The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-01-12

foreign porta a. Galveston can claim cot
| ton passing out over the high seas without
| touching the island. or cotton loaded from
the cars to the ship for foreign ports. and
not Houston men invest In this cotton dur
ink the season "a much money and, indeed,
a 9reAt deal more than the Galveston men
| DO not the lnborers handling cotton In
| railroad yards, warehouses and congresses
OF this city do a. much labor with respect
to this cotton as the longshorcmcn of Gall
weston do with respect to cotton at that
pointg Then. again, are not the rail-
| roads reaching this city and the vast prop
erty which they have In their yards and
terminals here Of rs much Importance and
entitled to as much consideration at tho
hands Of the state and community which
they serve. and TO which they pay taxation
| and otherwise help to support as the tramp
ships that occasionally touch at Galveston,
that contribute not ono dollar to the sup
port or maintenance OF the government
and that owe allegiance not to our own, but
TO a foreign flagY
These railroads are a part OF the State.
They are rs immovable and as permanent
ms any great waterway could be. The
owners are bound by law to maintain and
operate them. They can not abandon them
II they would, because tho State by tho
extraordinary writ Of mnndamus would
compel their operation, whether with profit
to their owners or not. They help support
the government by contributing a just and
always prompt share OF taxation. They
are with the people, with them In adversely
as we'll ms In prosperity. They can not
sail away like a foreign ship across the sea
and escape the regulating power OF the
State. but are always and must ever DO
subject TO tho laws. Their interests are
In common with the interests OF the people
OF the State. When the crop fails aud ad-
versity comes upon us they feel It, and, In
deed, bclive. suffer more than any other
| class Of property. When crops arc good
and times are prosperous II would seem
that they ought to have right to share In
the general prosperity,
While am not speaking with the knowl-
edge OF by the authority OF railroad own
crs. believe know some OF them. and
especially the principal owners of the
trunk lines of this State, very we'll, md
that i do but voice their sentiments when
1 say that they do not desire unreasonable
rates or returns upon their property that
would stife cripple or hurt u single In.
terest or Industry OF this state, or any Soc
| tion or place, or any class of tho people
of this State. do not believe that there
| Is any class of mon IN or out OF this State
thnt are moro anxious or have moro at
heart the upbuilding and prosperity OF the
| State Sf Texas, Its agricultural, industrial
and commercial interests md resources,
! than the owners of the railroads of this
| State do not say that this wish upon
their part is wholly philanthropic. though
I believe they are as philanthropic as tho
average man, but they recognize In the
fullest measure and In the most substantial
manner what is merely Idle talk with
many others. namely. that the railroads
and the people Of this State are dependent
upon each other and the interests OF both
can be best subserved by good Will. fair
dealing and earnest corporation for the
advancement and upbuilding OF the State.
a
| wish to tax the commerce OF the State
and the people OF the State to pay returns
upon fictitious securities--upon watered
stock and what, In recent Texas political
parlance, is termed wind in bonds. So
much has been said in political discussion
respecting water In the stock and wind In
/ the bonds OF Texas railroads that no doubt
a large majority Of our people believe that
| 1t is true. have In recent years had &C.
casien to investigate the matter very care
| fully and thoroughly. Since 1t was not
| prompted by disinterested industry upon
my part, but was In the performance of
| professional duty, I may, without impro-
|, priety, claim, think. that i have exam
| ined more closely Into this matter than
any one here tonight. AS the result OF this
investigation. patient thorough and ex-
! tending from time to time over n period Of
| several years, desire to state to the bust
/ ress men assembled here tonight, not as n
T. u
State and as a man. that I firmly believe
that there Is not In existence today a
share of stock or bond Of q Texas rail-
road company that Is not represented to Its
| full face value by money actually invested
| in the property Of the company. unless It
he some Of the stock and bonds issued un-
der recent law OF this State upon some
OF the new enterprises. do not wish to
| be understood as saying that this has been
true always, that there may have been at
some time especially during the stages OF
original construction. when stock and
bonds were not issued In excess. and at
! times very much In excess of the amount
of money expended upon the property.
But In such cases insolvency and fore
closure soon followed. Almost every line
of Importance in the State has gone
| through one or more protracted receiver
ships, during Which no interest was paid
upon the bonded Indebtedness and no re-
turn whatever was received by the owners
upon their securities. Everything went
to the betterment and permanent improve
ment OF the property, and In many In
stances for great number ar years where
there have been receiverships. the owners
have forborne and are still forbearing re-
turns from their investments In order that
the earnings above operating expenses
might be utilized In building UP and i'm
proving the property to the extent neces-
sary to meet the demands of the public
ana keep abreast OF the times IN the inhtter
of maintaining and improving railroad
property. think I am safe In saying
that all here tonight know that every one
of the trunk lines in this State has been
through receiverships and otherwise. been
practically rebuilt and so vastly improved
that they bear but little. II any, more
resemblance to the original structure than
does n turnpike to bride path. In this
way have found that aside from the mere
maintenance and operation of the prop
erty. money which might and otherwise
would have gone to the owners rs return
on their Investment has been expended In
the betterment and Improvement of the
railway property OF this State to an
amount vastly more than sufficient to abb
sorb whatever water there may have been
In the securities originally. Suppose You
own house and lot In this city, for
which you paid $4,000. You readily rent
| 1t for $1,000 per annum. You conclude that
an addition should be made to the house,
| or some other improvements should be
made. tn that end for the improvements
which will cost. we will say, $4,000. yol
| lease the premises to me for fiye years un-
der contract by which I undertake. In
place OF paying you $1,000 annual rent. 10
make the specified improvements 10 the
extent of $4,000. At the end of the term
the premises are returned to you. and with