The Sunday herald. [volume] (Washington [D.C.]) 1866-1887, 1886-07-11
THE GAS QUESTION.
Can the Property Of Stakeholder be Take. Will,
ComnAn nssflouf


CsmpensstioRi
To the Editor OF The Sunday Herald: N
SIR: For one, wish to enter my protest agast
the vicious system OF legislation proposed to ba-
angurated hy the Senate coEnmttee on the Distt
OF Columbia 10 dealing with the gas question
VIII state my reasons az brieny as possible, st
promising by saying that do not own, and rer
did own dollar Of gas stock. First and forest,
the proposed legislation is an entering we'd in
tho direction of lessening the values OF sid In
Incorporated companies OF all descriptions II
| the Government is to undertake the busind of
placing an arbitrary value upon the properknd
franchises and then say you shall make only soIich
profit on that arbitrary value, what Ia the sockany
incorporated company in the District worth Vhy
It will be at the will OF Congress to say that mall
not be worth more than what its changing majtes
may determine. Apply the same principle tall
way companies. compliant Is made thatfail-
way company is making too much money. ion-
gress, although by its constitution totally unit ex
anime such question, arbitrarily determined the
existing stock In the railway company shall bupi.
taEed at one-haif or onequarter OF what 1t s rth,
and shall mako no more than 30 much per cd on
| the capitalization 80 fixed, md to that enilall
charge only 30 much faro. The result is aince
the shrlnkage In value OF the property, AMI ptaps
Its bankruptcy and the total ruin OF innocent liers
OF stock. This principle applied to our rHay
companies arbitrarily. az ls the case proposed the
Senate committee, would result In the bankptcy
Of every street railway In the District.
| Apply the same principle to Insurance cDmnes.
| What would he the result? Why instead 0fbing
| paying Investments the stock In Insurance hpa.
MES would DO worthless. and the money whldhey
keep at home would 20 u outside companies.
But the vice OF The coR4ittee's hrop ,sn /,
more harmful than this. II Is an attempt to byl
| ndirectlon what cannot be equitably done bylrect
methods. The Congress has the power to rebate
the price Of gas. This power Ia to b, excused,
however. with due regard TO all the equities. has
power to say that the price Of gas shall oIy be
| nve cent? thousand feet. But who oxcepi i'm.
ported citizens Of the sehwAb AIi Most tyHe, you'd
| ask for the exercise OF such power TO such al ex
tent7 Now the question OF m anu featuring gas aud
the cost OF plant, etc., Is one which the commite,
has not Informed itself upon. It Ia question whic
varies with the price Of labor and materials and tn
improvements In science. The tendency has al
along been to lower priees aud gas IL fgrpishe her
more cheaply to-day, by The voluntary action OF tl
company, than ever BEFORE II will pay the com
pany to furnish gas at sl per thousand feet will d
It, for the lower, within certain limits, 1t furnlshe
ta gas, the more OF II will he used for cooking, heal
Ing, Misunderstanding, apd lhs Ike purposes, as we
No, m. ,a,,,,.. ,,.
,,ons,nn n"n,s.sss ~, a., ,sa s - .av h.''.
,.,asn.a.. ..,, ,,.s.. ~. w ofpo'i'"' ni''ci
,na ,n,s,as,s ~, ..,pnnaan,n ~ !" '."ue. 'esa.
~ 10, ,no conn.n NV .".r,a ,,,,, . ,.,,., sa' s
be furnIshed at 81 Der thou and 40 IA Ia give
Of per cent. on A. oo0 oOol wa. aver 40 sn.'.
proposl,ion before made .If you ca,no, TIL" r
pront OF per cent on two mions OF dollar =, -
q per thousand, then You NAV charge su0,an, "
reach that limit, In doing tpls ,ns ..,,m,,eo ,o =.
undertaken TO do 10 a round about wav VIVA, .',','
not bs done IN direct w.y-oopu,cate a mar, n, ,,s
property OF the gaa comoanv Kvervho.y -.
that the plant OF the eomnanv sor ,,a ~
poses for which IL ia Intended. IA wor,. ,.,,.a,.
more than two millions OF doliara n ron.ss.
limts its eapltal to this. II takes inst so mnch =. ~
capital for public PURPOSES. without iu., 20
ton. The committee could not do thIs NV hail.,
the property condemned for pnbllo uas. Tor ma,
under tue proylslous OF a wlse Consttutlon w,,,n
have force even In the District of Columbia n on.,
have to pay for II at its value. Not what n coz,
original stockholders, but what IL ia worm n, ,,o
present line,
The committee animated Ly the pnr.,so n, os,,,,
si the original stockbodors, lose slVlt of ,be f,t