American Railways Under Government Operation and the Financial Outlook (Classic Reprint)

American Railways Under Government Operation and the Financial Outlook (Classic Reprint)

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Description

Excerpt from American Railways Under Government Operation and the Financial Outlook In the first stage, the energy of private, venture some capital extended rail lines into every corner of our great country, gradually enabling each State to attach itself to and become a part of the political andeconomic life. Railroads were eagerly sought for by every community and subsidies represented by land grants, partial payment of cost and relief from taxa tion, as enticements to private venture, were so extreme as often to lead to overbuilding, resulting in trans ference of liquid capital to permanent investment at such rapid rates as to form the bases for the panics of 1873 and 1893. During this stage the opening of the way to subsidies and the extreme desire for favorable treatment after construction, prompted rail road owners and managers to control, as far as they might, the politics in the territories in which they were interested. Thus, the so-called railroad interests became to such an extent powers in political life that in many States it became impossible to elect a candi date to public office who had not their approval. This political control by railroad interests led to many abuses and developed an anti-railroad attitude among the people, which as fostered by political leaders generally who sought preferment on that platform. This fact, combined with the high finance that was madly practiced in the flotation of new and often spec ulative railroad enterprises, brought to an end the great construction or development stage of railroad history, and ushered in the period of State and Govern ment regulation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.show more

Product details

  • Paperback | 24 pages
  • 152 x 229 x 1mm | 49g
  • Forgotten Books
  • English
  • 8 Illustrations; Illustrations, black and white
  • 0243134606
  • 9780243134601