The Denison review. [volume] (Denison, Iowa) 1867-current, 1907-06-19
TAFT ON THE ISSUES
Recent Railway Legislation
Commended.
.ENCoURAGlNGFoR F FREEDMEN
Secretary Taft in Great Speech al
Iowa City Sets Forth Sound Doc
trines.
Course of Railways

Course Of Railways
Again, railroads and other corpor-
ations have floated upon the market.
in violation of their charter rights
bonds. and stocks. the total par value
of which was far in excess of the
money or moneys worth invested in
the railroad and the nominal or stock
market value of these securities have
been maintained by manipulation in
the stock market until they could be
disposed of to the purchasing public
at prices entirely above their real
value. In the tremendous wealth. ex-
pansion of and the success of the I'M
lawful schemes for amassing wealth
just described, the chief actors, flush
ed with success, seem to have no
sense of the fact that they were deal /
ing largely with other peoples money
and other peoples property. and to
have lost all perception of the trust |
relation that they bore to their prin-
cipals.
First came the revelations of the
violation of trusts by the directors of |
insurance companies. Then came the |
revelation in respect to the railroads.
From one end of the country to the
other there arose protest against \
the lack of moral perception and
the loosen ass of moral standards that
OH %lo ocl
some of those who controlled the
financial interests of this country. |
And now in every state the movement
progresses to secure the public against
such breeches of trust. against such
obtaining money by false pretenses.
against the use of the railroads for
discriminating rates and rebates, and
every legislature seems charged with
the duty by its constituents of enact
ing some legislation which shall be
felt as a protest against the evils of
which they have by recent revelation
been made aware.
The responsibility Of the wielder
of millions of capital. which has here
tofore accompanied his exercise of
power in the business communities, 1T
is now settled must have an end; and
the limitations which shall effectually
end it will be dictated by experience
and the statesmanlike acumen of the
coming generation. Such a change
can not be effective in short time.
Such change cannot be brought
about by mere denunciation and indis-
eliminate condemnation, whether de-
| llvered from stump or contained in
the provisions of law. They must
and will be fashioned ultimately by
the hand of one or many who shall
realize the necessity for maintaining
the institution of private property
and the freedom Of individual initia-
tive on the one hand, and of restrain
ing the we'll recognized abuses and
/ illegalities of the exercise of the
power of concentrated wealth to
achieve monopoly by duress.
y Colored People
One problem which you will doubt
less see worked out. but in which you
will probably have little to do, is the
race problem presented in the south.
A close study of that situation and of
the progress which has been made in
it quietly but surely gives no cause
for encouragement. and justifes the
hope that thirty years will show the
negro to be in much better condition
than he now is. exercising more
political power than he now does,
and with greater political capacity.
, and that this will be continued anc
will be both cause and result OF
! the higher appreciation by the whole
south of his industrial value as cit.
izen and laborer. skilled and I'M
skilled. in that section which is de
pendent upon him for its agriculture
and mining products.
E McConnaughey-De n ii S -Boylal
Block. 22-l,
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