Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1906-10-26

o1voo Of the Wall street speculatorb 3no
Dromoers 70 secure legislation n iowa,
sndsr which thsy could consummate ths,s
Dlans tor the consolidation OF American
kuilspads. q an essential part OF the story
e shs present campaign In Iowa
Upon the OPENING Of the twenty-nintn
xsoeral assembly Of Iowa In January.
IA Governor Cummins was inAuyurateo'
and In bis Inaugural address ne t1ed 20
make Il very plain that bis policy ~ouio
- that Of the square deal for all people
Among other things he said:
Coeporstlons have and ought to have.
many 6hvteges. but among them Is not
he privilege to cit in political conventions
d occupy seats In legislative cnam n
Corporatioas ~ such. should be S9or
ousiy excluded In every form from par.
etcipation In political affairs. Here A
least the rich and the poor. as inoiS.n'
pals. Should meet upon plane OF eoso-
Th.n turning 70 one Of the features Of
narts,a tive assemblies with which Iowa
~ besn TOO much infested he said:
Ths corporation Lobbyist, has, ! rssr e,
sr: SAL ees ssssme Sn he Ia. become
stench in the nostrils OF decent COM
snunity. and he ought to be driven ~ ~su.
che lash Of sec m. pursued oy sne pen -,
sjtfes Of the law from the presence OF
sy very otnciai and from the precincts OF
Syery legislative body in the country.
| The Lobby at work.
This was fair warning to the CORPORA
Con lobbyists but they were even 'he"
preparing to secure concessions from 'ne
iowa legislature through Introduction o.
two bills intended TO be for the especial
benefit OF speculative railroad corpora
t,ons, which bills were backed solely oY
she ,,nscrupu,ous corporation lobby. the
first Of these bills to be introduced was
known as the Hubbard bill and the other
a the Mnesherry bill. For some reason
the Mo'esberry bill was taken up ana
passed first In the senate. then quickly
rushed through the house ard SEM 10
Governor Cummins There had not ocen
q word said in the legislature In opp"sf-
zion To either one Of these bills. nor any
thing made public to indicate that these
bills were OF special significance. hut the
typtned legal mind Of Governor Cumm,ns
bore down upon the Molesherry hill lying
upon his table awaiting his Signature. ana
he saw that behind this bill WAS . pur-
pose, which II made known to members
Of the legislature. would render II unsat-
isfsc,ory To a great ma 'ority Of the iowa
LEGISLATORS Governor Cummins therefore
vetoed the bill and as soon as His veto
had been made public. the legislators
almost with unanimty Joined In denun-
eSation Of the men who had induced them
By fraud and grossest deception to pass
such q nefartous measure.
Changed Hubbard Bill.
IN the meantime, tho first bill intro
Ruced the Hubbard bill. was pending be-
Fore a senate committee. Its author had
not realized that this bill, too. was
part of the programme Of the railroad
lobby, to make the most remarkable
change in Iowa laws relating TO railroads
ever known. This bill was taken to Cow
srnor Cummins by interested persons.
who asked the governor II he would con-
sent to lie becoming Law OF Iowa Gov
Srnor Cummins indicated that he would
never approve such bill. but he did
state that II the bill was modified In Ger
tain important particulars he would per-
NIT II to become Law A few days later
IN the senate there was added to this
bill Q clause which absolutely destroyed
it, character In relation to ra''road mer-
Rrrs and rendered II harmless. In this
form the bill passed the legislature and
Vas signed by the governor.
The swo bills we're in fact two i'm
portant parts Of the programme Of the
railroad lobby at that time In brief. the
Aolesherry bill provided that any rail-
road Incorporate ted under Iowa Ia might
issue bonds TO- any desired amount with
out reference to the amount Of capital
stock out sta nding. The iowa law now
Of two-thirds the capital stock unless
the total issue Of bonda he ieas than $751;
10 per mite The Molesherry bill removed
chs limitation. so that an Iowa railroad
corpora ZION might borrow any sum Of
money for any purpose whatever with
cut restraint Of law. The Hubbard bill
A. introduced provided that an Iowa rail-
road cor,orat ion might huy or control
any railroad in any other state Of the
0nion
Two Bills for One Purpose.
II these two bills had become a par,
Of the iowa law. the famous Northern
Securities merger which the federal
courts condemned and which President
Roosevelt outlawed would have soon
made Its domictle In Iowa 1t will he re-
called that the rthern Securities conn
pany was organized under New jersey
h VS. and acquired the Great Northern
and Northern Pacific railroads. and that
shout this time the same 1nanciers &C.
Quired control Of the Burlington road II
was found impossible under the laws as
they existed for the Northern Securities
company 70 effect q complete merger of
the two Northern railroads and the BUR
bngtnn n the Molesherry and Huhha I'd
bills as they were Introduced had become
the Iowa law. II would then have heen
possible for the merger to have been e..
fecfed. under the Burlington Railway
Company. which had hui recently heen
organized In iowa as holding GONNA nv.
The Mn,esberry bill might have accom-
p3'shed this purpose alone hut the Huh.
bs I'd hill without the Molesherry bill also
was Of no consequence. The two together
would have brought the ideal cnndi,inns
Desired by the speculatOrs who were pro.
noting fhe most gigantic and mos, IN.
famous railroad merger ever planned in
this country.
Reasons for the Veto.
IN his veto Of the MoIesherry bin IN
March 1902. Governor Curnmins revie wed
~ some length the history Of Iowa leg.
tala ton respecting the forma tiop Of rail-.
road corporations. pointed ont the fact
that while the Molesherry hill purpnrted
70 be a measure 10 permit railroad cum.
panias to effect betterment 81 their sys.
tems II In fact did nothing OF the sort.
Among other things. he said:
In view Of these conditions which are
we'll known. and are . part Of the his.
FARMERS AND T.ElR FRIEND
sscretay James Wilson: The
farruers Of iowa owe to Governor
C,uainlins . day in harness. When
ehey appointed committee OF their
nlrnbers-'FatheT GARRISON Wallace
1 CNffin Given and ofhera-fo AofopA