The Age of Big Business [44]
when the Metropolitan, a wrecked and plundered shell, confessed insolvency and went into a receivership. Those who had purchased its stock found their holdings as worthless as the traditional western gold mine. The story of the Chicago and Philadelphia systems, as well as that of numerous other cities, had been essentially the same. The transit facilities of millions of Americans had merely become the instruments of a group of speculators who had made huge personal fortunes and had left, as a monument of their labors, street railway lines whose gross overcapitalization was apparent to all and whose physical dilapidation in many cases revealed the character of their management.
It seems perhaps an exaggeration to say that the enterprises which have resulted in equipping our American cities and suburbs with trolley lines and electric lighting facilities have followed the plan of campaign sketched above. Perhaps not all have repeated the worst excesses of the syndicate that so remorselessly exploited New York, Chicago, and Philadelphia. Yet in most cases these elaborate undertakings have been largely speculative in character. Huge issues of fictitious stock, created purely for the benefit of inner rings, have been almost the prevailing rule. Stock speculation and municipal corruption have constantly gone hand in hand everywhere with the development of the public utilities. The relation of franchise corporations to municipalities is probably the thing which has chiefly opened the eyes of Americans to certain glaring defects in their democratic organization. The popular agitation which has resulted has led to great political reforms. The one satisfaction which we can derive from such a relation as that given above is that, after all, it is representative of a past era in our political and economic life. No new "Metropolitan syndicate" can ever repeat the operations of its predecessors. Practically every State now has utility commissions which regulate the granting of franchises, the issue of securities, the details of construction and equipment and service. An awakened public conscience has effectively ended the alliance between politics and franchise corporations and the type of syndicate described in the foregoing pages belongs as much to our American past as that rude frontier civilization with which, after all, it had many characteristics in common.
CHAPTER VI. MAKING THE WORLD'S AGRICULTURAL MACHINERY
The Civil War in America did more than free the negro slave: it freed the white man as well. In the Civil War agriculture, for the first time in history, ceased to be exclusively a manual art. Up to that time the typical agricultural laborer had been a bent figure, tending his fields and garnering his crops with his own hands. Before the war had ended the American farmer had assumed an erect position; the sickle and the scythe had given way to a strange red chariot, which, with practically no expenditure of human labor, easily did the work of a dozen men. Many as have been America's contributions to civilization, hardly any have exerted greater influence in promoting human welfare than her gift of agricultural machinery. It seems astounding that, until McCormick invented his reaper, in 1831, agricultural methods, in both the New and the Old World, differed little from those that had prevailed in the days of the Babylonians. The New England farmer sowed his fields and reaped his crops with almost identically the same instruments as those which had been used by the Roman farmer in the time of the Gracchi. Only a comparatively few used the scythe; the great majority, with crooked backs and bended knees, cut the grain with little hand sickles precisely like those which are now dug up in Etruscan and Egyptian tombs.
Though McCormick had invented his reaper in 1831, and though many rival machines had appeared in the twenty years preceding the Civil War, only the farmers on the great western plains had used the new machinery to any considerable extent. The agricultural papers and agricultural fairs had not succeeded
It seems perhaps an exaggeration to say that the enterprises which have resulted in equipping our American cities and suburbs with trolley lines and electric lighting facilities have followed the plan of campaign sketched above. Perhaps not all have repeated the worst excesses of the syndicate that so remorselessly exploited New York, Chicago, and Philadelphia. Yet in most cases these elaborate undertakings have been largely speculative in character. Huge issues of fictitious stock, created purely for the benefit of inner rings, have been almost the prevailing rule. Stock speculation and municipal corruption have constantly gone hand in hand everywhere with the development of the public utilities. The relation of franchise corporations to municipalities is probably the thing which has chiefly opened the eyes of Americans to certain glaring defects in their democratic organization. The popular agitation which has resulted has led to great political reforms. The one satisfaction which we can derive from such a relation as that given above is that, after all, it is representative of a past era in our political and economic life. No new "Metropolitan syndicate" can ever repeat the operations of its predecessors. Practically every State now has utility commissions which regulate the granting of franchises, the issue of securities, the details of construction and equipment and service. An awakened public conscience has effectively ended the alliance between politics and franchise corporations and the type of syndicate described in the foregoing pages belongs as much to our American past as that rude frontier civilization with which, after all, it had many characteristics in common.
CHAPTER VI. MAKING THE WORLD'S AGRICULTURAL MACHINERY
The Civil War in America did more than free the negro slave: it freed the white man as well. In the Civil War agriculture, for the first time in history, ceased to be exclusively a manual art. Up to that time the typical agricultural laborer had been a bent figure, tending his fields and garnering his crops with his own hands. Before the war had ended the American farmer had assumed an erect position; the sickle and the scythe had given way to a strange red chariot, which, with practically no expenditure of human labor, easily did the work of a dozen men. Many as have been America's contributions to civilization, hardly any have exerted greater influence in promoting human welfare than her gift of agricultural machinery. It seems astounding that, until McCormick invented his reaper, in 1831, agricultural methods, in both the New and the Old World, differed little from those that had prevailed in the days of the Babylonians. The New England farmer sowed his fields and reaped his crops with almost identically the same instruments as those which had been used by the Roman farmer in the time of the Gracchi. Only a comparatively few used the scythe; the great majority, with crooked backs and bended knees, cut the grain with little hand sickles precisely like those which are now dug up in Etruscan and Egyptian tombs.
Though McCormick had invented his reaper in 1831, and though many rival machines had appeared in the twenty years preceding the Civil War, only the farmers on the great western plains had used the new machinery to any considerable extent. The agricultural papers and agricultural fairs had not succeeded