The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-05-31
GIVE TRANSPORTATION AHEAD or CHEAP RATES.
ROADS NOT OVERCAPITALLZED, SAYS ROOSEVELT

l ~ 4 NOODAV AA
tails, and In occurring It's enactment
and the faithful observance OF It's wise
We sock nothing revoiI-
ti0nary. We ask for such laws as in
their essence now obtain In the stai1
old Commonwealth or Massach'inat:s;
The purpose OF those Of lis who SO
believe in the new policy, IN
It's thorough carrying out and IN Its
development, is in 10 sensc
punitive or vindictive. We would be
the first to protest against any iotm
of conhscntion Of property, and
whether we protested or not, / may add
that the Supreme Court could be trust
cd In any event to see. that there
should be nothing done under the guisc
OF reghlating roads to des.r@y psqInMer
due process OF law. AS mater OF
course, we shall punish any criminal
whom we can convict under the law
but we have no intention of contouiil-
ing the Innocent many ana the guilty
few by any il-judged and sweeping
scheme of vengeance Our aim Is pri-
marily to prevent these abuses in the
future. Wherever evil-doers can be, they
shalt be. brought to justice; ana no
criminal. high or low, whom we can
reach will receive immunity. But the
rights of innocent investors SHOULD not
be jcoparded by Legislation or e&ocu-
tive action we sanction no legislation
which would fall heavily on them. In
stead OF on the original wrong doors or
boneflciaries OF the wrong.
Don't Pass Rabid Laws.
There must be no such rigid laws ns
Will prevent the development of tue
country. und such development can
only be had II investors are offered mn
ample reward for the risk they take.
We would be the first to oppose any
unreasonable restrictions being placed
upon the issunncc OF stocks and bonus.
for smch would simply hamper the
growth of the United States; for
railroad must ultimately stand on it's
credit. But this does not prevent our
demanding that there be lodged in the
government power to exercise jeaious
and all the evils that come In its train.
The man who builds great railway
and those who invest in 1t render O
great public service for adequate
transportation facilities are vital ne.
cesslty to the country. We favor fulI
and ample return to such men. but
we do not favor a policy of exploiting
the many for the benefit of the few.
we favor the railway man who ope-
rates his railway upon a straightfor'
ward and open business basis, from the
standpoint Of permanent investment,
and who has an interest in It's future;
wo are against only the man who
cares nothing for the property after
his speculative deal In. Its securities
has been closed. We favor the rail-
touch with the people along his
line rather than in close touch
with the speculative market; who
operates his line with view TO
the advantage he can legitimately get
out of his railway as a permanent IN
rt,,t, foif ynf,t
stockholders and to the public good
service with reasonable rates; who
does not operate his road with view
to the temporary speculative advan-
l.tage which will follow capitalizing an
Uncertain future and unloading the
securities on the public. We wist. 10
make IL to the interest of the investor
| to put his money into the honest Ge-
Ivelopnent of the railroads and there
fore we wish to discriminate against
the man who, while enrichinS himself.
llays upon the future owners and pa
irons of the road, and above all upon
1.-THE honest men. whose duty it may
become to operate the road, 4 burden
of additional debt without adding COR
respondingly to its. actual worth.
railway presidents to agree among
themselves as to what policy should lie
advocated and what plans followed IN
1.-THE effort to work out The spfoeicnns
which now present themselves In so
\ far as the law is concerned. all ask
! of them is q willingness tn comply
fully with it's spirit, and readiness 10
move along the lines indicated Ivy those
who are charged with administering
| it. Our policy Is built upon expert
ence, and our primary purpose Is to
/ insure the future against the mistakes
and delinquencies of the past.
decentralization.
I 3 yr,,n., han, ,,,,ycb WILD faIl-
| to tho extent OF the overcapitalization
on the commercial value of the rail-
roads of the country, together with tie
reports made to the Interstate Con-
mercc Commission by the railroads OH
their cost of constructions tend to show
| that as a whole the railroad property
/ of the country Is i, tn as much AS the
securities representing It, and that III
| the concensus OF opinion OF investors
| the total value Of stocks and bonds Is
| greater than their total face value, not
| withstanding the water" that has been
| injected in particular places. rhe huge
penditures in recent years In dolo!e-
| tracking, improving grades, roadbeds,
| and structures, have brought the total
| Investments to a point where the opin-
| ion that the real value Is greater than
| the face value Is probub'y true. NO
general statement sum US THIS can De
! accepted as having more than gem
eral value; there arr, many exceptions;
hut the evidence seems ample that the
great mass of our railroad securities
rest upon safe and solid foundations;
| IL they fail In any deg:cc to command
complete public conilde1ce, IT is be-
cause isolated instances of uncon-
scionable stock watering and kindred
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