Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1907-03-16

Just income on the acCuaI 1nFSSC-
ment in the properties does not in
terest them. They are careless of
tne duties owed by the transpQrta-
ton companies to the public.
"The railroad properties of the
United States are capitalized at over
S13 900 900 900 Careful estimates
/ of their actual value show them to
ba worth less than Sc, 600 900, 900.
The public, therefore, are being
called on to pay excessive rates for
transportation to make interests and
dividends on ST, 900, 900, 900 of wa
! tered stocks and bonds. These bonds
| and stocks rest like a permanent
! mortgage On the industries of those
! engaged in the various avocations
of life
1.-THE transportation company is
! public enterprise. The railroad is
f.! built by the use of the states power
! of eminent domain. The public are
entitled to a voice in the charges
which are made by the railroad COM
J pany for. carrying passengers and
| freight. These charges must be rea-
sonable and free from discrimina-
! tons.
"The duties of railroad company
are dual: First, to the public; sec
ond, to its stockholders.
| 'The public must look to the
states and to the nations to protect
! their rights. When we realize that
ever half the stocks and bonds is
! sued by the railroad companies of the
United States are spectators, and
i not based upon money actually in
vested in the properties, we see how
| recklessly the rights of the public
have been disregarded.
81 present to you no struggle of
labor against capital. [ urge no
contest of poverty against property.
l plead for the rights of the prop
erty owners and their employees of
the United States, of the men own
ing industrial and manufacturing en-
terprises, of the men owning agricul-
tural interests, and of the great body
Of men dependent upon their efforts.
I plead for the legitimate rights Of
the public against the mismanage-
ment of quasi-public corporations.
Instead of exhausting the capac-
ity of our transportation companies to
pay dividends on watered stock and
bonds, the public were entitled to
have all the money realized from the
sale of stocks and bonds invested in
/ the properties Thereby the ia
cilities of the transportation compa-
MES should have been improved The
public was furthermore entitled to
reduction in transportation charges
as the volume of business increased
and the cost of service lessened.
THAT there is a friend of thought
more and more favorable to govern
ment ownership of transportation
companies, [ do not doubt. While
there are advantages as we'll as dis
advantages to be derived from gov
eminent ownership of all the rail-
roads, it IS hardly more than acade-
mic question at present. Anything
approximating wholesale government
ownership would be impossible for
many years to come, and the remedy
Immediately before us must neces-
sarily be to perfect the legal author
ity in properly constituted agents to
regulate and control, and then to
enforce through these agents the
rights of the public.
The rate making power has been
given to the national roa1road COM
mission. We should not be afraid
to place upon that commission men
sufficient in number to handle these
! questions. Their pay should be am
pie, and seat upon the national
railroad commission should be re-
garded as one fully as exalted as a
seat upon the supreme court bench
of the United States.
Additional powers should be given
to the commissioners. Bonds and
stock issues upon interstate railroads
should be submitted for their ap-
| proval, and none should be permit
ted unless the money derived from
their sale is to be spent upon the
properties made liable for them
transportation companies should
not be permitted to load down their
properties with stocks and bonds for
speculative purposes The railroad
commission should have the fullest
| power to compel proper facilities to
retaliate with a reduction of service.
,, or by cutting pay of employees,
should be met by severe personal pun
1shment to the guilty officers. State
commissions should be empowered
with full authority in matters of in
! terstate transportation. Public SEN
ument should sustain state and ma
tlonaI commissions in the most Wig
orous enforcement of the duties con-
.fided to them.
Were Given First Consideration,
Washington, March 1.-THE an