Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-07-10

tne governmental OASIS on WHICH Ou.'
financial system rests; the growth of
national banks, savings banks. trust
companies. insurance and other finan-
Cial agencies. and the doubtful methods
adopted by large corporations with ir-
flated capitaliZations to secure the
moneys in these various institutions
through queer legislation and various
kinds of stock juggling.
wv hat are YOU going to do about it,.
You know that the economic condition
which allows the few to possess all and
the many are left with nothing. must
be ended. If is is not, slavery Is the
alternative.
You think. some of you. that the So
luton of our trouble is in municipal
and federal ownership of our public
utilities. hate to oppose your optimis-
tic impression that in the peoples adj
ministration of the railroads and gas
companies lies the panacea for our
deep-rooted troubles. Before l left
home. l was asked not to disturb the
nations new glowing hope that in this
way safety lies. l was asked to take
the president of national league fO.'
political ownership which is being Or
ganized. but must not temporize with
the facts us know them. Municipal
ownership is will-o'-t the wisp. The
system CirculateS the idea of it among
the peopl" to keep them out Of mis-
chief. 1t is a rattle and a rubber ring
for the country to play with. If Rog-
ers and Rockefeller and the other
frenzied financiers were starting over
again, they would ask nothing better
than to begin in a world in which all
the banks. railroads ard manufactures
were in the hands of the government
quicker, cheaper. and more safely from
elected authorities than from individ-
ual owners.
Let us look at municipal and federal
ownership. and tell investors frankly
what it means. 1t means that the bal
lot box becomes the general manager
of the street car lines. the gas AMI
water works and the big railway sys-
TENS. What lOes TIE ballot box know
except of votes? What influence only is
1t susceptible to-voteS, You are not
new to politicS--thc profession of vOt-
ers-and you know its fruits and its
flowers
'They are about to try an experiment.
in municipal ownership in Chicago, the
city infamous for its poor street-car
service IL the Syst. m is able to cor
rupt the lawmakers and law admins
traitors who have al these years con-
lived at the wretched mana genient of
the Chicago railways. what possible
hope can there be of relief when the
ho
ment of city officials elected in the
same way as tie lawmakers and add
ministrators whose weakness and wick
edness have been so manifest? Let us
suppose the System organizes u cam
paign to regain. at Il reduced price, the
railway properties it has sold the pub
lie. Could it not first. through corrupt
means. elect its own agents to manage
the railway lines? They would find it
no difficult task to disgust the public
with their bargain.
cor, failing here. could they not as
easily use their dollars to corrupt the
servants of the people in charge of the
road to render so poor service that
the citizens would be glad to turn back
the property to the old owners, lust rs
Philadelphia did Years ago with its
gas company? The many resist less
strongly than the few. Stealing a rail-
way from individuals tests the power
If the System for the individuals
fight for high prices; but it is Il simple
task 10 Wre st one from the government
for what is every ones interest is no
ones concern. Successful administra-
tion of public utilities is Incompatible
with political considerations, and if
tried in this country is bound to prove
a diSa appointment and Il failure. If it
were possible to bring it about | be
;ieve 1t would set back the relief which
the people must have at least 100 years.
"R"menber ! am only opposed to
municipal ana federal ownership of
public utilities requiring the services
of thousands of employees. believe
strongly that there are some utilities
that the government is better fitted to
administer than the ablcSt individuals.
My experience has taught me that
there are institutions catering to the
public whose affairs can be conducted
with the minimum of machinery. For
instance. the three great insurance
| Compa MES of the country-the New
York Life. the Mutual and Equitable
ere ripe for government direction and
| could be handled to tremendous advan-
taSe by Uncle Sam. Today these three
| great concerns nave a billion and
quarter OF assets and under the meth
| cd of management in vogue. they must
| hold vast sums of money, or its equiv
| Ilent. on hand to keep solvent their
contracts or policies. This great ac
| CumulatiOn is a constant temptation to
| the men who have charge of it. to use
il for their own profit. ripe menace
| to the peoples interests.
| Long before I had to do with stand
ard Oil or the System | was convinced
| that the form of finance which wrought
such inipuities as have designated must
certainly end in great disaster unless
ichecked. and | applied myself to studyir <
it's operation to discover its underlying
lrrrOrs Years ago ! worked out for my
lself the formula through which the great
fortunes of the few have been created.
land then devised what | call my remedy
for the correction Of the abuse. To con-
Vince the American people that tn" way
in which they have been accustomed to
ldoinS their business all these years WIS
wrCng was a task so Formidable and 50
revolutionary that Shrank from at
tempting il without first eIuippine myself
| to meet tho hitter resistance know