Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-08-27

Journal of Literature and PolitlcS)
, Burlington & Quincy Railway Com
pany. organized in 1901, and apparently
with special reference to the enact
ment Of such a law. The purpose OF
the bill was TO help out the extrava-
CANT financial schemes of the Rock Is
land Company. and to afford a legal
basis for the merger OF the Burlington
and Great Northern and Northern Pa
citic lines. The bill passed both houses
with but little opposition, but when 1T
came to the governor he vetoed It, and
so cogent were his reasons that there
was no attempt to pass it over his OBJ
jections. In the course of his message
vetoing the bill, the governor said that
its only substantial effect would be to
overcome difficulties growing out of
the purchase of the stock of the Bur-
lington company by the Great North
ern and Northern Pacific companies.
The new Burlington company was or
ganized in October. 1901, with but a
hundred thousand dollars capital au-
thorized, and the right to begin busi-
ness when ten thousand, dollars had
been paid in. This new company took
to Itself all the powers Of a railroad
company, and especially the power to
acquire the entire Burlington system.
1T is not difficult" the governor
said, IF inquiry be made, to find the
motive for the organization of this
company. The old company, which
had been so prosperous, could not,
either by reason of the laws of ILL.,
nois. or by reason of what had oc-
Cured in the purchase of its stock by
the two Minnesota companies. create
the volume of indebtedness which
those who are interested desired to
create. 1t was. therefore, necessary
to add another corporation, and Iowa
was chosen for it's domicile 1t is
matter of common knowledge that the
new company, with an insignificant
amount of capital stock actually taxi
en-, has leased the entire system of the
old company. 1t must be true that it
Is without substantial assets. save
the lease, and with the rental attach
ed to the lease, Its value. If anything,
is purely speculative. In this situation
it seeks the power to incur indebted
ness without limit. 1t is one thing to
grant to railway companies the right
to borrow the money needed to aid in
the construction and equipment of
their lines of railway: it is quite am
other thing to authorize a class of
railway companies to incur Unlimited
obligations without respect to the
amount of their stock or the worth of
their property cannot bring myself
to believe that this species of special
legislation is consistent with the pub
lie welfare or necessary for the legit-
innate development Of railway proper
ty: on the contrary, it is my firm be-
lief that corporate power to issue
stocks and incur Indebtedness needs
restriction rather than expansion.
Because of this message, the COVER
nor was marked for slaughter. No OPP
position was nlaGe to his first renom-
ination in 1908 because the almost UNI
broken usage of the party accorded
second term. But it was decreed by the
magnates that this second should be the
last term of Cummins as governor and
the end of his political career. Nor were
they content that he should pass quiet
ly out Of office, as he undoubtedly
would have done. They wished to
make it plain that no man could thus
thwart their purposes and not pay the
penalty. Confident of their ability to
compass his defeat, they forced the
fight. He was not to be permitted to
retire he must be driven from the field
He accepted the challenge as duty to
the public, and he waged such fight
for nomination as the state had never
SEEM He went into nearly every coun-
ty and presented his cause from the
hustings. He made his appeal, not
simply for himself, but for every can
didate, state and local, who Stood for
the same principles. The corporate
interests urged, the tariff but as a mask
for their real purpose. He kept the
real issue, that of corporate interfer-
ence with public affairs, to the front,
ard everywhere outside the field of
railroad domination he won with ma
jority SO pronounced that suggested
attempts to control the convention
against him by the exclusion of dele
gates were not ventured upon because
it was deserved.
There are some rumblings of discon-
tent and some IIulleIIllSS OIL IeDeIluil,
but for every republican, vote he loses
he will gain two democratic votes. The
people of Iowa are not given to throw
| ing away the fruits of victory as soon
as they have grasped them. They know
that the only hope of opposition is
thru alliance with the corporation
| forces that were against him for the
nomination. Such coalition the gov
ernor is entirely prepared to meet. The
| campaign will not be a still hunt af-
fair 1t will be IL. the open. And as
to the issue which is paramount.
whether corporate interests or public
| welfare shall dominate, his place as It's
/ representative cannot be taken from
/ him. Governor Cumanins is in the
prime of life, he has preserved the ar
dor and the enthusiasm of his youth,
| he has great capacity for work and
| great skill as debater. and his can
yass will be we'll worth observation
from it's commemorative the close.