The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-07-13
The Quest ion ola Cure.

The Quest ion ola Cure.
1t was to be expected that this Debs
strike would call forth an abundance
OF legislative remedies. The mistake
into which the public is in danger Of
falling is in negleetng to give these va
rious propositions due attention; to the
end that the good points of each msy
be treasured up and incorporated into
an eclectic law. or series Of laws. 1t
will scarcely be denied, after the ex.
periences OF the past few weeks, that
existing legislation governing the oper-
ations Of interstate railroads is made
quate, When for weeks the travel Of
the nation may be effectively inter
rupted at the command of single
man who occupies no official place in
the civil government of his country
and is, in fact, a rebel against that
government, it does not require pro-
longed reflection to indicate the neces-
sity of more stringent statutes coupled
with their better enforcement. In the
formulation of these needed amend
ments the intelligence of the country
cannot too early address itself.
We desire, at this time, to allude
briefly to one Of the more notable of
these recent suggestions: ITO Regulate
Railroads Engaged in Interstate Com
merce," is the title Of long bill intro
duced in the house by Representative
Straus, of New York. 1t is designed
to prevent the manipulation of stocks,
bonds and all sorts OF railroad securi-
ties by capitalists and to protect the
owners Of stocks and small holders.
One of its most important provisions
makes it a crime for an officer or di
rector to sell stocks or bonds short for
the purpose of depressing the value of
railroad properties. 1t also prohibits
voting trusts Of stock. To secure dis
interested receivers it provides that no
employe. officer or director of road
shall serve in that capacity. The inter-
state commerce commission is to ap-
point in each judicial district under
the bill. one or more examiners, who
are to look into all the books of the
railroads which 90 into receivsrships.
II they discover evidence of misman =
agement or breach Of trust toward any
class of creditors, they ara to certify
the evidence to the attorney general, to
be used as basis for legal proceedings.
Provisions are made by which stock.
holders may follow property that has
been diverted to the private estates of
directors. or to other purposes, and to
institute legal proceedings for recov-
cry.
1t occurs to US, from q casual scru-
tiny of this measure, that it would do
no harm and could do much good. 1t
needs no extended argument to prove
the truth of its two fundamental prem.
ises. first that purely speculative
ownership and control of lines Of trans
portation ia undesirable; and secondly,
that receivorship conducted by the
management that did the original
wrecking is like jumping from the fry
ing pan into the fire Whether either
of these evils would yield to Reprsssn-
tative Straus' treatment is question
but his idea of district federal examin-
ers, exercising supervision over the
books of bankrupt railroads in a man
ner similar to the supervision exer-
cised by the official examiners Of ma
tional banks is distinctly opportune.
We should not expect the millennium tc
follow soon after the enactment Of thu
S,raus bill; but we incline to the opiu-
ion that the bills adoption would hell
instead of hurt matters and therefore
trust. although perhaps vainly, that ii
may prevail.