The Montgomery advertiser., 1905-12-10
Justice to the Railway Companies.

Richmond Times-Dispatch.
 MT. Albert S. Bolles, lecturer in Hav- erford college, Pennsylvania contributes
 an article to the December number of the North American Review on "Difi-
 sgtes and Ro,S9 of n mt
 saying that If the federal commission Is to make and establish rates, the gov ernment ought to furnish it with some
 says he. it should define d reasonable
 rate as one whereby fair remunera-
 tion may be gained or expected on the concrete standard. that dividends should
 not exceed 5, $, or other per cent. all.
 we think, will admit that investors
 ought to have fair return on their
 ceive such returns these enterprises
 would not have been undertaken" As
 suming that per cent. would be an
 es as to how much actual money is in
 vested in the road. It may be contend
 ed that half the capitalization is wa originally invested. But that" says MT. Bolles, Ifs in most cases only a part. Many of our railroads. when first ccompleted, were in the crudest condi- years no dividends were made. and all the net earnings were employed to inn prove the road. stations. bridges, re-
 rolling stock. and make other needful Improvements.
 That is peculiarly the case with
 Southern roads. For a long time no
 dividends whatever were paid, and all
 the net earnings, after paying fixed charges. were used in betterments. The that they were turning their dividends
 into capital, and of late years they have
 been getting some returns upon their investment A Richmond hnancer who recently remarked in our hearing that
 in his opinion there was not a railroad in the South which could be replaced as 1t now exists for sum of money equal to it's bonded debt and capitalization. However. that may be it would be a most difficult and delicate task for the how much. if any. the railroads in the country are over-capitalized.
 The government should not undertake to say what a railroad corporation ol any other corporation shall earn. When ever any such restrictions arc placed upon human endeavor the effect must necessarily be is to destroy initiativ@ ana railroad company branch out and devel- op and improve Its business if the gov takes S awpy pyo9 6f9% No all an hope s more enterprising than his ambition, and ambition is the child of desire. Take away these incentives and there will be an end of all progress.
 The government should exercise a certain supervision and control over all public service corporations The rail- rOdQS owe OD4iSoLiOh NO tHe pup lie and they should be made to dis charge it. They should not be allowed to discriminate in such a way as to de- stroy that equality of opportunity which l the government guarantees to its citi- | zens But when the railroads are haul ed up for any offense, they too. should | be given equal right before the law. It | would be a travesty upon justice to ar raign them in court for discrimination l and then discriminate against them. | This Is a plea, not for the railroads, but | rirhfannSnRSS of the court | tenn When a man is convicted of lar | eeny. sentence is suspended preceding | appeal Let us at least be as mereiful | Id the railroads as we are to the crimi- | nal class. It is an axiom of law that | f one would obtain equity, he must do | equity.