The Works of Robert G. Ingersoll, Complete Contents / Dresden Edition—Twelve Volumes

by Robert Green Ingersoll

So it is probably true that Congress was extravagant in land subsidies voted to railroads; but that this legislation was secured by bribery is preposterous. It was all done in the light of noon. There is not the slightest evidence tending to show that the general policy of hastening the construction of railways through the Territories of the United States was corruptly adopted—not the slightest. At the same time, it may be that some members of Congress were induced by personal considerations to vote for such subsidies. As a matter of fact, the policy was wise, and through the granting of the subsidies thousands of miles of railways were built, and these railways have given to civilization vast territories which otherwise would have remained substantially useless to the world. Where at that time was a wilderness, now are some of the most thriving cities in the United States—a great, an industrious, and a happy population. The results have justified the action of Congress.

It is also true that some railroads have been "wrecked" in the United States, but most of these wrecks have been the result of competition. It is the same with corporations as with individuals—the powerful combine against the weak. In the world of commerce and business is the great law of the survival of the strongest. Railroads are not eleemosynary institutions. They have but little regard for the rights of one another. Some fortunes have been made by the criminal "wrecking" of roads, but even in the business of corporations honesty is the best policy, and the companies that have acted in accordance with the highest standard, other things being equal, have reaped the richest harvest.

Many railways were built in advance of a demand; they had to develop the country through which they passed. While they waited for immigration, interest accumulated; as a result foreclosure took place; then reorganization. By that time the country had been populated; towns were springing up along the line; increased business was the result. On the new bonds and the new stock the company paid interest and dividends. Then the ones who first invested and lost their money felt that they had been defrauded.

So it is easy to say that certain men are guilty of crimes—easy to indict the entire nation, and at the same time impossible to substantiate one of the charges. Everyone who knows the history of the Star-Route trials knows that nothing was established against the defendants, knows that every effort was made by the Government to convict them, and also knows that an unprejudiced jury of twelve men, never suspected of being improperly influenced, after having heard the entire case, pronounced the defendants not guilty. After this, of course, any one can say, who knows nothing of the evidence and who cares nothing for the facts, that the defendants were all guilty.

It may also be true that some settlers in the far West have taken timber from the public lands, and it may be that it was a necessity. Our laws and regulations were such that where a settler was entitled to take up a certain amount of land he had to take it all in one place; he could not take a certain number of acres on the plains and a certain number of acres in the timber. The consequence was that when he settled upon the land—the land that he could cultivate—he took the timber that he needed from the Government land, and this has been called stealing. So I suppose it may be said that the cattle stole the Government's grass and possibly drank the Government's water.

It will also be admitted with pleasure that stock has been "watered" in this country. And what is the crime or practice known as watering stock?

For instance, you have a railroad one hundred miles long, worth, we will say, $3,000,000—able to pay interest on that sum at the rate of six per cent. Now, we all know that the amount of stock issued has nothing to do with the value of the thing represented by the stock. If there was one share of stock representing this railroad, it would be worth three million dollars, whether it said on its face it was one dollar or one hundred dollars. If there were three million shares of stock issued on this property, they would be worth one dollar apiece, and, no matter whether it said on this stock that each share was a hundred dollars or a thousand dollars, the share would be worth one dollar—no more, no less. If any one wishes to find the value of stock, he should find the value of the thing represented by the stock. It is perfectly clear that, if a pie is worth one dollar, and you cut it into four pieces, each piece is worth twenty-five cents; and if you cut it in a thousand pieces, you do not increase the value of the pie.

If, then, you wish to find the value of a share of stock, find its relation to the thing represented by all the stock.

It can also be safely admitted that trusts have been formed. The reason is perfectly clear. Corporations are like individuals—they combine. Unfortunate corporations become socialistic, anarchistic, and cry out against the abuses of trusts. It is natural for corporations to defend themselves—natural for them to stop ruinous competition by a profitable pool; and when strong corporations combine, little corporations suffer. It is with corporations as with fishes—the large eat the little; and it may be that this will prove a public benefit in the end. When the large corporations have taken possession of the little ones, it may be that the Government will take possession of them—the Government being the largest corporation of them all.

It is to be regretted that all houses are not fireproof; but certainly no one imagines that the people of this country build houses for the purpose of having them burned, or that they erect hotels having in view the broiling of guests. Men act as they must; that is to say, according to wants and necessities. In a new country the buildings are cheaper than in an old one, money is scarcer, interest higher, and consequently people build cheaply and take the risks of fire. They do not do this on account of the Constitution of the United States, or the action of political parties, or the general idea that man is entitled to be free. In the hotels of Europe it may be that there is not as great danger of fire as of famine.