The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1907-04-04
BRYAN'S VIEWS ON ISSUES !
Great Commoner Strongly in Favor Of
National Regulation.

Boston, March 29.-H. NJ. Whitney
tonight made public a letter he had
just received from William Bryan.
dealing with the RAILROAD question.
1t follows, In part:
II am in favor OF both national and
state regulation, and l also believe
that public ownership is the uIti.
mate solution of the railroad ques.
tion. In my discussions l have
pointed out thai because OF the dan
ger of Capitalization in ownership by
the Federal Government OF all the
Lines, / prefer system. in which the
Federal Government will be confined
to the necessary trunk lines aud the
ownership OF the right Of the lines
be left to the states.
"As an advocate OF regulation of
the strictest sort, / can say to you
that there is no danger whatever
that this regulation will be carried
to the point OF preventing "A reason
able return on money invested in the
railroads of the country. And | also
assure you that whenever public
ownership is adopted by the states
or by the nation, the stockholders
may expect TO receive a price at least
equal to the value Of the physical
properties OF the roads but no such
assurance ought to be necessary, be-
cause the public has shown no dispo.
sition to reduce railroad earnings to
point which would deny resson-
able return.
81 have contended that the present
value OF the railroads should be as
certained by the Interstate Com
merce commission and the commits
sioBs of the various states, in order
that investors may know when they
are buying stocks OF intrinsic value
and when they are being cheated.
As long as promoters are permitted
to issue stock that does not represent
real value there must be Quotations
i'm the stock market, for every dis
closure of bad railroad management
necessarily Affects the value OF rail
road stocks. The stockholders. there.
fore, who desire to purchase for leRit-
innate investment should have as
much interest as the patrons In re-
ducing the railroad business TO an
honest basis; but the railroads thus
far have prevented the passage OF
law authorizing the Interstate Com
meree commission to tix the value Of
the roads.
"When the value of the roads Is
ascertained am satisfied that public
sentiment will insist that the returns
snail be sufficient to pay reasonable
dividend upon tie money invested.
should say that any maximum rate
for this dividend fixeo by the people
should be Iittle higher than the
rate liked by the competition in the
purchase OF stock If, for instance,
stock which pays four per cent
dividend can be sold at par. maxi
mum dividend ought to be enough
above that to provide for possible
Quotations In business. II il requires
i've per cent dividend to make a
stock sell at par, then the maximum
dividend contemplated by legislation
should be above ive per cent, or say
| six per cent.
"In case the various states or the
nation should decide 20 enter upon
public ownership Of the roads, there
would be no disposition to con6scate
the property. ! am satisfied that in
the purchase Of the roads the public
would he much more apt TO pay more
than the roads are worth than less.
/ II think can speak for those who
believe I'm regulation. know that
there is not aEd never has been dan
ger of Injustice to the o~ners OF the
railroad, and II can speak for those
who believe that the ultimate solG-