The Washington times., 1905-05-10
T AF F AND@FfSH IN
DEBATE OVER RATES

require something from one IN my posi-
uon, not as the chairman of this meet
Ing, but as the president of q railroad
company operating in a number of
States of the Union. The last thins
that | should attempt to do would be
TO get into controversy, frenzied
controversy particularly. with one Sn
far mr master. But / must add a few
ords to what The Secretary of War
He said. as / recall it, that the rail-
ways are public instttutions-so near 10
the people that it is requisite that there
should be control over them IN cases Of
injustice, That sentiment l have no
hesitancy in indorsing, not only for the
Illinois Central Railroad Company, but,
believe. for the other railroads and
every railroad man in the country.
The point wherein we may differ
he did not state, although he did say
ne was opposed to Government owner
die ground between the TWO. to which
the Congress of the United States is,
and has been. very seriously giving Its
attention. That question is being con-
sidered at this moment, day by day, pa
tiently, by q committee of the Sen
ate. which is sitting during the recess,
THAT is the stion-whether the
Government shall undertake to fix the
price of the goods furnished by the
railway companies, Which in this cOun-
try at least are private corporations tor
gain.
Inducement to Stockholders.
1.-The indueement 10 the stockholder
TO put his money into the public service
was not for the return which he could
get by investing 1t in bonds and mort
ges, trust funds or Government bonds,
and that class of securities. but for gain
above those rates-for that 1t was that
he risked his money and dedicated 1t
ifrevocabIY TO the public service. He,
personally, may sell his securities, but
the money is irrevocably dedicated to
the public service and cannot be with
drawn therefrom.
In my private capacity I can sell my
house and turn it into a factory; l can
turn farm lands into factory sites. or
L can turn a factory into a dwelling
house, but the railroad must remain as
a railroad, dedicated 10 the public serv-
ice for ali time.
This question of the policy Of the
Government I invite you 20 consider.
as I have invited others. 1t is whether
or not IN this country, with its history,
especially that part of 1t which COW
cred the period between the close or
the Revolutionary war and the adoption
Of the Constitution, when the recognl-
ticn by Great Britain of the fpdepend-
ence of these thirteen sovereign States
left them each al war with the others
in commercial fight, each collecting
It's duties at its custom-house. not at
all with reference TO the general good
of the thirteen. but with Il purely self
ish interest, and very often with par
tieular desire and intent to fnjure It's
neighborS on either side. That situa-
ton became intoIerabie IN d very few
years, and the result was the form of
government under which we live here
, today under our Constitution.
Two Courses Open.
Now, gentlemen, I am not a lawyer.
much less a constitutional lawyer, and
l would not If l were q lawyer and a
constitutional lawyer attempt to con-
strue that instrument, but there are
two courses open before this Govern
ment now with regard TO the regulation
OF railroad rates which ] would like 70
present as 1. business man, somewhat
eonyersant with railways In this coun-
try from personal experience and lit
tie reading.
They are these: We are at the part
ing of the ways IN tne government OF
has not by any means overstated the
seriousness OF the proposition that con-
fronts this GoTernment-not these
/ railways; the railways do not make the
laws! Congress does that.
'Parenthetically, let me say what
should have said before, that in so far
as rebates. tricks, devices, frauds. and
dishonesty of one kind and another are
concerned. the laws are ample. The
common law was ample. The present
/ interstate law is ample.
The Elkins law or three years ago
furnished the specific means Of carry
| ing the other laws into effect. These
| things can be stopped, and should be
stopped.
The thing we lack today is not leg
| islation, but administration And that
/ / demand, we demand. not merely as
railroad men, officers OF rai1ways-we
/ do not demand IL, either, because we
/ are stockholders. as many of US are
| but I demand 1T, and we demand it. as
/ American citizens. because we have the
/ right to demand that these laws which
| Congress has passed and the President
has approved be enforced, and be en-
forced without fear and without favor
and with Il single eye TO carrying oGt
/ the law. Fiat tustitia, ruat coelum.
Regulation of Prices.
| Passing on TO the two question.
/ which l said confront the Legislative
t branch of the Government OF tha United
| States. they are these-there are twt
ways of regulating prices. Each has
! been tried.
England tried for 800 years by re,
! Iseated acts Of parliament Ia fix tho
price Of bread, 10 fix the price of wages
/ and 10 nx the price ofvall sorts OF com
modities. The effort in the middle ages
on the one hand and the seller on the
other. they called justum pretium-s
just price.
"a might sell 10 B. He need not sci
unless he wished 10. but If he did sell h
must sell at that price which the act oi
! parHameHt or act Of congress, IL yor
please. dehned as just price.
| ABOUT <91 years ago, perhaps rather
/