Lectures On Commerce Delivered Before the College of Commerce And Administration

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When Rowland Hill's penny- post scheme had gained such support as to have its adoption proposed in Parliament, Sir Robert Peel, the greatest financial minister of his day, was its strongest opponent, and prophesied nothing but loss and failure as results. All the great movements in history were INVESTMENTS 275 fiercely opposed by some of the ablest men of the time who were specialists in the particular matter in ques- tion. Looking back now, their opposition seems absurd. And so when our theore...tical economists predict disaster from this movement, I say we must wait and see. None of the calamities has happened yet.
A great railroad resembles a modern trust in many respects. It is generally controlled by one man, but owned by thousands. It pays its stockholders better, serves the public better, advances national develop- ment better, and makes transportation vastly cheaper than a hundred small roads could do. In fact, the industries now being combined into large corporations are only following the example of the railroads.


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