Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-26

submission to any form of government is
frequently source of irritation to the free
man. With the blood of our savage ances-
tors in our veins, militant and impatient of
restraint, it is little wonder that at certain
epochs the people pause and turn from the
laboriOus ascent toward the beacon lights
of higher civilization. and again face the
jungle. stirred and thrilled by the call of
the wild
Property rights and personal liberties
are the foundation principles of civilization,
and the resulting economic problems. how
ever puzzling, have grown more and more
intricate and difficult of solution especially
in this country, where new phases charac-
teriZing American life spring daily from the
Infinite variety of human affairs.
Corporate Regeneration.
1T is high time that we cease to litter
our law books with measures that restrict
industry and give it form SO rigid as to
be unsuited to natural development dwarf
Ing growth and hampering individual ini-
tiative. and confine attention to the
removal of excrescent growths, and the
passage of such legislation as will keep
pace with the quickened evolution of the
times, permitting and aiding the country to
progress freely along the lines that have
been so prolific of good in the past.
THE great increase and wide distribution
of wealth. in recent years, is bringing about
the 'peoplizing' of corporations. The man
of small means who has accumulated few
hundred or a few thousand dollars now in
vests his savings largely in the securities
of corporations. This was comparatively
unknown west of New York prior to 1893.
Those who furnish the funds for the carrying
on of great enterprise are entitled to
adequate information as to its affairs that
they may properly conserve their savings.
Such publicity laws as are consistent with
guarding legitimate business secrets, and
other helpful regulations. are germane to
the nature nj cOmpptifiya industry
1t Is both proper and right that corpora
lions should be regulated by law, but laws
which by their terms assume the preroga-
tives of ownership are inconsistent with our
form of government The financial needs
of railroad are usually imperative, and
funds must be obtained. whatever the con-
dition of the money market. If the railroad
manager is to meet the exigencies of the
times he must be given the widest latitude
as to the nature of securities and of terms
on which they are sold. Simple restrictions
to watered stock, etc, all that are
essential to protect the investing public.
Unfortunately, it is not alone the owners
of the property, directly affected that are
injured by inimical legislation, but the
many later on suffer from the effects of the
disturbance, paralyZation and disa ster which
follow in its wake.
Restrictive Legislation.
"All restrictive legislation, however WISE
is inopportune at this time. With the won
derful prosperity of the country, there has
developed a corresponding increase in the
demand for railroad facilities. There is a
general complaint, notwitf standing tie
hundreds of millions of dollars that have
been poured into railroad building and in
provement. that the roads ar, not keeping
pace with the necessity for transportation.
lit is essential, at the present time, that
there be no encouragement of capital, for
unusual economic conditions exist Sisca
1897 there has been unparalleled prosper ity
and activity. which las lasted longer than
any similar period in the history of the
country and. like all periods of prosperity,
| II Is infected with the germ of .ncipent
danger. Credit. easily obtain d, has not
only been used in promoting legitimate en-
terprise, but in exploiting il,eg innate I'M
productive and speculative enterprises.
Our duty to the people of OHIO is clear
| and uamistakable. 1t is required of us that
we shall so influence the employment of
the funds in our trust that the greatest
possible economic benefit may result, and at
the same time to guard our resources
| that we can unhesltat:n:ly meet all de-
man; upon us. We should discourage in
vestment of capital in unprc ductive and
speculative enterprises and in enterprises
| whose development may be long postponed.
! If we accept our responsibility unfinch-
| ingly. shall do more than any other
| agency toward averting disaster. and in
Ike ping our countrymen on the hgh-road
! of prosperity and progress
!