$100,000. With that he can do as he likes, and go where he likes -
title-hunting if he wishes, when he will be sure to find many bargains,
for it is our impression that there will be a slump in that market when
the American millionaire is no longer found among the bidders.

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.

President Huntington does not own all the stocks and bonds of the
Southern Pacific, but for illustration sake we will assume that he does.
Is it not plain then that Confiscation, when it gets through with this
railroad owner, will have made the counties where it is located its
owners, both of the property itself and the income which it earns? Is
this Government ownership of railroads? That term as now understood
means buying the railroad, and it is the millionaire we are trying to
get rid of, but he is still here if you take his railroads and give him
something better. We have already said that private ownership should not
have been allowed, and we would now confiscate them without any
reservation whatever if it were not for the thousands of small investors
in their securities and as these small investors must not be injured, we
are compelled to leave the railroads in the hands of private owners, as
buying out even these small owners would cause a national debt such as we
had better steer clear of. But it is not essential to the welfare of the
people that the Government should own the railroads. The point we wish