The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-14
HuCKVRS PERIL PROSPERITY.
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fore ai COMPUTATIONS mut hr mismarieml
and MI ori.ara brI directors h1re hsen h"ll
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am no' hrrr ~ irfsrl 1rr corporation
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~ did fashioned horestr Nfonginint
should 10 punished. and 300 ir1-..dN thui
thu l"-sun will not be- frrs0'''1
Tho computations which have ho"n 'nlul
wanting In tho srrtc ~ buaIuoas honor ard
common honesty have been Tho exceptions
10 Tho rule. the rare evcsriions
One Of theao mornings vou viii miss Pros
perit y" ~ breakfast. Tier" VIII Do" many
excuses for her absence ouH Will .n' bad
rfops,' another will aay 'Ov"rproju'tion,
another will say abnormal extension ~
crsdlts- Rut mons Of tirac will be tho r"tl
reason. though they may b" confri'"iory
The real reason will b" an epld"nlt" Of fear.
Of tImldity, Of disirut. produced 10y nm.
warrant ri, continuous attacks upon orcir
ms, rlment Of progress and development
which has made and ~ making This country
great.
Had there bren less prosperity. had there
been less cushion for the Impact. financial
and industrial depression would already hay"
ovo AIKEN us. No can keel it,
courage In the face OF the drmagogderg Of
politicians. yellow Journals and tho envious
Copious legislation haa been pr oduced
In the last six months to reform this or regu-
late that. Much Of II has been drastic. som"
OF IL exceedingly good. some Of II bad, much
OF II impractical.
All that legislation which seeks TO produce
equal rights and equal privileges is beneficial.
The American man, woman anu 'illu' " Wh-
swayed by an appeal TO passion. demands
only the same treatment accorded 10 others,
Many people believe that the railroads need
10 be driven with n curb bit. For tho most
part this seems to ma to be unnecessary.
On the whole the railroads Of the United
States have been we'll managed and have
made this country what it IL,
Those provisions OF railroad legislation
which prevent rebates and compel the grant
~. - n It-,A alla. nva ,ttat
and desirable. Those provisions which in
sist on uniform rates ere equally good,
theoretically, the provisions which enact
a rate regulating commission may be ideal,
but I venture the prediction that practically
they will not only be inadequate but will
dist urb commerce..
IT put TO q vote Of this convention to-day,
how would YOU gentlemen receive a PROPOSE
ton to control the rates of interest for the
various localities under a Government COM
mission? Why is there any more reason that
a railroad rate may be complained of TO a
committee sitting in Washington or else
where than that a bank rate of interest
should be overhauled on O similar complaint.
What ia the essential diff srerende? o.
You say you are better able to jud ge OF
local conditions, Of competition. of special
considerations Well. so does the railroad
man. You say It's not your money. The
railroad man can equally well say the same
thing. You say he Is a common carrier and
you are not. Technically that Is true. but
your Responsibilities to the business community
Is the same. When, then. may it not be ex-
pected that those in favor Of Government
paternalism will next advocate the regula-
ton of interest rates throughout the United
States by a Federal commission. 1t is not a
far cry.
You may think II strange that I should
talk to you about prosperity killers and rail-
roads, but as you are the managers of more
cooperated capital In the State of 10 wa than
any other body Of men within Its borders. I
think 20 owe it to yourselves and to those
whose interests you protect TO set your faces
against the wholesale breeding of anarchy
and the nation wide encouragement of social
ism. envy and malice. A..