The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1906-03-24

continue the policy of non-interefer.
ence. Such action on their part will,
in my Judgment, be very unwise and
will only dam mp the water. The issue
will be made the paramount one in the
next election, and those who are re-
sponsible for delay or inadequate legis-
lation will find that when at last the
fioodgates of popular wrath and indig-
nation are hoisted there will be some
fine grinding done. If those most in
terested in these great properties will
not consent to wise legislation to relieve
the distress of the people. there is dan
ger of more radical policies and leaders
coming to the front, with the result
that legislation far more drastic and
dangerous than anything proposed in
this bill and the amendments to be
offered will be enacted"
Mr.. Nepiands' Opinion in 1906.
Mr.. T,llman presented the following
views Of Senator +. &. Newlands of
Nevada on the bill.
Mr.. Newlands said that while he has
Joined in the report on the Hepburn
bill and is in sympathy with the gen
eral purpose, he thought it incomplete
aud fragmeniary. He expressed his
belief that the legislation would not be
as effective as it should be unless there
is added to the pending measure pro-
vision for the National incorporation of
railways engaged in interstate COM
merce. guarding against over-capital-
ization. fixing with certainty the rates
of taxation of such railway property
by the States and prescribing fixed
limit for dividends. Such legislation
should not simply cover the interests OF
shippers and common carriers-it
should embrace the interests of labor
by providing for an insurance fund
against accidents and old age and con-
ciliation of disputes between carriers
and their employees.
Senator Newlands discussed corpor-
ate activity in politics. saying it has
been increasing since 1896. Corpora
tions are in politics, the Senator de-
clared, because they feel their property
may at any time be the subject of at
tacks either by Legislatures or by ad-
ministrative officers. He said when he
mission to frame corporation act he
believed it unnecessary to seek the co.
operation OF the consent of the States
But to-day. he said, upon reflection he
was convinced it was wiser to secure
the cooperation Of both the United
States and the States. National incor-
poration. he contended. contemplated a
general law for the incorporation of
National railways engaged in interstate
commerce.
Would Limit Stock Issues.
"This," he thought. "should limit
stock aud bond issues to the cash paid
on or to the value of the property ac.
quired aud no issue permitted save with
the approval of the Interstate Com
merce Commission"
Senator Newlands said it is plain the
people are restive under existing con.
ditions. They realze. he said. that
men prominent in the great oil cor
porations are getting control over the
transportation of the country. and un.
less we unity and simplify this control
In few thoroughly controlled great
National corporations, whose finances
and operations can be easily understood
aud whose functions will be entirely
taken out of politics. we will drift to
National ownership as the easiest solu-
tion.
Senator Newlands suggested that the