The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-05-30

roads efficient and honest are the on
" ones who have cause to oppose 1t.
We who believe in steady and
healthy progress stand unalterably
for the new era of the widest publicity,
and of fair dealing on the part OF rail-
roads with stockholders, passengers
and shippers. We ask the consent
of no man in carrying out this policy
but we gladly welcome the aid OF ev-
cry man in perfecting the law III Its
details, and in securing its enactment
and the faithful observance of its wise
provisions We seek nothing revoiu-
tionary. We ask for such laws as in
their essence now OBTAIN in the staid
old commonwealth of Massachusetts;
such laws as now obtain in England.
The purpose of those of us who so res
olutely believe in the new policy. in its
thorough carrying out and III Its pro-
gressive development, is in no sense
punitive or vindictive. We would be
the first to protest against any form
of confiscation of property, and whetn-
er we protested or not, | may add that
the supreme court could be trusted i'll
any event to see that there should be
nothing done under the guise of reg
ulating roads to destroy property
without just compensation or without
due process of law AS a matter of
course. we shall punish any criminal
whom we can convict under the law,
but we have no intention of confound-
ing the innocent many and the guilty
few by any ill-judged and sweeping
scheme of vengeance. Our aim is pri-
to prevent these abuses in the
future. Wherever evil doors can be,
they shall be. brought to Justice; and
no criminal high or low. whom we
can reach will receive immunity. But
the rights of innocent investors should
not be jeopardized by legislation or
executive action; we sanction no leg
them, instead of on the original wrong
doors or beneficiaries of the wrong.
No Unreasonable Restrictions.
There must be no such rigid laws as
will prevent the development of the
and such development can
only be had if investors are offered
an ample reward for the risk they
J31At- w WOuiQ D0 tnt IiINt " Up
pose any unreasonable restrictions be-
ing placed upon the issuance of
stocks and bonds. for such would SIM
ply hamper the growth of the United
States: for a railroad must ultimately
stand on its credit But this does
not prevent our demanding that there |
be lodged in the government power to |
exercise jealous care against the
initiation of securities and all the evils I
that come in its train. The man who /
builds a great railroad and those who I
invest in it render great public serv-
ice; for adequate transportation facili- I
ties are a vital necessity to the coun- t
try We favor full and ample return /
to such men; but We do not favor a
policy OF exploiting the many for the
benefit of the few We favor the rail- +
way man who operates his railway
Upon a Straightforward and open bust
less basis. from the standpoint of per-
nanent investment. and who has an
interest in its future: we are against 4
)nly the man who cares nothing for +
he property after his speculative deal &
Il its securities has been closed We
avor the railway manager who keeps
II close touch with the people along
lis line rather than in close touch with
ne speculative market: who operates
lis line with a view TO the advantage (.
lie can Iesitimately get out of his rail-
way as a permanent investment by Civ /,
ng fair return to the stockholders
md TO the public good service with
easonable rates: who does not operate
lis road With Il view TO the temporary
neculative advantage which will fol
ow eapitalizing an uncertain future