Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1907-06-13

the Hepburn act is its having given the
commission absolute control over the ac-
counts OF railways. The commission has
Just Issued an order to the effect that on
July next all the railways of the coun-
try, subject TO the Jurisdiction of the COM
mission, must standardize their accounting
methods, and the commission is now organ
lzlng a bureau Of special examiners, whose
duty II VIII be, among other things, to see
that the books of the carriers are kept in
conformity with the rules laid down by the
commission.
Thus the means are already at hand
and the machinery already created which,
when perfected, will put the public in po-
sltlon 10 know the facts. so that the small
investor can exercise an intelligent judg-
ment when entrusting his money TO the
promoters of great railway enterprises. We
hope as one of the chief means for bet
terEHent of conditions to secure as COM
plete publicity in the affairs of railroads
as now obtains with regard to national
banks.
There need be no fear on the part of
investors that this movement for national
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 any
Where a more prosperous or more intelli-
gent community; a community of thriv-
ing farmers and thriving townspeope.
Iowa did its share in the work of build
Ing railroads when the business was one
that demanded men of the utmost daring
and resourcefulness men like that gallant
solder and real captain of industry, Gren-
Vile NJ. Dodge; men who ran risks arr
performed feats for which it was difficult
TO make the reward too high; men who
staked everything on the chances of a bust
ness which to-day happily involves no such
hazards.
Iowa was at length forced to undertake
the work of regulating the railways with
In her borders. There was great outcry
against it. 1t was proclaimed that such
effort would ruin roads already built, and
prevent building more. But Iowa proceed
ed with the task. and it resulted, not In
ruin and stagnation, but in increased safe
ty and profit to the honest investor. In
stead of putting roads into the hands Of
receivers, it was followed by a prosperity
that rescued many of them from receiver
ships.
No State, of course, can do for the rail-
ways what the national government has al
ready done for the banks, and that govern
ment should do something analogous for
the railways. National bank stocks are
bought and sold largely on the certificate
of character which the government,
result of its examinations and supervision,
gives to them.
Grave Abuses.
The grave abuses in individual cases of
railroad management in the past represent
wrongs not merely to the general public.
but, above all, wrongs to fair-dealing and
honest corporations and men of wealth,
because they excite a popular anger and
distrust which from the very nature of
the case tends to include in the sweep of
its resentment good and bad alike. From
the standpoint Of the public l cannot too
earnestly say that as soon as the natural
and proper resentment aroused by these
abuses becomes indiscriminate and unthink-