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"Will you also admit the possibility I do not yet say probability of conducting an organization such as the Consolidated Companies along lines which might be for the public good?" "Provided the public received the benefits of such economies as your consolidations effected." "Precisely or even a part of these economies.
Whether the number of ultimate systems shall be more or less seems to me can only be determined by time and actual experience in the development of such consolidations.
We have also recognized the need to simplify the system of grants to State and local governments. I have again proposed several grant consolidations in the 1982 budget, including a new proposal that would consolidate several highway programs. The pressures for growth in Federal use of national resources are great. My Administration has initiated many new approaches to cope with these pressures.
I recommend that the Congress authorize such consolidations tinder the supervision of the Interstate Commerce Commission, with power to approve or disapprove when proposed parts are excluded or new parts added. I am informed that the railroad managers and their employees have reached a substantial agreement as to what legislation is necessary to regulate and improve their relationship.
It would be out of place here to examine the explanation which this author has given with regard to the consolidation of those deposited strata which is by means of the filtration of water, but as in this place there occurs some unusual or curious examples of a particular consolidation of limestone or calcareous deposits, as well as similar consolidations of the siliceous sort, it may be worth while to mention them in their place that so we may see the connection of those things, and give all the means of information which the extremely attentive observations of this naturalist has furnished to the world of letters.
The people have at last risen against this, and consolidations will only be tolerated when confidence is established that the masses will be benefited. When the scheme of the Consolidated Companies first became known, it was bitterly opposed by the public, who saw in it nothing other than a new and more gigantic octopus, to feed upon its very life-blood.
Oppressive and intolerable as was the regime of the great consolidations of capital, even its victims, while they cursed it, were forced to admit the prodigious increase of efficiency which had been imparted to the national industries, the vast economies effected by concentration of management and unity of organization, and to confess that since the new system had taken the place of the old the wealth of the world had increased at a rate before undreamed of.
In the course of the Civil War, as already noted, through traffic routes from New York to Chicago had been established, and in the succeeding years the consolidations of the great competing systems into trunk lines had taken place. The struggle of the Baltimore and Ohio for its share of Western business led to fierce rivalry with the Pennsylvania.
Criticism of the railroad law has been directed, first, to the section laying down the rule by which rates are fixed, and providing for payment to the Government and use of excess earnings; second, to the method for the adjustment of wage scales; and third, to the authority permitting consolidations. It has been erroneously assumed that the act undertakes to guarantee railroad earnings.
It is lamentable to have to record that that agreement except in so far as it set a precedent for other meetings of the same gentlemen, which in turn led to others out of which finally grew large movements in the direction of joint ownerships and consolidations of interests which have helped materially to make the conditions more tolerable except for that, the Gentlemen's Agreement did no more good, and it lasted not appreciably longer, than any of the others which had been made by mere officials.
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