The state herald., 1907-09-06

1t Is only fake law, and they say that
the Elkins law Is really at the bottom
of all these prosecutions. 1t is true
that the present prosecutions are un-
der the Elkins law, but the rebates
which were given before this could not
be punished under the rate bill. But
the fact is, that the Elkins bill was un-
worthy In one respect. The Elkins bill
took away the Imprisonment penalty.
and that is the reason why 1t passed
SO smoothly, without the opposition of
the railroads.
II am not fierce. am not bloody,
and I do not want to criticise the rail-
road people. l submit to you fair.
honest question for the suppressing Of
the violation of law, whether Just six
months Imprisonment of any promi-
nent trust man. who is engaged In re-
ceiving rebates, won't have more effect
IN settling this rebate question, then a
| fine?
Must Live Up to Franchises.
II am not opposed to the railway
companies. They have displayed brill
liancy of management in many ways,
but they have received from the public
franchises, and the first principle Of
that franchise was that they should
furnish equal facilities to all. 1t Is
generally admitted that they do not.
Now, perhaps that avenue in which
| the greatest abuse has been proven
to the public has been proven In re-
| spect to the management Of the great
interstate railways of the country.
"The Standard Oil company said,
We can increase your receipts $780,
900 month, and II you do not give us
rebate we will go to your competitor
The railroad company in a sense was
bulldozed into 1t. Now remark that
| by way Of explanation and not by way
OF an excuse.
"They have got to understand the
law must be enforced; the law is for
the rich as well as the poor, for the
powerful as well as the lowly.
"We have heard a great deal about
overcapitalization. That means the
| Issue of stocks and bonds on the credit
of company at a price below par, and
loading company up with debt and
liability which 1t ought not to bear
Those who are In on the ground floor
get the stock and bonds cheap and sell
them to the public at much higher
|
persons who buy the stocks and bonds.
that is done under state charters, but
so far as It interferes with utility IA
| cilities or Interstate transportation,
that is within the regulative power Of
Congress.
VIII Certify Stocks.
Hence 1t is that company engaged
/ In intargtata npmmarra shall mot fugun
bonds or stock without the certificate
| of the Interstate commission. and when
1t does that any honest man can buy,
because he is certain that these stocks
and bonds are liable to be used for
lawful purposes.
Another thing. examinations by the
Interstate commerce commission show
that a large part of interstate railway
business of nearly one.half of the
United States, the western part of the
United States. is under the control OF
one management, and that has been
secured by the issuing of stocks and
bonds OF one company to buy the stock
OF another until they have gradually
become amalgamated.
IF that system were continued, II
would put the railways OF the entire
county under one management, and
make us tremblc. as We well might,
that one man should exercise the pow.
er that Involves. Therefore. there
ought to be n provision OF the law for
bidding one Interstate railroad from
buying In the stock Of another inter.
state commerce competing line; for.
bidlng them from having the same di.
rectors, or n part OF the same direct.
crate as another Interstate commerce
competing line.
Now. Mr.. Bryan says that the In.
terstate commerce act loses all OF its.
or good deal Of It's strength by reason
OF judicial feature that went In there.
Well. with all Difference 10 that great
authority, am bound TO say that he is
surely In error. A railway company Is
like anybody else. II Is collection of
individuals. II has the right under the
fourteenth amendment and other
amendments OF the constitution to en-.
Joy It's own property. and that means
anyone who holds property TO use or
operate II for n fair profit. Therefore.
II the administrative tribunal requires
II to use It's property without profit nj
all, that liz conilscaiory Of the property
and It has the right to 20 into court
for It's constitutional protection against
such conilscation.
Now, ! come to the subject OF
trusts. which are the result Of great
combinations OF capital I do not say
that a combination OF capital is trust.
though II has sometimes been called
80. whether II be Illegal or not Some.
times trust means an Illegal combl.
| nation: sometimes II only means u
large combination. without respect TO
It's illeEality.
No government would be justified
In preventing the assembling Of great
capital. such .as people deposit In
small sums In savings banks. buying
shares Of stock. and those who gather
In great corporations to 20 the bust.
ness In such n way that tho
cost Of the production Of things
necessary TO the people In re-
duced. hut when they combine capt
tai TO monopolis. IN. market In such
| that they ruiys tha ntlessa ma