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Updated: June 28, 2025
It is not necessary to enter into a narrative of all the laws that Vanderbilt bribed Legislature after Legislature, and Common Council after Common Council, into passing laws giving him for nothing immensely valuable grants of land, shore rights and rights to land under water, more authorizations to make further consolidations and to issue more watered stock.
Yet the industry seems never to have accepted modern methods of adjusting differences between employers and employees. The industry could serve the public much better and become subject to a much more effective method of control if regional consolidations and more freedom in the formation of marketing associations, under the supervision of the Department of Commerce, were permitted.
No one of us has made an unfair penny out of the promotion; no one of us has improperly used the information which has come to him while negotiating our consolidations; there is no act of ours, individually or officially, which will not stand the fullest publicity. What other corporation can make that boast, Covington?
The railroads throughout the country are in a fair state of prosperity. Their service is good and their supply of cars is abundant. Their condition would be improved and the public better served by a system of consolidations.
First, the increasing effort to bring about publicity of all such matters as well as of the annual books and accounts, well exemplified in the Massachusetts statute; second, the usual strong prohibitions against consolidations to permit trusts or contracts to further monopoly.
In those days the Commodore was making some of those vast combinations of his consolidations of warring odds and ends of railroads into harmonious systems, and concentrations of floating and rudderless commerce in effective centers and among other things his farseeing eye had detected the convergence of that huge tobacco-commerce, already spoken of, toward Memphis, and he had resolved to set his grasp upon it and make it his own.
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.
Additional legislation is needed giving authority for voluntary consolidations, both regional and route, and providing Government machinery to aid and stimulate such action, always subject to the approval of the Interstate Commerce Commission.
To-day, through combinations and consolidations, industry has ceased to be competitive, and the exploiting power of the job-owner is extended through his ownership of the product. The modern town-dweller is almost wholly in the hands of the private owners of the products upon which he depends.
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.
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