New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-31

I
more prosperous more intelligent community,
! a community of thriving farmers and thriving
! toWnspeople. Iowa did its share IN the "oih oi
! building railroads when the business was one
| that demanded men of the utmost daring ana
| resourcefulness; like that gallant solder
| and real captain of industry, Grenville M Doagei
men who ran risks and performed feats LOT WilCh
] II was difficult TO make the reward too hlgh;
| men who staked everything on the chances OF d
/ business which to-day happily involves no such
/ hazards. Iowa was at length forced 10 uI .i
take the work of regulating the railways WITHIN "a
her borders. There was great cutlery asdiIiSt ~
| 1t was proclaimed that such effort would rum
roads already built and prevent building more
But Iowa proceeded with the task, and IL result,
| ed not in ruin and stagnation. but In lncreaSeu
! safety and profit to the honest investor IN
! stead of putting roads into the hands OF receIV
ers it was followed by a prosperity that fes0"eu
| many Of them from receivershlps.
THE RAILROADS AND THE BANKS
No state Of course can do for the railways
what the national government has already done
! for the banks. and that government snouiu ~
/ something analogous for the railways Naton ma,
! bank stocks are bought and sold largely On tno
certificate of character when the sit
as a result of Its examinations ana sup 800
gives TO them To give another Illustration from
! Iowa's experience when the natlonal pahhIs
law was amended TO allow small pahhs 20 On. .a
| ont national charters great numbers OF state
banks of that state were reorsanizeo lito ia
tfonal institutions. The investing pubic va"
ready to back with unlimited commence me M
stit,,tions on which the federal government nao
set the seal Of its confidence ana approval ING
railways have not been given TINS ceIt iAcate VI
character under the seal of the natlonal govern
mont and therefore many people who invest
freely in the shares of banks are reluctant 10
buy railroad securities. Give lheih ute sen
guarantees as TO railroad securities winch we
now give them as TO national bank shares' anu
we would presently see these people investing IA
railroads and thus opening new reservoir rom on.
which to draw the capital now SO much neeu s
for the extension and betterment OF the Iaili''
NOT HOSTILE TO CORPORATIONS.
An +bts my, friends il substantially what l
have said over and over again Surely, II oueh1
not to be necessary to say that II IN no snape y,
wav represents any hostility to corporations as
such On the contrary, il means frank reoos-
milton OF the fact that combinations or capital
like combinations of labor, are natural result
Of modern conditions and of our national deVeI-
ooment AS far as in my ability lies my en-
deavor is and will be to prevent abuse or power
by either and to favor both so long as trey 90
we'll. +, It'd.
The aim of the national government Is quite
lions honest business men of wealth, as to bring
to Justice those individuals and corporations rep
resenting dishonest methods. Most certaln!
there will be no relaxation by the government
authorities in the effort to get at any great rail-
road Wrecker-any who by clever SWIMMING
devices robs investors Expresses "aBe Wo' D.,
ana does injustice TO the general puouc; but
any such move this is in the interest or honest
railway operators. of honest corporations ana OF
those who, when they invest their small SAVINGS
in stocks and bonds, wish TO be assured mat
these viii represent money honestly expended
for legitimate business purposes. To confer
upon the national government the power lor
which | ask would be check upon oVercapital-
ization and upon the clever gamblers VINO oenent
by decentralization. But IL alone would mean
an Increase in the value, an Increase IN the
safety of the stocks and bonds of law abiding.
honestly managed railroads. and would render IL
far easier TO market their securities
VALUE OF PUBLICITY.
believe in proper publicity. There has been
complaint Of some of the Investigations recently
carried on but those who complain should put
the blame where IT belongs-upon the misdeeds
Investigations which brought them to light The
administration is responsible for turning on the
light, but it is not responsible for what the light
showed
| ask for full power to be given the federal
government, because no single state can by leg
is!ation effeotuslly cope with these powerful cor
porations engaged in interstate commerce, and,
while doing them full Justice, exact from them
In return full Justice to others.
The conditions of railroad activity, the condi-
lions of immense interstate commerce. are
such as to make the central government alone
competent to exercise full supervision and con-
troll.
DANGER OF POPULAR ANGER.
The grave abuses in individual cases OF rail-
road management in the past represent wrongs
not merely to the general public, but above all.
wrongs to fair dealing ana honest corporations
and men of wealth. because they excite popu-
lar anger and distrust which from the very
nature Of the case tends to include In the sweep
OF its resentment good and bad alike. From the
standpoint Of the public cannot too earnestly
say that soon the natural and proper re-
~
discriminate and unthinking # also becomes
not merely unwise and unfair. but calculated TO
defeat the very ends which those feeling Il
have in view There has been plenty of dis
honest work by corporations in the past. There
will not be the slightest ct-up in the effort to
hunt down and punish every dishonest man. But
the bulk OF our business IS honestly done.
In the natural indignation the people feel
the dishonesty, il is al essential that they
should not lose their heads and get drawn into
an ndisoriminate raid upon all corporations, all
people of wealth. whether they do we'll or III.
Out of any such wild movement good will not
come, cannot come, and never has como. On
the contrary, tho surest way to invite reaction
is 10 follow the lead of either demagogue or
visionary in sweeping assault upon property
values and upon public confidence which would
work inoalculable damage in the business
agitators that in the reVulson the distrust |
would extend to honest who, in sincere and
sane fashion, are trying to remedy the evils.
THE GREAT NEED OF THE HOUR
The great need OF the hour, from the stand |
point OF the general public-of the producer. con-
sumner and shipper alike-is the need for better
transportation facilities for additional tracks |
additional terminals AMI improvements In the /
actual handling Of the railroads; and all this |
with the least possible delay, Ample, safe and |
rapid transportation facilities are even more /
necessary than cheap transportation. The prime /
need Is for the investment OF money which will ,
provide better terminal facilities, additional /
track and a greater number of and .
locomotives, while at the same time securing
If possible. better wages and shorter hours
for the employees. There must be Just and rea-
sonable regulation Of rates, but any arbitrary
and unthinking movement to cut them down
may be equivalent to putting complete stoD
to the effort to provide better TRANSPORTATION.
RATES SHOULD BE FAIR
There can be no question to the desra-
bihty of doing away with rebates or any
method OF favoring shipper at the expense
of a competitor and direct dealing with the
rates is sometimes the only method by which