The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-05-31

4
| sense quite as remarkable. he faced four
weary years OF open war IN front OF
| calumny detraction and intrigue from
behind. and al the end gave 10 his conn
| trymen whom he had served so well the
| blood fought gift OF a race freed and
| nation forever united.
Problem of Property Rights.
One great problem that We have be-
| fore US Is 10 preserve the rights OF prop
I erty. and these can only be prese rved II
/ we remember that they are in less ieop-
srdy from the socialist and the anarchist
I than from the predatory man OF wealth
j, has become evident that TO refuse TO
invoke the power Of the nation 70 re-
strain the wrongs committed by the
man of great wealth who does evil is
not only TO neglect the interests OF the
public. but Is TO neglect the interests OF
the man OF means who acts honorably by
his fellows. The power OF the nation
must he exerted TO stop crimes Of cum
ming no less than crimes OF violence
There can be no halt In the course We
policy OF asserting the right Of the ma
! ton. so far as II has the power. TO SUI
pervise and control the business use OF
wealth, especially in it's corporate form.
Today wish TO say a word TO YOU about
the first and most important feature Of
this task. the control OF the common car
riers doing an interstate business; a CON
troll absolutely vested I'm the nation, while
In so FAR as the common carriers also
transport the mails II Is IN my opinion
probable that whether their business is
5cn' subject TO Federal control under
that clause OF the constitution granting
10 the national government power 10 es-
taollsh post roads and therefore by necns-
sary implication power 10 take all action
necessary in order 10 keep them al the
highest point OF efficiency
Defends Course Pursued.
Every Federal law dealing with cor
porations or with railroads that has been
put upon the statute books during tho
last six years has been a step I'm ad
vance in the right direction. An action
taken by the Administration under these
and the pre-extsting laws has been
Just and proper. Every SUIT undertaken
during that period has been a suii NOT
merely warranted. but required hy tho
facts; suit in the interest OF the peo-
particularly In the Interest Of stock
holders as We'll As in the interest Of
business men OF property generally There
can be no swervinR from the course that
has thus been mapped on, in the leeisIa-
tion actually enacted and I'm the mes
sages In which have asked for further
legislation. We pest serve the interests
OF the honest railway men when we an
nounce that We will follow out precisely
this course, IT is the course OF real of
ultimate conservatism. There will he no
halt in the forward movement toward a
full development Of this policy: and those
who wish 10 take a step backward or
Ia stand still. II their wishes were real
ized would find that they had Invited
fear There must hc progressive leGis-
lative and administrative action for the
correction of the evils which every sin
cere man must admit TO have existed I'm
railroad management I'm the past.
Holds Interests in Common.
Such additional legislation as that for
which I have asked In the past and
especially that for which 7 asked I'm my
message al the opening Of the last
sion of Congress. is not merely in the
lint mos not
icallv in the interest of every honest
railway manager and Of all investors or
would-be investors in railway securities.
There must he vested in the Federal
Government a fun power OF supervision
and control over tho railways doing inter
state business. power In many re-
spccts analogous 10 and as complete az
that tho Government exercises over the
national banks. II must possess the
power 80 exercise supervision over the
future issuance of stocks and bonds,
either through a national Incorporation
(Which should prefer) or in some SINH
lar fashion. such supervision to include
The frank publicity Of everything which
would be investors and the public at
large have a right 10 know. The Fed
cTal Government VIII thus be able 10
prevent all overcapitalization In the fu-
turc. to prevent any man hereafter from
plundcrinE others by loading railway
properties with obligations and pocket
ing the money instead OF spending II iii
improvements and in legitimate corporate
purposes. and any man acting IN sNch
fashion sholud be held to a criminal
account bility. lt should be declared
contrary TO public policy henceforth to
allow railroads 10 devote their capltal
10 anything but the transportation busl-
ncss, certainly not to the hazards OF
speculation. For the very reason that we
desire TO favor the honest railroad man
ager VIC should seek 10 discourage the
activities of The man whose only con-
Germ with railroads is 10 manipulate their
stock.
Should Bar Speculation.
The business OF railroad organization
and management should be kept entire
y distinct from investment or brokerage
business especially OF the speculative
type and the credit and property Of the
corporation should be devoted TO the eH-
tension and betterment OF It's railroads
and to the development OF the country
naturally tributary 10 the lines. Ihese
principles are Fundamental. Railroads
/ should not be prohibited from ACQUIRING
connecting lines. by acquiring stocks,
bonds or other securities of such lines:
but it Is already well settled as con
trary TO public policy TO allow railroads
TO acquire control over parallel and conf
peting lines OF transportation Sup)ec,
TO first giving 10 the Government me
power OF supervision and control which
| have advocated above. the law should
he amended so that railroads may he
permitted and encouraged 10 max" tral-
nc agreements when these are In the IN
( terest of tho general public as well as oi
the railroad corporations making them'
These agreements should OF course. De
/ made public in the minutest detail ana
Gus assent Of The Interstate Commerce
mi 6