Goulds,
Vanderbilts, and Huntingtons, who cannot be dislodged, and who never
die?

Assuming that $30,000 per mile is the maximum cost of existing
railways--as is shown in THE ARENA for February,--and that there are
160,000 miles, it would give a total valuation of $4,800,000,000; but
that there may be no complaint that the nation is dealing unfairly
with the owners of much water, it will be well to add twenty-five per
cent. to what will be found to be the outside value of the railways
when condemned under the law of eminent domain, and assuming that
$6,000,000,000 of three per cent. bonds are issued in order to make
payment therefor, and it involves an interest charge of $180,000,000,
to which add $670,000,000, as the cost of maintenance and operation,
and $50,000,000 as a sinking fund, and we have a total annual cost,
for railway service, of $900,000,000 as against a present cost of
$1,050,000,000 ($950,000,000 from traffic earnings, and $85,000,000
from other sources of railway revenue) resulting in a net annual
saving to the public of $150,000,000 to which must be added the other
various savings which it has been estimated would result from
government control, and which, for the convenience of the reader, are
here recapitulated, namely:--

Saving from consolidation of depots and staffs, $20,000,000
Saving from exclusive use of shortest routes, 25,000,000
Saving in attorneys' salaries and legal expenses, 12,000,000
Saving from the abrogation of the pass evil, 30,000,000
Saving from the abrogation of the commission system, 20,000,000
Saving by dispensing with high priced managers and staffs, 4,000,000
Saving by disbanding traffic associations, 4,000,000
Saving by dispensing with presidents, etc., 25,000,000
Saying by abolishing (all but local) offices, solicitors,
etc., 15,000,000
Saving of five-sevenths of the advertising account, 5,000,000
------------
Total savings by reason of better administration, $160,000,000

It would appear that after yearly setting aside $50,000,000 as a
sinking fund, that there are the best of reasons for believing that
the cost of the railway service would be some $310,000,000 less than
under corporate management.

That $6,000,000,000 is much more than i