Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-06-03

great injustice In taxing the Internal
commerce OF the United States 10 pay
interest and dividends and to eNtin-
sum.
And besides this. 1t is not to be for
gotten that the value OF railroad prop
erty. like that Of all other property
nuetuates, that inprovident contracts
are made 10 secure their construction;
the general rise or fall in prices, and
many other circumstances AFFECT their
value. And no Just reason is known
why they should be allowed to collect
revenue to pay interest on their origi-
nal cost rather than on their present
value. or why they should DO allowed
70 collect revenue to pay interest on
bonds, or dividends on stock. fraudu-
lently issued. The property OF the
farmer. the merchant and the manu-
facturer Ia liable 10 iucuuatc In value.
or TO be deterioruted by bad mango
ment. by accidents. by mistakes, or by
linprovidcnt contracts. The govern
inent Is not called on by them to re-
eognize their rights to profits on more
than the real value OF their property,
no reason IL known why Tho railroads
should be allowed advantages Ia this
respect not accorded to other property.
THIS law requires the railroad commits
SION 10 ascertain and make public
The value OF tn. nniIronds
Of this state, their franchises. appur-
fences and property. The purpose OF
this is to enable the commission to
fix such rates ON freight and passen-
ger traffic rs win pay for repairs,
operating expenses and management,
and n proper dividend on the value
OF the property. This seems to be
AL that could be reasonably demand
ed.
In obedience to the requirements OF
~ . ast
sion has made it's determination us to
the value OF six OF the railroads or
Texas, and have nearly completed the
valuation of two more. amounting in
all to nearly three thousand six hun
drcd miles. In making these valuations
II became necessary to ascertain tho
value OF every item entered in the
construction Of these roads, their
quantities and prices. This involved
an amount Of measurement and calcu-
lation greater than can be realized
without inspection Of the work done
The charge has been made. and con-
staiitly repeated b. the enemies Of the
railroad commission that its members
since the granting Of the injunction by
the federal judge have had nothing to
do but draw their salaries. II that
statement were true 1t ought TO be
specially gratifying TO It's enemies, be-
cause their purpose has been, and no
doubt Is, 10 defeat, Rs Gar as possible,
the dong OF any effective work by
the commission. But instead OF this
being true. and TO meet this charge,
the commission N IT. annual report
OF 1898 makes full statement. cover
IT fourteen pages, which shows what
the law required OF II, and what Il
had done since the granting OF that
Injunction. This has kept the commits
SION and Its employees upns "a l,.
necessary work
H.. A..
modern times the stock Of the roads
generally represents very little money,
because they are not built with money
| paid in on the subscriptions TO the
stock. but by money obtained by the
sale Of bonds, Hence You o.ten see the
| stock OF railroads quoted at merely
| nominal figures, while the bonds may
be at or near par, And e this law shall
| be fairly executed Its effect will be TO
| give TO the stock and bonds OF rail-
| roads q permanent value rs IN tine case
| with other property, TO prevent the nc
| tiuOus issue OF such securities, protect
| the people from bellg imposed on by
! them, prevent tho railroads from he
| INK driven into bankruptcy az n result
| Of The excessive issue or them. and pro-
| tect capitalists IN the Investments made
| IN such securities ngaiust loading s'tch
| corporations with Improper Issues after
| other stock and bonds 10 a sufficient
amount have been issued and sold
1t ia n necessary law for the pro-
] lection Of the people against excessive
| freihht rates levied to rate revenue
on fraudulent stock nnd honda. to pro-
| tcct the invcators IN such securities
! against being cheated in purchasing
| them; and for the protection Of capital
lists by giving permanent or at least
assured value 10 them.
General observations.
Efforts have been made in the past
to produce the impression In and out
of the state that the measures OF which
have spoken originated in hostility
10 railroads and 20 the Investment OF
capital otherwise IN this state. Moth
| ing could be further from the truth.
/ As evidence of this Texas las. In order
| T. induce the construction OF railroads,
| given to railroad companies nearly
| 80 00b, 600 acres OF land, an amount equal
| IN area to eight Of the smaller states
| OF the Union, has loaned them In the
| past large sums Of money. and the
| countiss rs. cities and towns, and the peo-
/ pie Of the state IN their individual ca
| pacity have given them large subsl-
| dies In land and money, while, ms q
| rule, their rights of way have been
! voluntarily given them by the owners
| cf the Ian over which the roads were
| TO pass. This has been done, because
| value OF railroads In furnishing Ia
| cilitles for trade and travel. In in
creasing the value OF land and other
| property, IN utilizing tho products OF
| FARMS. orchards, gardens ind the pro-
| ducts Of the forests and mines, and
! In developing the resources Of our
/ great state.
While our people are, as they ought
to be, friendly 10 railroad enterprises.
and fully realize their value 70 the
! state. they also know that they are
| managed and controlled oy men. who.
| like other men, are given to consult
| ing their own interests and the In
| forests Of the corporations which they
repress Mt. that they have great power
over the pecuniary interests Of their
patrons; and that Il is as necessary
| that they should be controlled by law
| a. that other people should be 80 com
] trollrd Experience has demonstrated
| the danger Of allowing them to be tho
| uncontrolled masters OF the business Of
/ Transportation. Hence our laws. Not
because OF hostility TO railroads. but be-
cause Of the necessity Of protecting the
| people at large.
No persons more fully realize than
the members OF the railroad commits
sion Of Texas the fact that 70 promote
! the prosperity and well-belnR OF the
| railroads OF the state Is 10 promote the
prosperity and welfare Of the people o.
the state: ard that any policy which
/ would injure or cripple the railroads OF
the state and prevent ne construction