The Providence news. (Providence [R.I.]) 1891-1906, 1905-03-13
First Dinner Discussion Was a
Gratifying Success.
JUDGE GROSSCUp A SPEAKER
Professor Parsons Of Boston Spoke Of the
Need for Such Club and Edgar J. Rich,
a Railroad Csur I, Also Heard.

what was announced as the FIRST dinner
and discussion o. the Economic club Of
Providence was held AZ the Wellington
Saturday night the speakers-in chief
being Judge Grosscup OF Chicago. OF the
United States court Of appeals; Edgar j.
Rich OF Boston, general counsel OF the
Boston and Maine railroad. and Prof.
Parsons OF Boston.
The Economic club has A membership
~ little over 100 lawyers. business men
and those who take an interest in public
affairs from the outside as Well AZ the
In. and with a large number of guests
eat down 10 AN excellent dinner about Z
o'clock
Horatio A. Hunt called the meeting to
order. and on motion Of Rathbone
Gardner he named Fletcher $. Mason.
Frederick Hartwell and Prof O. G. VIII
son as a nominating committee for board
of officers
These were reported. and subsequently
elected President. John G.. Pegrsm; vice
president. Horatio " Hunt; executive
committee John r. Freeman Henry Il.
Gardner ~. n. Grant Frederick ".
Jackson, Henry -. Sharpe. a constitution
was adopted.
Prof. Frank Parsons OF Boston was the
first speaker 20 speak on economic clubs.
and after first to.xhing upon the railroad
rate question and President Roosevelt :
policy, he said It seemed that the qucs-
tion lay between an injustice 10 a few
thousand OF stockholders or the many
millions Of people I'm tho United States.
1T ought not TO bo hard To decide. 20
ne said. lie showed photographs of
passes presented 10 members OF the Penn
sylvsna legislature and OF the Phla-
delphia council on the Pennsylvania sys-
tenn and on the rapid transit system.
ARE LEGISLATORS EMPLOYEES?
The constitution OF Pennsylvania states
that no railroad company shall give
passes or reduced rates except to en-
rloyes Tho question now Is: Are the
legislators employees or the PENNSYLVANIA
Railroad company? There are people
who think they are. ! have" said he.
travelled all over this country and
abroad interviewing railway officials and
] have yet TO flnd n man who is willing
to say he knows how to conduct the
rate system properly"
He suggested several remedies one OF
which was a board OF arbitration. COM
prising capitalists. tho people and the
railroad interests to fix rates.
The eastern railroads are welded to-
gether into a Morganbilt--Vander Feller-
Cassatt-Avant combination one New
York railroad man said: "wc can buy
the legislatures in many states as we buy
a carload OF mules
These clubs are 10 bring together mon
of opposite beliefs. whom We hope 10
get To express their opinions and would
public opine.
Mr.. Edgar j. Rich next spoke, and he
said until he heard Professor Parsons
speak he did not know that he was help
Ing 10 organize a club to take the bread
out Of my own mouth
OF President Roosevelt. he said. be-
lieve that he Is as much the man OF
this hour as Washington and Lincoln
were i'm theirs
I believe We are at great crisis i'm
our history IT, is the crisis OF the con
test between organized ana unorganized
capital
RIGHT OF THE PUBLIC.
The public has q right 10 control q
railroad In the first place the people
have given the right to railroads 10 take
property with the payment Of Just com
epsation. No railroad could exist without
this right
The people have moro Fundamental
right 10 control That OF self-preserva
tion for the country could not live II
the railroads stopped running
You do not hear those sentiments very
often, but they are true and the rail-
roads do well not To forget those facts
Any regulation. however. which de-
prves the property Of dividend earning
power amounts 10 conhscation lie
answered Professor Parsons nv relating
the railroad side Of several cases In which
he had been counsel
He questioned whether the public would
beneht by the rate regulation. but said
that unless tho railroads convinced the
people that they would not be harmed bv
discrimination the rate regulation would
come
Governmental regulation of rates would
result iu rieidity of rates which would
work harm 10 New England. which would
serve 70 cut OF New England from her
market and dry M our foreign trade
JUDGE GROssCuP INTRODUCED
.'udse Peter Gfcsscup or chicago was
greeted with prolonged applause and he
conplmonted Mr.. Rich upon his ahle
covering OF the presidents rate policy.
III took up the subject OF tho reEcnera.
lion or the corporation and incidentally
at the outset paid \ tribute N It's city and
t. tho noble capitol lie took up tho plan
OF tht matter relating 10 tho individual
6rd eloqueuuy Outlined tho attitude or
'dc individual man. the centre nf the uni
lu'cal or otherwise was 10 liherate cman-
cipate or aEgrandize man the individual
rivate prc0erty is AZ tho basis 20 all
tho prosperity that America enioys N
vas that that liht rated tho minerals
called down tho lirntniuEs and Is AZ the
basis OF every great movement Of civiliza-
ton
believe that i'm q policy of having
suroi ial act 90 INCORPORATE each concern.
Rtodc Island Is now unique The other
statee are falling over each other 20 get
the corporation business
Now he said. SIX men can meet in
'at ern. lay down % dollar apiece. organize
q corporation worth almost any capital
stock and when they get ,he articles ~
iucc operation back they can repockct the
dollars
1Io pictured the bad condition
of affairs when hopes and expectations
of visionary schemors can be capitalized
at millions and cited some Instances of
cdfoa which had como mp I'm hls court
The corporation 3D. tho only means I
ku'w ur welding large masses ~ capital
but 10 is here 20 stay n has come 50
e Ifflne MIS- that prnola 10 not realize the