The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-09-19
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Bale Waggensr Tells Why He Is
Attacking Stubs.
Wants to "Unmask a Dema-
gOgue He Says.
OVERMYER'S RECORD.
Was the Father of the First
Kansas Anti Pass Bill.
Web McNall Thinks Governor
Hoch Will Be Elected.

ues the debate today with a few inter-
esting remarks concerning the person 4
atty Of Stubbs. -Waggener says that
his only object is to unmask a dema-
gogue; that as far as the federal char
ter scheme is concerned. every body
knows it is wrong. The following is
Mr.. Waggener's diatribe:
Stubbs and His Federal Charter.
MY only purpose in replying to the
federal charter scheme is to unmask a
demagogue. The interests which I rep
resent are not at all alarmed about the
Stubs remedy The railroad COM
panies of Kansas do not fear Stubs,
or anything that he may do. His ex
ploitation OF the federal charter scheme
ing his candidacy for United States SEN
ator He is devoid of political vfrility,
and is as harmless as a eunuch. He
answers my criticism of his federal.
charter scheme by accusing me OF be-
ing a corporation lawyer. His accusa-
ton is true. He does not attempt, how
ever, to answer my questions, but dem.
onstrates that he is an artful dOdger
by evading them He may fool some of
the people all the time and all of the
people some of the time but he can't
fool all the people of Kansas all the
time.
I served one term in the house with
Stubs. and was member Of the SEN
would like to have the people of Kan
sas compare his record with mine. Dur
ing the two terms he served he never
prepared or introduced a bin which had
for its object the material interests of
the people of the state of Kansas. He
was playing politics all the time he was
in the house. He is playing politics now
because he is not only candidate for
candidate for the United States SEN
ate.
do not pretend to be a statesman.
may be wong in my construction Of
the constitution. but I am not compell-
ed to employ a. lawyer to write my
Views on the subject and attempt to
use his stuff as an-evidence of my men
tahty and craftsmanship. There is no
possible danger of Stubs remedy be-
ing adopted. It is too ridiculous to re-
ceive thoughtful consideration, except
as an evidence of what some men will
do in order to pepularize themselves
with the people.
In this particular instance. Stubs,
in order to get an office. is doing the
ostrich act. He has his head in the
sand In fact. ever since he. got into
Kansas politics he has had his head in
The sand. What is his remedy, con-
densed? A federal law which will
compel all Interstate barriers to sur
render their state charters, and rein
corporate under the federal law, and
which shall require all bondholders
ana SLOCknOlQeTS TO surrender their
bonds and stock, and receive in lieu
thereof whatever the new company
may be authorized under its charter
to issue, and thereby squeeze the
water" out of the bonds and stock.
The federal constitution provides
that private property shall not be
taken for public use without just COM
pensatio The object of squeezing
the water" out of the bonds and stock
is for the benefit of the public. To
L
New ork Life Insurance company has
heretofore purchased 100000 Of
Chicago, Rock Island bonds, and paid
therefor 100000 in cash. These
bonds were purchased from Stubs.
who took them at 2 5 cents on the dol
lar, for building a line of railway be-
tween Kansas City and St Louis
Seventy-five per cent of these bonds is
water" but the New York Life IN
surance company has no knowledge of
the circumstances under which Stubs
got them. They are negotiable and
payable to bearer. They are due in
fifty years. Congress enacts a law re-
curing the Chicago. Rock Island com
pany. an interstate carrier. to surren-
der its state charter. and reincorporate
under federal charter, and requiring
the New York Life Insurance company
to give up its 100000 in bonds, for
which it paid Stubs 100000 and
accept, in lieu thereof, $500 in
bonds, because Stubs only paid that
amount for the bonds in work. The
actual market value of the bonds may
be $4,000, 900, but. inasmuch as Stubs
only did work to the value of $3.50, 200,
the New York Life Insurance company
must surrender, for the benefit of the
public, without any compensation,
$1,750.O 900.
If Stubs can get any. reputable law
yer Cbarring the one he has employed
to write his articles on constitutional
law to say, over his own signature,
that congress has the power to compel
the New York Life Insurance company
to surrender its bonds, under the con-
ditions I have named. and receive IN
lieu thereof $3.50, 600 of the bonds of
the Chicago. Rock Island company, I
will vote for him for United States
senator-whfch would be the most Bit
ter and distasteful pill any human
being ever took.
The national bank proposition has
no analogy to the Stubs remedy,
because the national bank can only
get a charter under the acts of con-
gress. When 1t takes out a charter
it does so subject to the conditions
named IN the law. The acts of con-
gress authorizing national banks do
not compel anybody to take out
charter. They simply permit it to be
done. Every one will agree that II
congress should enact such law as
Stubs suggests, and If the interstate
carriers of the country would incor-
porate under 1t, and if the bondhold-
ers and stockholders were patriotic
and voluntarily surrendered their
bonds and stock. the reissue might be
controlled by the federal government.
But that is not the question.
Would Bankrupt Investment Concerns
Stubs says Cor rather the lawyer
who writes his articles, under the
nom de plume OF ssStubbs.' says) that
Congress may constitutionally pass a
law which viii require every one who
owns a bond or share OF stock in the
company Of an interstate carrier to
surrender the same, and take what
ever congress may think is just and
fair Such a law. II valid, would bank
rupt every life and fire insurance com
pany in the country and every saw
ings bank in the New England states.
because all Of these companies, as