Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1907-01-25
ions, to turn them loose to prey upon
he public.


Well, my friends, it is interesting t.
read the arguments on the subject o
regulating railroads. have hearc
this subject debated in numerous so
cieties and in public, and have heard
speeches made in State Legislatures
and in Congress-, and some of tht
speakers seemed to be afraid that il
you proposed to apply that contro
over corporations through appointiv'
or elective commissions, or through
Legislators. there is going TO be grea
injustice done, and every time you
attempt to regulate. some man get,
up and says: I" l am opposed to fra
ternalism in government. l do no
think the government ought to meddle
In these affairs" And my friends,
am opposed to infernalism in govern
ment. (Applause.) We have had in
fernalism in corporations.
We have had the great corporations
defined. The very theories upon
which they were created have been
defined, and we have had the corpora
ton robbing the people from whom
they make their living, who made them
If q man buys stock in these corpora
tions he becomes an innocent pur.
chaser, and you cannot interfere with
bis profits or dividends, however, high
he may want them.
There is another innocent pur.
chaser, however, and / think his rights
will be respected some day, and he is.
the man who purchases. land along
side the railroad and whose labor
makes the railroad profitable. Gap.
plause.) He is entitled to considera.
ton, because he is absolutely helpless.
The purchaser down in New York
who buys stock is not helpless. He
does not have to buy if be does no.
not want to. Before he buys he
knows what it is worth; he can find
out how much water there is in it and
whether the dividends are based upon
surplus wealth. Not 80 this man who
has the land. He has to use the rail.
road, for the fact that that railroad
is there prevents any other railroad
from coming.
I believe the time is coming when
the people are going to demand that
the treatment along the line shall be
consistent. therefore believe in the
most complete regulation.
If you will present me two bills the
only question I will ask is which one
goes furthest, and will take the one
that goes furthest. That is believe
in the most complete regulation pos
sible. because I am willing to trust the
people to do justice, and I am not
willing to trust the railroad managers
to do justice. Now that is the differ.
ence between them.
RAILROADS DO NOT EXPAND.
The people who act in legislative
capacity represent both the railroad
and tho people because they are in.
terested in the welfare of the whole
COMMUNICATIVE managers represent
themselves and their stockholders.
Tell me that their interest is in
building up community? Well, l
think that they take a very far.sighted
view. Tue trouble is that dividend
in the hand is worth two in the bush,
and they therefore prefer to make
their dividends to-day rather than
spend their dividends in enlarging the
equipment for things that may be
needed. They build up enormous pro-
fits and then if there 10 q shortage why
the people will have to excuse than
because they do not foresee it.
My friends I want q regulation that
regulates. MY own personal opinion
is that regulation is going to be found
ultimately to Be ineffective and that
ultimately that people will insist on
owning the railroads and operating
them in their own interests, as they
are insisting now upon the ownership
and operation Of municipal franchises
in the interests of the public. l be.
lieve that is the ultimate remedy, but
l am in favor of the regulation Of the
most complete kind as long as the
people prefer to experiment with regu'
lation.
CONTROL OF THE TRUSTS.
Now. you do not have much to dc
with the srust question in this State
because the power or the State ovel
the trusts is not complete. I believe
the State ought to do everything il
could do or can do, but 1 have not de
luded myself with the belief that the
trus: question can be settled entirely
by State legislation. I believe thsl
the time has come for the State Il
exercise q care that it has not exer
cised.
Investigation shows that Q larg'
part of the difficulty and corruption
in large corporations is due to th'
duplication Of directors. The sam,
set OF men will get control of two o
half q dozen different companies 9,
that all competition is stopped. Fo
instance, a railroad is to be built ant
Q construction company is organized
that has the same directors as tn
railroads. only in the construction
company the directors own all th'
stock, while in the railroads they Owl
only part of the stock.
An INSURANCE company will be or
gsnized, then the directors will or
gsnize bank. and the same men viii
own both. The men occupy dua
positions and the insurance company
is interested in getting as high . rat
of interest as possible and the owner
OF the bank in getting the money q
AZ low q rate Of Interest as possible
and they cannot be servants of tw'
masters.
l believe that the time has come &
say that no one man shall be o direc
tor in two corporations when eithe
deal with each other o. are in compe
tition with each other. think th'
time has come to 90 back to the oil
Bible doctrine that man canno
serve two masters.
Another thing, believe that W
have got TO come TO the point to "a.
no corporation shall own stock il
another corporation. l notice MI
Ripley express surprise when he foun'
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