The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1907-08-11

fact that twenty-five state govern
ments, following the example OF the
federal government, simultaneously
adopted stringent reform legislation
for the carrying companies, excepting
upon the theory that an overwhelming
public sentiment demanded it? The
American people are not cranks. They
are not given TO indulgence in sense
less outbursts of rage. The desire
for legislation which would correct
railroad abuses has appeared in every
part of the country because these
abuses, long existent, had become at
last too grievous to be endured.
1t was Harrimans luck to touch the
spark to the powder But the anger
Of the people has been gathering force
for years, and Hartman was only the
latest to provoke it.. The shot fired
at Fort Sumter was not the cause of
the Civil War. The causes lay far
back in the political history Of the
nation.
Real Reform.
For years the people have been dis
pleased with railroad management,
but at last public opinion became
strong enough to enforce reform.
That work viii never be undone No
matter what happens 20 railroad securi-
ties, the nation is resolutely deter
mined 10 put the great corporations,
railroad and other, into sUbjection to
law and to keep them there. They
will no longer rule and rob this coun-
try. The Wall street people must sun
ply a bill of particulars before they
can succeed in persuading anybody
that the recent legislation promises
to be harmful
Whose &he Blame?
That there has been a loss of favor
for railroad securities must, however,
be admitted, but no one can say this
is not due solely 10 dishonesty in the
railroad offices. What could happen to
an investor who has studied Harri-
mans processes but that he should
be shy Of putting his money into rail
road stocks and bonds? 1t is Tnques-
tionable that st0ck-watertng and eX-
cessiye bond issuing have discouraged
the public from investing its money
in railroad securities. 1t is but few
months since the Pennsylvania Rail-
road Company took the property of
the stockholders of the Philadelphia
and Erie Company without so much
as asking leave Thus was ended a
forty-year-old plot, conducted right
under our noses, by respectable gen
tlemen engaged in railroading. VIII
a bitten Philadelphia and Erie stock
holder put any more of his money
where the respectable Pennsylvania
railrCaders can get their hands on it?
Stocks Really Rettered.
Andrew Carnegie, speaking in Lon
don On Saturday, re-echOed sentiments
expressed many times in the North
American when he said: President
Roosevelt is a truly conservative man,
who remedies abuses. He is the best
friend OF the railroads, and, so far
from lowering the bonds and shares,
will enhance their value, and give TO
the European investor an element of
security hitherto lacking This is
the truth. 1T is obviously the truth.
Were it possible for some strong power
to supply an absolutely trustworthy
guarantee that the rule of straight
honesty in all things will hereafter
prevail in American railroad manage
ment, there is certainty that the value
of the securities woul dat once a0-
vance So far as legislation can offer
such guarantee, an attempt has now
been made TO do it; and all the indi-
cations are that confidence its slowly
being restored.
The present situation is nothing
more nor less than a great contest
| between the people, who demand,
square deal and safe investments,
and a few scores of money kings, who
desire the old methods of financing
great enterprises to remain, so that
they may make millions by a mere
turn of the hand. Thz outcome of the
struggle is not in doubt The only IN
certaintyiin the situation arises from
the lack of definite knowledge as to
how long foolhardy financieTs will con-
tinue to run their heads against the
stone wall of the inevitable. Fla