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Excerpt from A Federal Railroad BoardMy underlying motive in writing these letters has been to avert government ownership by substituting public control of these great national highways, with a continuation of present private ownership. I believeMoreExcerpt from A Federal Railroad BoardMy underlying motive in writing these letters has been to avert government ownership by substituting public control of these great national highways, with a continuation of present private ownership. I believe that commission regulation cannot bridge the chasm between public sentiment and the capital necessary for railroad purposes. Meantime the old order of railroad autocrats is going out and a new regime is coming in. Federal incorporation of railroads is being advocated far and wide, but such incorporation will merely perpetuate present abuses, unless their directors are under complete public control. To secure that end, I advocate control by a Federal Railroad Board.In short, my proposal is this:First: Congress should enact a general incorporating act for railroads.Second: That act should exempt such railroads from State regulation.Third: That act should divide the country into railroad zones, each zone to have a Federal Railroad Company, owning the whole or part of the stock of the railroads within its jurisdiction, such stock to be acquired by purchase or exchange, or condemnation, the Government to guarantee 3 per cent dividends on the stock of the Federal Railroad Companies, with a possible extra 3 per cent if earned, all over 6 per cent to go to the Government.Fourth: That act should provide for a Federal Railroad Board to vote all stock and to name the directors at the annual elections of such Federal Railroad Companies, and to fix and determine rates and service, and to have control over the finances of the Federal Railroad Companies.Ever since 1907, I have advocated the use of the corporation with public control to avert government ownership. Meantime the Federal Reserve Bank Act of 1913 has demonstrated the feasibiliy of that idea. Mr. W. M. Acworth, the leading railway economist of England, recently reviewed one of my articles and his review is reprinted on page 45 within.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis 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.