The Montgomery advertiser., 1907-06-12

port deliberate injustice to railways or to investors in railway property. I know there is no Southern State in which public sentiment would support | these policies if the people understood that their effect would be to retard, or to make impossible, the improvement of their highways to the markets of the world and would discourage the in- vestment of capital within their bor- ders. The author is right as to the evil effect of such legislation. whether put on the statute books of a South ern State or of Western State. but I believe that his language, without qualification. tends to give wrong im- pression of the real attitude of the the rights of property generally. I believe this the more firmly because in my intercourse with the Southern people, meeting personally men in ev- cry walk in life, and in my corre- spondence with leading men in every State, I find an almost universal de- sire to treat the railways with exact justice and to cooperate with them for the advancement of Southern pro- gress along all lines. I believe that where unjust laws have been enacted as a result of a lack of full informa- tion, they will be repealed. and I am sure that I have the support of the Southern people in declaring, here and now, that capital and property rights are as safe in the Southern States of the United States as in any other part of the world. The South is section in which the seeds of anarchy and so- cialism have never taken root It Is a section in which man can honestly work with his brain or his hands for N$he accumulation of property with per- feet confidence that he will be pro- A. l.. 41.,~ yf Lf, FA and that his family can enjoy it after his death."
 Favors Proper Regulation.
 Mir. Finley did not oppose legisla- tion for the proper regulation of rail- ways. or tending to prevent any wrong practices or hurtful policies. but con tended that the object of Legislation from wrong, rather than the manage ment of business in which private individuals had assumed all the risk On the ethical side of railway manage ment a great deal had been accomp- lished. There had not only been an awakening of public conscience, but an awakening of corporate conscience as well and many of the faults of railway management that were causes of conn plaint had been made to appear in their just light and had been correct ed.
 MT. Finley drew distinct line be- tween the right and duty of the Cov- ernment to protect the public from oppression and wrong and the enact- ment of legislation that would be con- f1scatory of the property of the carriers. saying that "a carrier has performed its full public duty in resnect to its charges when 1t has established a reasonable scale of rates and has refrained from discrimi- nation in rates or facilities as between individuals. localities and commodities. with these and its other public obliga- tions, the balance of its property is private property and should be re- spected as such by governmental pol icy and public sentiment"
 Referring to the discussion of all legged overcapitalization of railways. MT. Finley quoted President Roose- veIts declaration that there had been much wild talk as to the extent of the overcapitalizatton of our railroads" He showed that neither railway charges, nor newspaper advertising charges could be based on capitaliza- ton or any other arbitrary basis. and pointed out the striking analogy be- tween railway freight rates and adver- Using rates
 MT. Finley said he believed that study of the problems confronting rail- way managers and their difficulties would lead the editors to arrive at conclusions favorable to constructive policies that would protect the prop erty rights of investors In railway se- cUrities and establish the credit of transportation companies and enable them to expand their facilities to meet the demands of American commerce.
 In conclusion he said:
 This is no time for propagandas of destruction. It Is time for building up rather than tearing down. The con- tinued prosperity of the American peo- pie must be based on commercial ex- pansion and not on contraction. It is time for the American people to unite in support of policies of construction and to work together for the upbuild- ing of our common country and for its social and material development.