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There is another frightful blunder which the Socialists have committed. In taking over the railroads, the coal industry and others, they have bought the properties outright from the corporations and stockholders who owned them. They have paid for them with British bonds paying three per cent interest. With each new industry taken over, the government has added another mass of obligations to its already crushing national debt. Now the folly of this lies in the fact that, under the old order, the stockholders had no claim for profit if none were made by the industry. But all these stocks—pure risk investments—have been converted into government bonds—which are a fixed charge upon the government, whether the industry makes a profit or not. And as all these industries have been operating at a greater or lesser loss, the government has had to find in taxes the means of paying this debt. (en) |
