Rensselaer Semi-Weekly Republican, Volume 39, Number 63, Rensselaer, Jasper County, 12 April 1907 — ROADS WOULD COST BILLIONS. [ARTICLE]

ROADS WOULD COST BILLIONS.

Government Could Assume Control, J»nt—at- Great- Price. The growing interest in government control and ownership of railroads has led officials in Washington to make some estimates as to the cost and methods by which such ends might be reached. Here are some conclusions: it Will cost the government in the neighborhood of $16,244,000,000 to buy the railroads. That is, this is the commercial value of the whole railway plant, including terminals, depots and all appurtenances, as estimated by the United States census. The government has the constitutional power now to assume control and ownership of the roads. This was demonstrated in the case of the Panama road, where the government condemned the stock and paid a fair market value for it. In order to buy the railway system of this country it is only necessary for the government to appraise the property and then to issue government securities in exchange for the private securities now standing against these properties. There would be no real drain on the United States treasury. The government would simply start its printing presses and print the necessary $16,244,000,000 worth of barrels; then these would be issued in exchange for the private securities, which would be destroyed. Any dispute as to valuation would be settled by condemnation proceedings. ______ Then Congress would probably have to create another cabinet officer, a Secretary of U&t 1 V 1 -jn.i \x>> ui« i ustmaster General runs the Postoffice Department. When Switzerland decided to take over its railroads a few years ago, the government concluded to pay for them on the basis of twenty-five times the average net earnings for a period of twenty years. This was easily determined in that country, owing to the fact that the accounts of the railways had been under strict governmental supervision for that period.