work outlines the system proposed: "Let the
Government acquire the title of the franchise, permanent way and real
estate of all the railway lines in the country. Let a few corporations
be organized under Government auspices, and let each, by the terms of
its charter, receive a perpetual lease of all the railway lines built,
or to be built, within a given territory. Let the territory of each of
these corporations be so large, and so planned with regard to its
neighbors, that there shall be, so far as possible, no competition
between them. For instance, one corporation would operate all the lines
south of the Ohio and east of the Mississippi River; another all lines
east of the Hudson and of Lake Champlain, etc. Let the terms of rental
of these lines be about 3-1/4 per cent. on the road's actual 'present
cost' (the sum of money it would cost to rebuild it entirely at present
prices of material and labor), less a due allowance for depreciation.
The corporations would be obliged to keep the property in as good
condition as when received, and would own absolutely all their
rolling-stock, machinery, etc." The proposed reform measures, it must be
admitted, are very good in theory, but their practical application is
unfortunately entirely out of the question under our system of
government.

Mr. John M. Bonham is the author of a recent work entitled "Railway
Secrecy and Trusts." This writer, upon the whole, takes advanced ground
in dealing with the question of railroad reform. He deems the present
interstate legislation inadequate to correct all the graver railroad
evils, expressing his views upon this subject as follows:

"Railway construction continues to increase in the United
States with immense rapidity. Concurrent with this increase,
and notwithstanding all the efforts that have been made at
restraint, the aggressions upon political and industrial
rights increase also. Nor is it likely that without more
rigorous control than is now exercised these aggressions
will be any less active than they are to-day. It is coming
to be pretty generally realized that the Interstate Commerce
legislation has not fulfilled the expectation of its
friends. But this is a frequent trait of tentative
legislation. It is not reasonable to expect that the first
efforts to solve a problem the factors of which are so
hidden and complex will be followed by complete succe