The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1907-06-13

facts: anti In the interest Of the peo-
pie as whole, and. in the long run, par
ticularly in the Interest OF stockholders,
as we'll as In the interest OF business men
OF property generally.
There can be no swerving from the
course that has thus been mapped out in
the legislation actually enacted, and in the
message in which l asked for further legis-
laton
We best serve the interest OF the honest
railway men when We announce that We
Will follow out precisely this course. 1t
Is the course of real, Of ultimate cOnserv
atism There will be no halt In the for
ward movement toward full development
of this policy; and those who wish US to
take step backward or TO stand still,
IL their wishes were realized, would find
that they had invited an outbreak of the
very radcalism they fear.
There must be progressive legislation and
administrative action for the correction of
the evils which every sincere man must
ac ait to have existed In railroad manage
me 1t In the past.
;, ,ch additional legislation as that for
Wild n l have asked in the past, and es-
pcc'aily that for which | asked In my
message at the opening Of the last ses-
sion of Congress. Is not merely in the
interest OF the public, but most emphat-
ically in the interest of every honest rail-
way manager and Of all investors or would
be investors in railway securities.
Must Have Full Power.
government full power of supervision and
control over the railways doing interstate
business; power In many respects analog-
Gus TO and as complete as that the gov
eminent exercises over the national banks.
1t must possess the power to exercise SUI.
pervislon over the future issues Of stocks
and bonds, either through national in
corporation (which I should prefer)
some similar fashion, such supervision to in
clude the frank publicity of everything
which would-be investors and the public
at large have right to know. The Fed
eral government will thus be able to pre-
veat all overcapitalizadon in the future |;
to prevent any hereafter from plum
dering others by loading railway properties
with obligations and pocketing the money
instead of spending 1t in improvements and
in legitimate corporate purposes; and any
man acting In such fashion should be held
To a criminal accountability.
1t should be declared contrary TO pub
III. policy henceforth to allow railroads to
devote their capital 10 anything but the
transportation business, certainly not to the
hazards OF speculation. For the very rec
son that we desire to favor the honest rail-
road manager we should. seek to discour-
age the activities OF the man whose only
concern with railroads Ia to manipulate their
stocks.
The business OF railroad organization and
management should be kept entirely dis
tinct from investment or brokerage busi-
ness. especially OF the speculative type,
and the credit and property Of the corpora
ton should be devoted TO the extension and
betterment of It's railroads and to the &C.
velopn.ent OF the country naturally tribu-
tary to the lines. These principles are fun
damental.
We seek nothing revolutionary. We ask
for such laws as in their essence now OBJ
tain in the staid old commonwealth Of