number of shares in the operating company in proportion to his
salary would help to solve the labor problem; and it might give the
higher officers a greater interest in their work than they always show.

The author has deemed it worth while to outline the foregoing plan for
the equitable control of railway monopolies with considerable fulness,
because, to a very great extent, the principles followed in the design
of this plan are applicable to a great number of other monopolies. These
important principles are: (1) Government protection to the owners of
fixed capital so that the public may obtain the use of it at the lowest
possible rate of interest. (2) The operation of monopolies by
corporations rather than by the government, thus securing the increased
efficiency of private over official management. (3) Securing to the
people at large the benefit of the monopoly by basing the prices for its
product on cost of service. (4) But leaving a suitable incentive for the
company's managers to maintain economy and efficiency in its operations.
(5) Government representation in the directorate controlling the
ordinary affairs of the company.

It is evident that the plan just outlined for railways would be
especially well adapted, with but slight changes, for the control of the
telegraph lines of the country.

* * * * *

We will next consider the monopolies discussed in Chapter III. It seems
too plain to need proof that our mines and quarries are certain to have
a steady increase in value as we use up the easily worked surface
deposits and have to dig deeper shafts and develop the poorer deposits
to supply the demand. In the case of any metals or minerals of which the
deposits are so abundant, easily worked, and widely scattered, that the
number of evenly matched competitors is great enough to ensure steady
competition, the public will get the benefit of the especial gift of
Nature, and its owner can receive little more than an ordinary return
for his labor and capital. But, as we have already amply shown, in the
production of a great number of minerals and metals competition has been
killed, or is heavily handicapped by the vast advantages of a few
bonanza mines, and the public is being taxed millions of dollars for
that which belongs to it by right.

How long is this condition to continue? Must all succeeding generations
pay for coal, copper, zinc, lead, nickel, marble, oil, gas, and various