Rensselaer Republican, Volume 27, Number 49, Rensselaer, Jasper County, 13 August 1896 — M’Doel, of The Monon [ARTICLE]

M’Doel, of The Monon

Repudiates the Democratic Party and Gives His Reasons. W. H. McDoel, vice prisident and general manager of the Monon railway, a lifelong Democrat, has repudiated hie party and its financial heresy. “I have always been a Democrat,” said Mr. McDoel in a newspaper interview in Chicago, last Friday, “but this year I have laid aside party politics and shall vote for what I consider the best interests of my country, our railroad and our employes. In other words, I shall vote to maintain the existing gold standard. I not only believe that the financial plank of the Chicago platform means repudiation and national dishonor, bat that it also, if ‘it should become a law, would mean national disaster and distress. This disaster reach to all classes, except possibly those having a large quantity of silver bullion and those banks which have prudently laid away gold for this threatened rainy day. ‘There is no class <*? men who would suffer more under free coinage than railroad employes, from the general manager to the flagman at the crossing. This is a bet not hard to demonstrate. The railroads are the largest debtors, on tilde of the banks, in the country. They owe many millions of dollars for which they have given their mortgage bonds. When they borrowed this money they got It in gold or equivalent . Sev-enty-five per eeni of these bonds are in terms paysble, principal Mid interest, in gold. “Now, the leaders of the free-] ~ i- - ’ll.

silver movement admit that shonld they be Buccessful gold will go to £ premium. In consequence of this, then, the railroads would be compelled today aside annually in their sinking fund for the redemption of their bonds jnst the amount of that premium in excess of what they lay aside at present. They would be compelled to pay in interest just the amount of that premium in excess of what * they pay at present. . * ’’ “The rates which railroads charge are largely fixed by State and United States laws. They cannot exceed a certain amount. As a result of this we would be compelled to accept from passengers and shippers the same rates as now, but, in 50-cent dollars. In short the railroads’ fixed charges would be doubled and their earnings would not increase. Now, what would be the result of all this? All improvements would be stopped, the track and operating forces would be cut down, retrenchment would be carried into all departments, wages would be paid in the depreciated dollar, many roads could not Btand the ' strain and would be forced into the|liands of receivers, thousands of men would be thrown out of employment ‘altogether. And all this would be without any fault on the part of railroad management. ’ , '

“I am thoroughly convinced, however, that the good sense es the wage earner is going to defeat Mr. Bryan in the coming election, and that when the capital of the country understands that the freeBilver bugaboo is buried it will come out of its hiding and confidence being restored, we will have good times.”