THE SUBSIDY QUESTION AND THE DEMOCRATIC PARTY. THE POSITION TAKEN BY THE EXECUTIVE OF THE STATE HAS BROUGHT THE QUESTION OF RAILROAD SUBSIDIES DIRECTLY BEFORE THE PEOPLE OF CALIFORNIA ... [caption title]. N.p. [San Francisco], n.d. . 22x14.5 cm, pp.  2-16, self wrappers, sewn. First edition. A polemic against railroad subsidies. "All this public robbery is perpetrated under the plea of encouraging railroads, yet it may well be doubted whether after all the subsidy system has not done more to discourage than to encourage railroad building. The extravagance, waste and rascality to which it has given rise have taken railroad building out of the list of profitable investments. Who but a fool would invest his money in the stock of any subsidized railroad company with the expectation of return, unless he belonged to the managing ring?" (p. 9). An early work by the author of PROGRESS AND POVERTY (San Francisco 1879), the most influential of American works on economics. Two tiny spots on first leaf, mild old vertical mailing fold, a nearly fine copy. (#167386).
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