The Topeka state journal., 1906-06-16
HINT GOVERNMENT OWNERSHIP
Senator Patterson sees Hope In Ship
Canal Bill

Washington, June Ex-senator Pat
terson today found in the bill incor-
porating the Lake Erie and Ohio river
ship canal an encouragement to the
advocates of the ownership of public
utilities. He spoke on the measure
soon after the senate convened and
quoted a pampnfer issued by the COM
pany as giving an explanation for ask
ing a. congressional charter the fact
that the government might ultimately
become the owner of the proposed
canal. He expressed confidence that
the bill would become a law. and
said that such a step would be a dec1a-
ration that the government might at
no distant day own and operate the
canal for the benefit of the country,
and he declared that it was not a
great stride from the ownership Of a
canal TO the ownership of a railroad.
Mr.. Patterson did not, however. regard
this as the real reason for coming to
congress for a charter. He found
on the contrary that there was a final
reason for the movement. They We're
preparing to go "wild-catting" in the
Jungle and the senator predicted
that in view of the transaction in the
United States Steel corporation, the
Pittsburg men said to be behind the
company would not enter it with a
prospect of securing less than four to
one.
This statement aroused Senator
Knox, who said that the Pittsburg
people had not been responsible for
the steel company's sale.
"I understood that the idea was
conceived by eminent financiers of
New York. he said "and the people
of Pittsburg We're not foolish enough
to take less than they could get"
Mr.. Patterson contended, however,
that 'tthe millionaires of Pittsburg had
been particeps criminis with those of
Zr.4-I~ fv,Af a n fZq tim nF fhd
United States Steel conspiracy" He
added that they had succeeded in
selling for billion dollars property
not worth more than S25,000,00
1.-The remaining $750,O00, 600 repre-
Sented wind. and nothing more.
He expressed the opinion that steel COM
panies were behind the enterprise: that
their object was to secure iron ore
cheaper than before and by means of tar
if keep up prices and maintain their mo-
nopoly
to the bill that would forbid the sale of
the canal stock for less than par and Mr..
Knox said in reply that while he had
great deal to do with corporations, ne mad
never known any Except wild cat Col
Orado mining schemes" whose stock was
sold for less than par. Mr. Patterson ad-
mitted that there were some wild cat
mining schemes and that that this was a
wild cat canal-far less excusable because
its profits would be extorted from the
pockets of the people at large. He thought.
the canal should be under the supervision
of the interstate commerce commission.
He asked Mr.. Knox whether there were
any millionaires among the incorporators
and the latter replied that there was
among them one man who might be class
ed rs a millionaire.
ssThe idea that a national charter is
sought because the government may own
the canal 80 or 100 years hence is too alb
surd to admit" said Mr.. Patterson.
He gave it as his opinion that the step
was taken to secure an advantage in the
disposal Of stock and bonds and concluded
therefore the hint at future government
ownership was a. mere subterfuge-