Against Inoue's theory of nationalization of railway, the powerful businessmen in Mitsui and Mitsubishi-zaibatsu (company syndicate) including Eichi SHIBUSAWA, Ukichi TAGUCHI, and Hikojiro NAKAMIGAWA advocated the theory of railway management by private sectors.
井上の鉄道国有論に対抗して鉄道民営論を唱えたのは、渋沢栄一や田口卯吉、中上川彦次郎、三井財閥や三菱財閥などの財界の有力者たちであった。