The Washington herald., 1907-12-31

its passage was the voluntary reduction
OF rates. Subsequently, under normal
circumstances justifying ii, the rates OF
the railways generally were increased
the continuance Of the abuses OF the
railway management were made by the
rate bill much more difficult, but the rate
bill has not had the slightest effect upon
the legitimate business earnings Of the
railways.
AbsOIyes Rate Bill.
The utter hollowness in the cry that
the rate bill caused the panic. is seen in
the fact that those who now venture 10
advance this proposition have been for
more than a year contending that the
rate bill was a humbug and a fraud be
cause it had no effect whatever. because
il had given promise of a reduction of
rates and no reduction OF rates followed.
Then State legislation against railroads
is pointed 20 as a cause for shrinkage in
the value Of the stocks and for the panic.
Mr. Roosevelt and the national admins
tration are not responsible for this. II
was occasioned by the same revelations
OF lawlessness and discrimination in rail-
way management that made the Federal
rate bill a necessity. II the State meas
ures have been too drastic the cause OF
the injustice Is not with the national
government.
"Instead of making n panic. the M
tienaI policy of ending the lnSIessness
of corporations In Interstate commerce
and of taking away their power of
issuing, without supervision, stock and
bOnds. viii produce q change In their
management and remO-e one fruitful
cause for loss Of public confidence.
Business Men Sympathsze.
THE business men In the past have
sympathized with the effort TO eradicate
from the business system Of this country
the influence and control Of those who
have achieved success by Illegal methods.
Is all this TO be changed by the panic?
Is il proposed. because Of Il. 70 repeal
the rate bill? Shall We dismiss the prose
cutions for violations Of the antitrust
law? Shall We permit and encourage re
bates and determinations by railways
| Is this the condition OF sanity. 20 which
We are invited 20 return? Shall We Join
in the sneer al the fight OF the admins
tration for honesty and legality IN busi-
ness as a youthful attempt az an alleged
moral regeneration OF our business sys-
TEN? No panic. however severe. can
make wrong right.
CapitnI Is Essential
But no one can have been an observer
OF the operation OF the exercise Of the
right Of property and the accumulation Of
capital and its use in business by the in
dividual and the combination of capital
| by the combination Of individuals. with
out seeing that there are certain limita-
tions upon the methods in the use Of
capital and the exercise OF the right OF
property that are Indispensable. to prevent
the absolute control OF the whole finan-
cial system Of the country passing TO a
small oligarchy Of individuals.
''The combination of capital Is just
as essential 20 progress as the assem-
bling of the partS of a machine; and
hence, corporations, however large,
are Instruments of progress.
But when they seek to use the
mere size or amount OF the capital
which they control to monopolize the
business in which they are engaged.
and to suppress competition by meth
DDS akin TO duress, they should be
restrained by law.
tern in which the unlawful discrimina-
tons by secret rebates. and otherwise,
were practically without limit IN the IN
terest of the trusts and against the Or
binary shipper. These abuses can only
be reached and ended by closely regulating
the railways and putting them under the
tribunal which can insist upon publicity OF
business, and IN cases Of complaint can
direct the exact remedy for the wrong.
Fixes the Center.
IF one attempts TO fix the center Of
the conservatism Of the country. ne is
| likely 10 hN Il In New England. If ne
| Is seeking a community where appeals
TO righteousness and justice awaken a
response he will find it in New England.
Hence II is that have ventured at this
time and under the circumstances I have
described to discuss the political aspects
Of this panic. and to appeal 70 you
whether Democrats or Republicans, not
TO allow an acute condition involving
pecuniary loss and mental strain, serious
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