which gives the greatest satisfaction to the
commercial world and the public in general as regards
regularity of conveyance, cheapness of transit and the
comfort of travelers."

It is difficult to see how any unbiased person can travel on any of the
state roads of Europe without coming to the same conclusion. State
management offers certainly some decided advantages to the public. Above
all, the business of the roads is not conducted for the pecuniary
advantage of a few, but for the common good. Commerce is not arbitrarily
disturbed to aid unscrupulous managers in their stock speculations. New
lines are not built for speculative purposes, but for the development of
the country. Rates are based more upon the cost of service than upon
what the traffic will bear, and the ultimate object of the state's
policy is not high profits, but a healthy growth of the country's
commerce, while the sole aim of a private company is to get the largest
revenue possible. The permanent way of the state road is kept in better
condition, the public safety and convenience being paramount
considerations. Rates are stable and uniform, instead of being
changeable and discriminating, and all persons and places are as equal
before the railroad tax collector as before the law. It may be laid down
as a general rule that under private management of railroads efforts
will be made to secure the highest rates possible, while it is the aim
of the Government to grant the lowest rates possible. Mr. Jeans proves
by statistics that the cost of maintenance of way is generally higher on
the state lines, and that traffic expenses are higher on the lines of
private companies. In commenting upon this difference he says:

"It might easily be contended, and even proved beyond all
doubt, that the first characteristic is a result of the
better condition in which the state keeps the permanent way;
and, so far as this is the case, the public convenience,
safety and general advantage are promoted.

"The highest range of traffic expenses on companies' lines
undoubtedly argues greater laxity of management, since, as
we have already shown, this is one of the most elastic of
items, and may be either very high or very low, according as
economy or extravagance is the prevailing system.... The
experience of Continental Europe points unmistakably to the
exercise of greater economy in sta