations pays its chief umpire nearly as much as Victoria pays her entire commission.

Those desirous of entering the railway service of Victoria are subjected to such a rigid examination as to qualifications and character, that but little more than one third are able to pass the ordeal, and a high standard of excellence in the personnel of the service results; when these ser

* Coal on the line named is worth about $1.50 per ton at the mines, while inferior coal is worth $3.75 per ton at the mines in Victoria.

vants are disabled or worn out by long service, they are pensioned or given a retiring allowance, and this system tends to reduce the inclination to strike, as a man who has been years in the service will long hesitate before he forfeits his right to a provision of this kind.

All the Australian reports and accounts which have come under the observation of the writer, are models of conciseness and clearness, and show that there is nothing inherent in railway accounts rendering it necessary that they be made obscure and misleading.

Neither in the Australian reports nor in the colonial press is there the least evidence of discriminations against individuals or localities, and this one fact is an argument of greater force in favor of national ownership than all that have ever been advanced against it.

WHERE MUST LASTING PROGRESS BEGIN?

BY ELIZABETH CADY STANTON.

To the calm observer there is nothing more impressive in society to-day than the varied and multitudinous associations for the amelioration of human poverty, ignorance, and crime; and nothing more depressing than the seeming immense waste of force scattered in these innumerable directions with results so intangible and undefined. From all the discussions we hear in the halls of legislation, and on the popular platform, on the relations of capital and labor, finance, free trade, land monopoly, taxation, individualism, and socialism, the rights of women, children, criminals, and animals, one would think that an entire change must speedily be effected in our theories of government, religion, and social life, and so there would be if a small minority, even, honestly believed in these specific reforms. But alas! our reading minds are yet to be educated into the first principles of social science; they are yet to learn that our present theories of life are all false. The old ideas of caste and class, of rich and poor, educated and uneducated, must pass away, and the many must no longer suffer that the few may shine. Our religion must teach the brotherhood of the race, the essential oneness of humanity, and our government must be based on the broad principles of equal rights to all. A religion that seeks to make the people satisfied in their degraded conditions, and releases them from all responsibility for its continuance, is unworthy our intelligent belief, and a government that holds half its people in slavery, practically chained where they are born, in ignorance, poverty, and vice, is unworthy our intelligent support.

The object of all our specific reforms is to secure equal conditions for the whole human race. The initiative steps to this end are:

1. Educate our upper classes, our most intelligent people, into the belief that our present civilization is based on false

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