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Updated: May 5, 2025
To the United States Government must be left the winding up of the affairs of the railroads, and all other paper-represented property, as it is obvious that she can do it much better than the many States of which the country is composed; and the before mentioned excess shall then be turned over to the different counties where the railroads are located, each county to receive in proportion to the value of the railroad property within her limits, and not according to the number of miles.
The foregoing should make plain how the principle of Confiscation will work in the case of railroads, and all other paper-represented property that can be, and is, owned elsewhere than where the property itself is found.
If this last causes some apparent loss, let it be charged to the old pumpkin fund. There are people of small means who have taken mortgages on land, and these must be protected, as we have already done in the case of like investors in paper-represented property.
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