Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1907-06-05


N the federal government full power
u supervision and control over the rail
ways doing interstate business;
power IN many respects analogous 10
and ~ complete ~ that the govern
mcnt exercises over the national banks.
II must possess the power 10 exercise
over the future issuance of
stocks aud bonds, either through nn.
tional incorporation (Which ! should |
such supervision 10 include the frank |
publicity of everything which would |
bee investors and tnc public ut large |
have right 10 know. The federal
government will thus De able 10 pre-
vent all ovcrcnpitalization in the IN
turc; To prevent any man hereafter
from plunlcring others by loading rail
way properties with obligations and
pockcting the money instead of spend
ing 1t in improvements and in lcgt,
mate corporate purposes; and any man
acting in such fashion should bc held
10 a criminal accountability. II should
bc declared contrary 10 public policy
hcnccfofth 10 allow railroads To devote
their capital to anything but the trans
portation business, certainly no, to the
hazards Of speculation. For the very
reason that We desire 10 favor the
honest railroad manager, we SHOULD
seek 10 discourage the activities Of the
man whose only concern with railroad IL
to manipulate their stocks. The bust.
ness OF railroad organization and man.
sgcment should be kept entirely dis.
tinct from investment or brokerage
business, especially Of the speculative
type, and the credit and property Of
the corporation should be devoted TO
| the extension and bcttermcnt OF its
railroads and to the development Of
the country naturally tributary to the
lines. These principles are fundamcn.
tai. Railroads should not be prohibited
from acquiring connecting lines. by ac
qu.ring stocks, bonds or securities Of
such lines; but il is already well set
tied as contrary 10 public policy TO al.
low railroads To acquire control over
parallel and competing lines Of trans.
portation. Subject to first giving TO
the government the power Of supervia.
ion and control which I have advocated
ABOVE, the law should be amended 40
that railroads may be permitted and
encouraged to make traffic agreements
when these are in the interest Of the
general public m well M Of the rail.
road corporations making them. These
agreements should Of course be made
public in the minutcst detail, and
should be subject 20 securing the pre-.
vious assent Of the Interstate Com.
mcrcc commission.
The movement 10 regulate railways
by law has come to stay. The people
OF this country have made up their
minds-and wisely made up their
minds-to exercise n closer control over
all kinds Of public service corporations
including railways. Every honestly
managed railway will gain and no,
lose by the policy.
We ask the consent Of no man in
carrying out this policy; but We gladly
welcome the aid Of every man il per
fecting the law in ito details, and in
securing its enactment and tho faith
full Observance OF its wise provisions
We seek nothing revolutionary. W.
ask for such laws % In their eaacnc.
now obtain in the stsid old common
. wealth Of Massachusetts,; such lave n
now obtain in England. The purpos,
Of those OF us who so rsaolutely be
lisvs In the now policy, in its thorough
carrying out and In its progressive dc
vslopment, 10 In no senss punitive o
visdictive. We would BE the first I,
protest against any form Of coaases
, ton Of property. end whether We pro
tested or not, may sdd that The "
Prsms court could be trusted In On,
, event to see that taere should be moth
! ipa done under the guisa Of rssulatinl
roads to destroy property without jus
| compensation or without due process
=. OF law. A. matter OF course, VI
} shah punish any criminal whom We csl
. convict under the law; but We have n
. intention Of confounding the innocen
=. many and the guilty few by any III
judged and sweeping scheme Of ven
geance. Our aim Is primarily to pre-
, vent these abuses In the futur,
, Wherever evil doors can be, they shal
, be, brought to justice; and no criminal
, higa or low, whom we can reach, will
, receive immunity.
: There must he no such rigid laws a