The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-08-16
Daniel Davenport, of Bridge
port, Conn.,, Makes Reply
TO Address of Gov. Cummins at
Clarinda, Iowa, Chautauqua.
HE HITS AT LAWSON.
Tries to Brighten Farmers With
Rate Regulation BugabOO.
Announces His Opposition to
the Roosevelt Programme.

CIarinda, Ia, Aug 16.-Before the
Chautauqua here today Daniel Daven-
port, of Bridgeport, Conn, spoke on
the regulation of railroad rates by a
government commission, taking the
opposite side to that of Governor Cum
MINIS who spoke here yesterday Mr.
Davenport as representing the Assoc
citation for Maintaining the Rights of
Private Property, held that the grant
ing of such power to a. government
commission could have but one out
come, i. e., the establishing of fixed
rate per ton per mile which would de-
prive the Iowa farmers of their east
ern markets by eliminating the low
rates on farm and dairy products
which now prevail and under which
they can compete with FARMERS nearer
the large eastern cities.
Mr.. Davenport's address had been
anticipated with much interest, as he
is reputed to be as familiar with the
question of railroad rate regulation
from legal standpoint as any man
in the country not employed by the
railroads When the senate committee
on interstate commerce was consider
ing the question last winter it was Mr..
Davenport who first called to the at
tention of the committee the constitu-
tiOnal provision prohibiting govern
ment determinations between ports of
the United States, which provision, he
argued, would inevitably compel the
commission to abolish all differentials
and ultimately establish a fiat rate.
The points made by him were thought
important enough to be referred to the
attorney general of the United States
for consideration.
The Association for Maintaining the
Rights of Private Property, of which
Mr.. Davenport is the counsel, is COM
posed of comparatively small investors
in railway stocks and bonds and de-
positors in savings banks and trust
companies which hold large amounts
of railroad bonds. It has thousands
of members scattered throughout the
United States. Mr.. Davenport is
graduate of Yale, leading member
of the Connecticut bar. and an orator
of much ability. His selection to re-
ply to Governor Cummins on this occa-
sion was a well deserved tribute to his
abilities.
Opposed to Roosevelt Programme.
In opening Mr.. Davenport annouced
the opposition of his association Ito the
great ROOSeveltian programme to con-
fer upon a political board the power
and duty of fixing the prices which the
railway companies shall receive for the
only commodity which they have to
sell, viz, their services in transporting
persons and property from one state
to another Referring to Thomas w.
Lawson, who has been addressing
western audiences recently Mr.. Dayen-
port dismissed him and his arguments
with the caustic observation that "in
the east we regard him as a typical
representative of that class, marked
for all time by one stroke of the his
torian Sallust's pen as lavish of other
mems goods, greedy of their own
Listen how he continued "to one
who speaks for that innumerabIe host
whose money built the railroads of the
Il rr-t,o
ed in them to a degree hardly con-
celvable with out an actual knowledge
of the figures" Mr.. Davenport then
briefly outlined the extent to which
the common people are holders of rail-
way securities, taking Connecticut as
an example. In Bridgeport his home,
city $4,000 people, there are four
savings banks with $4,000 depositors,
and the banks hold 100000 of these
stocks and bonds. In Connecticut
with less than a million inha bitants
there are 475,00O depositors in the
savings banks which hold $50, 0OO 600
WoIln OF theSe securities. In the six
states of Maine, New Hampshire,
Massachusetts, Connecticut, New York
and New Jersey there are 100000
depositors in savings banks nearly
twice the voting population he EN-
phaSlzed, calling attention to the fact
that half the depositors were women
and children. Collectively these de-
positors own, through the savings
banks, the vast sum of 100000, 600
OF railroad securities. notably those of
Iowa railroads" The speaker then
took up the life Insurance companies
with 100000 policy holders, -
which own $S00,O0O,0OO of railway
ponds, TO say nothing of those held
by dre insurance companies on the
stability of whose investments S28-
O0O, 900, 600 of fire insurance rests ssTf
you Will take the trouble to investigate
for yourself" he said, you will find
1t is not the Rockefellers. the Nor
gans, the Goulds or the Harrimans
who own the railroads of the country
Ihelr investments are comparatively
insignificant. 1t is the toiline millions
who own the principal part and their
savings have been invested in them
relying upon existing statutory and
constitutional guards for the protection
OF property rights. You may we'll be-
Heve," continued Mr.. Davenport that
q proposition from the president of the
United States. to take from the owners
OF these properties the only thing they
have which is of value and give it
over to a political board is a startling
one to these millions of persons and
but for their confidence in the ultimate
good sense and conservatism of con-
SFess, It would long since have brought
on panic" To make his point clear
er he cited the fact that a general re-
duction in freight rates of one mill
per ton per mile would wipe out all
the dividends on the stock, and a re-
duction of another mill and half
would wipe out all the interest on the
bonds of all the railroads in the coun-
try" 1t was only by the most con-
sentative management, he declared,
that the railroads could be made to
pay at all. 1.-THE knowledge of these
facts and of the wretched work that
political boards make of such mat
ters," he commented, sis enough to
cause profound alarm at the presi-
dents policy
Government Regulation Men.
Mr.. Davenport then paid his respects
to those who have advocated govern
ment regulation of rates by saying:
1.-The time has gone by when the intel
ligent and prosperous farmer and bust
ness man of the west can afford to sit
idly by and suffer an uniformed popu-
lar clamor, and the efforts of noisy and