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Constituting Corporations and Markets: Railroads in Gilded Age Politics
Published online by Cambridge University Press: 16 December 2008
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In 1884, a committee of dissenting bondholders for the Wabash, St. Louis and Pacific Railway entered a federal district court in Illinois to complain that St. Louis Federal Judge David Brewer had, at the request of the notorious robber baron, Jay Gould, thrown the road into receivership prior to default. Judge Walter Gresham (whom the Populists would try to recruit for their 1892 presidential candidate) listened sympathetically and put the eastern division of the road into a separate receivership. For the time being, a key link, in Gould's national system was broken in two. Soon, however, the courts and bondholders capitulated, and Gould succeeded, at the expense of the sanctity of property and contract, in revolutionizing the corporate doctrine of receiverships to assimilate huge national systems.
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References
Among the many people whose advice and criticism has been central to the development of this project, I especially thank Peri Arnold, Walter Dean Burnham, Joshua Cohen, Donald Critchlow, Victoria Hattam Morton Horwitz, James Livingston, Charles Sabel, Phillip Scranton, and the editors of this journal.
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69. Ibid., 243.
70. Congress, Interstate Commerce Debate in 49th Cong. on the Bill to Establish a Board of Commissioners on Interstate Commerce, and to RegulateSuch Commerce [etc.], compiled by V. H. Painter (Washington, D.C., 1887), 27–28. This volume will be cited as ICC Debate, 49th.
71. ICC Debate, 49th, 453.
72. ICC Debate, 48th, 31.
73. Ibid., 37–38.
74. Ibid., 32.
75. Ibid., 103–05.
76. Ibid., 32.
77. Others in Congress expressed similar concerns. See, for example, ICC Debate, 49th, statements Senators Gorman (D. Md.), 108; Sherman (R. Ohio), 112; Longer (R. Mich.), 126; and Coke (D. Texas), 217; and ICC Debate, 48th, statements by Long (R. Mass.), 31; Congressman Anderson (R. Kans.), 53; Congressman Shively (D. Ind.), 72; and Senator Beck (D. Ky.), 243.
78. McCraw, Prophets of Regulation, 47–52; Testimony by Albert Fink before Congress in, ICC Debate, 48th, 274–85; Martin, “The Troubled Subject of Railroad Regulation,” 351–59.
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81. ICC Debate, 49th, 456–58.
82. Stickney, The Railway Problem, 54.
83. Quoted in Stickney, The Railway Problem, 124.
84. Ibid., 130.
85. Ibid., 131.
86. Proctor, Not Without Honor, 258; Haney, Congressional History of Railways, 293–98.
87. Skowronek, Building A New American State, 150–60; Martin, “The Troubled Subject of Railroad Regulation in the Gilded Age”; McCraw, Prophets of Regulation, 62.
88. Thomas Cooley was an appropriate first chairman for the ICC. As historian Alan Jones has written, his intellectual roots in Jacksonian democracy, as well as his antimonopoly bias, predisposed him to sympathy with the intent of the law. Moreover, as ICC chairman, he tried carefully to outline the obligations of both managers and shippers and to locate ground upon which they might cooperate. See Jones, Alan, “Thomas M. Cooley and the Interstate Commerce Commission: Continuity and Change in the Doctrine of Equal Rights,” Political Science Quarterly 81 (12 1966): 602–27CrossRefGoogle Scholar; and Jones, Alan, “Thomas M. Cooley and Laissez-faire Constitutionalism: A Reconsideration,” Journal of American History 53 (03 1967): 750–71CrossRefGoogle Scholar.
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98. Quoted in Horwitz, “Santa Clara Revisited,” 196.
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108. Regulation of Railway Rates and Services. Relation of Government to Commerce and Transportation. Speeches of Hon. Robert M. LaFollette of Wisconsin in the Senate of the United States, 20 April, 1906 (Washington, D.C., 1906), 54–55.
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111. On this project, more generally, see linger, Social Theory: Its Situation andIts Task.
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