Live Oak daily Democrat. (Live Oak, Fla.) 190?-190?, 1907-07-10

VI Tue LCuCA al SSAOAAA--
eously adopted stringent reform legiS'
lation for the carrying companies,
excepting upon the theory that an
overwhelming public sentiment de-
handed it? The American people are
not cranks; they are not given to IN
diligence in SenSeleSs 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 grieV-
Gus to be endured. 1t was Harri-
mans luck to touch the spark to the
powder. But the anger Of the people
has been gathring 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.
For years the people have been dis
pleased with railroad management
but at last public opinion became
strong enough to enforce reform.
That work will never be undOne. No
matter what happens to railroad
securities, the nation is reSolutely
determined to put The great corpora
tons, railroad and ether, into subiee-
ton to law and to keep them there.
They will no longer rule and rob this
country. The Wall street people
must supply bill of particulars be-
fore they can succeed in persuading
anybody that the recent legislation
promises to be harmful. That there
has been a loss of favor for railroad
securities must, however, be admit
ted, but no "one can say this is not
due solely to dishonesty in the rail-
road Offices? What could happen to
an investor who has studied Harr;-
mans processes but that he should
be shy Of putting his money into rail-
road stocks and bonds? 1t is unQues-
tionable that stock-watering and ex-
eessive bond issuing have discouraged
the public from investing its money
in railroad securities. 1t is but a 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
gentlemen engaged in railroading
viii bitten Philadelphia and Erie
stockholders put any more of his
money where the respectable Pennsyl-
yania railrOaders can get their hands
on it?
Andrew Carnegie, speaking in Lon
don on Saturday, re-eehCed senti-
ments expressed many times in The
North American when he said:
President Roosevelt is a truly con-
sentative man. who remedies abuses
de is the best friend of the railroads
and, so far from lowering the bonds
and shares, will enhance their yalue
and give to the European investor an
element Of security hitherto lacking y
This is the truth. 1t is obviously the
truth. Were it possible for some
strong power to supply an absolutely
trustworthy guarantee that the rpIA
Of straight honesty in all things win
hereafter prevail in American rail
road management, there is certainty
that the value Of the securities would
at once advance. So far as legisla-
uon can offer such a guarantee. an
attempt has now been made to do #.
and all the indications are that eon-
haenee is slowly being restored. The
present situation is nothing more nor
less than a great contest between tho
people, who demand square dea,
and safe investments, and few
scores Of money kings, who desire the
Ola methods Of financing great enter
prises to remain. 50 that they NAV
make millions by a mere turn Of tha
hand The outcome Of the struggle