Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-22

saving in expenses from the numerous
economies secured. the stoppage Of re.
bates, drawbacks and the numerous
determinations that now anger the
people, and 30 on. The amalgamaticn
OF all the roads into one grand system
will, he thinks, obviate all the troubles
inequalities and injuries that result
from the competition Of rival and frag-
mentary lines. The great desideratum
is, OF course, the destruction Of compe-
tition. Another, no less important in
Mr.. Huntington's estimation, is immu-
nifty from legal interference, or legisla-
tive regulation in any shape or form.
He says on this point: "Of all property
railroads should have the largest free
dom, in order that they may be able to
earn sufficient 20 pay fair interest
upon the capital invested, and to earn
it in a way that shall most nearly con-
serve the interests of their patrons and
themselves" He then adds that the
courts will take care OF the peo-
pies interests by preventing rates
from going up, and restricting the
earnings of the roads to a reasonable
figure" Mr.. Huntington has great
faith in the courts, 1.-THE sheet anchor"
as he calls the judiciary, ''of all we
hold dear" and which, as he says twill
stand between the rights OF the many
and the few" By ''few," it is supposed
he means the railway magnates. His
faith in the judiciary is greatly
strengthened by some remarks Of JUS
tice Brewer concerning the rights OF
railroads, which remarks of the great
jurist' he quotes approvingly. AS the
great jurist' expressed concern only
about the rights of the 'few," and not
of the ''many," it would be we'll for the
many If there were but few OF him on
the bench. When circuit Judge in Mis-
souri, and Kansas few years ago this
great jurist decided that rates could
not be reduced by state authority be-
low point of earning capacity equal
to the cost OF operation, maintenance,
payment Of interest, and q reasonable
dividend ON capital stock" There was no
Limitation or qualification as to
fictitious stock or water"
Concerning this decision the Kansas
board of railroad commissioners says
in its last report, that the rule i'm
posing upon the community the burden
OF being taxed to make returns of
profit upon shares that represent no
outlay or investment, is fraud on the
public" Elsewhere il is called "a pub
lie guarantee OF interest and income to
every holder OF railroad securities, and
puts the burden and risk of railroad
construction and profitable operation
in the public. without allowing it infu-
ence or voice in the creating of liabil-
tiles, the issuance of stock, or the ad-
ministration of the property. Itwould
take from the state every vital element
of power to protect its citizens against
unjust and unreasonable corporate ex-
actions, and would make losses and
costs of misfeasance and malfeasance
in railroad management public
charge"
So argues the Kansas commission
about this famous decision of the great
iurist" who earned his promotion to the
supreme bench by making decisions of
that character in the interest of the
railroads. 1t is in such jurists as
Brewer that the railroads would con-
Gde their interests, and not in commits
sions or regulative statutes. Mr.. Hunt
ington will find that he and the people
are wide apart on that subject.