The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1906-06-15
Investors Anxious Over Op-
Grafton of Referendum.
PEOPLE MUST Be EDUCATED
Declare Voters Cast Ballots for and
Against Measures Without
Much knowledge.

Anxiety is felt by financial agents
and investors over the future opera
tion of the initiative and referendum
law, says the Portland Journal They
say it places in the hands of the vot-
ers questions of which they are prac-
tically ignorant, and that such con
dition inevitably carries large ele-
ment of danger. They allege that
the people are not ready for the exer-
else of SO wide latitude at the polls,
and that no man would be allowed to
vote on question requiring technical
knowledge unless he is sufficiently in
formed to enable him to vote intelli-
gently.
II will leave to any intelligent
man to say whether the people in the
recent state election would not have
voted yes just as readily and as
blindly if the figures 10 or 20 had
been printed in place OF figure in the
law providing that certain corpora
tions shall pay to the state per cent
of their gross earnings. said Dudley
j. Forbes, of the American Corpora
tion Securities company, whose offices
are in the Fenton building. "Per-
sonally / have no objection to the in
itiative and referendum, excepting for
the effect it has upon the business
interests | am in touch with. | do
not believe the operation of the law
will have any wholesome effect on
business requiring considerable in
vestment of money in Oregon. Upon
the way the people of the state exer-
else the powers of the ballot during
the next year OF two will largely de-
pend the development of Greg
on's resources.
There is decided feeling in the
east that the people of Oregon are
antagonists to corporations and are
not disposed to treat capital fairly.
The eastern man with money to invest
sees the initiative and referendum an
easy possibility that after he has in
vested his money in Oregon the people
may, without knowing what they are
doing, vote to deprive his investment
of its earning power.
Mr.. Forbes said very large amount
of responsibility rests with the news
papers of the state If they fail to
educate the people Oh the questions to
be balloted on, and give sound advice
relative to matters affecting corporate
interests and foreign Investments, tho
grayest results may follow. The two
greatest needs of Oregon at this stage
of her growth are capital to carry on
development and men to do the work.
Each must have the assistance Of the
other. 1t the eastern investor be-
comes impregnated with the idea
that there is danger to vested cap
ital in Oregon, he will simply 90 else
where to place the money from which
he expects sure and liberal returns
Said Mr. Forbes;
''The case now hinges on the course
of the voter Will he inform himself
sufficiently to enable him to vote with
technical knowledge on the question
as to whether corporation manu-
featuring electricity, or gas, or opera
ting telephone or telegraph line,
has capacity to pay or or 8 per
cent tax? Would it not be better to
surround these questions with some
safeguard against the ignorance that
is bound to attend the casting of the
average ballot on such questions?"
Mr.. Forbes said it was possible that
in due course of time, people might DO
educated to point where they would
treat these questions rightly and
would be safe arbiters, but meantime
a serious injury would be inflicted ON
the states industrial interests and de-
velopment of its resources be indefin-
itely retarded if the newspapers and
voters failed to do their duty. From
them, he said, is due an enlightened
and liberal attitude toward outside
investors.