The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-31

supervision and control over railways Will
be for their detriment. If they doubt this
let them study the history of the railway
control movement in such a state as Iowa.
1t would be hard to find anywhere
more prosperous or more intelligent COM
rnunity: a community of thriving farmers
and thriving townspeopIe Iowa did its
share in the work of building railroads
when the business was one that demand
ed men of the utmost Caring and resource
fulness: men like that gallant soldier and
real captains of industry Grenville NJ.
Dodge: men who ran risks and performed
feats for which il was difficult to make
the reward too high; men who staked
everything on the chances of a business
which today happily involves no such
hazards. Iowa was at length forced to
undertake the work of regulating the rail-
ways within her borders. There was
great outcry against it. II was pro-
claimed that such effort would ruin roads
already built. and prevent building more.
But Iowa proceeded with the task. and 1t
resulted, not in ruin and stagnation, but
in increased safety and profit TO the hon
est investor. Instead of putting roads
into the hands 70 receivers, IL was fol-
lowed by a prosperity that rescued many
of them from receiverships.
Certificate of Character.
No state, of course, can do for the rail-
ways what the national government has
already done for the banks. and that
government should do something analo-
v
stocks are bought and sold largely on the
certificate of character which the gov
eminent. as a result of its examinations
and supervision. gives to them To give
another illustration from Iowas expert
ence. when the national banking law was
amended to allow small banks to take out
national charters. great numbers of the
state banks of that state were recognized
INTO national institutions. The investing
public was ready to back with unlimited
confidence the institutions on which the
federal government had set the seal of
its confidence and approval The rail-
ways have not been given this certificate
of character. under the seal of the ma
tlonal government, and therefore many
people who invest freely in the shares Of
banks are reluctant to buy railroad securi-
Ties Give them the same guarantees as
to railroad securities which we now give
them as to national bank shares. and we
would presently see these people investing
IN railroads. and thus opening new res
erVoir from which to draw the capital
now so much needed for the extension and
beterment of the railroads.
Not Hostile to Corporations.
All this, my friends, is substantially
what l have said over and over again.
| Surely, it ought not to be necessary to
say That IT in no shape or way represents
any hostility to corporations as such On
tne contrary, II means frank recogni-
uon OF the fact that combinations of
capital like combinations of labor are a
natural result of modern conditions and
OF our national development AS far as
IN my ability lies my endeavor is and will
De 10 prevent abuse of power by either
and to favor both so long as they do
well. The aim of the national government
IS quite as much to favor and protect
| honest corporations, honest business men
/ of wealth, as to bring to justice those in
dlVldualS and corporation representing
4 dishonest methods. Most certainly there
VIII be no relaxation by the government
aFIfnnF1f1R< he fnTf to raf u111-
great railrOat. wrecker-any man who by
clever swindling devices robs investors,
! Expresses wage workers, and does inju6-
| tlce TO the general public. But any such
move as this is in the interest of honest
| railway operators, of honest corporations,
/ and OF those who, when they invest their
small savings in stocks and bonds, wish
/ TO be assured that these will represent
/ money honestly expended for legitimate
| business purposes. To confer upon the
national government the power for which
| ask would be check upon Overcapitaii-
EATON and upon the clever gamblers, who
| benefit by apitalizatiOn. But ii alone
/ would mean an increase in the value, an
! increase in the safety of the stocks and
! bonds of law-abiding. honestly managed
railroads, and would render it far easier
/ to market their securities. | believe in
/ proper publicity. There has been COM
plant of some of the Investigations re-
/ Gently carried on, but those who com
/ plain should put the blame where it be
| longs-upon the nisdeeds which are done
| in darkness, and not upon the investiga-
| lions which brought them to light. The
| administration is responsible for turning
! on the light but II is not responsible fol-
| what the light showed. 1 ask for full
| power to be given the federal government
! because no single state can by legisla
| ton effectually cope with these powerful
! corporations engaged in interstate com
| merce. and. while doing them full jus
! tice, exact from them in return full jus
tice to others. The conditions of railroad
activity. the conditions of our immenS,
! interstate commerce. are such as to make
the central government alone competen
| to exercise full supervision and control.
Dishonest the Excention