Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-06-01

machinery already created which
when perfected. will put the public IN
position to know the facts so that the
small investor can exercise an tptelli-
gent judgment when entrustinE his
money to the promoters Of great ran.
way enterprises. We hope rs one OF
the chief means for betterment Of con-
dittons to secure as complete publicity
In the affairs Of railroads as now OBJ
tatns with regard to national banks.
Investors Ned Not Fear.
There need be no fear on the part pr
investors that this movement for ma
tional supervision and control over
the,- doubt this, let them study the
history OF the railway control move
ment IN such state as Iowa It would
be hard to find anywhere more pros
porous or more Intelligent community;
a community of thriving farmers and
thriving townspeople. Iowa did It's
share Ia the work of building raiiroads
manded neh Of the utmost daring and
resourcefulness; men like that gallant
soldier and real captain Of industrys
Granville NJ. Dodge: men who ran
risks and performed feats for which II
wAi difficult to make the reward TOO
high: men who staked everything. on
the chances Of business which today
happily involves no hazards. Iowa was
at length forced to undertake the work
of regulating the railways within her
borders. There was a great outcry
| against r. 1t was proclaimed that
such efforts would ruin roads already
built, and prevent building more. But
| Iowa proceeded with the task, and IL
resulted. not in ruin and stagnation
\ nd
the honest investor. Instead OF put
ting roads into the hands of receivers
| 1t was followed by q prosperity that
rescued nanv Of them from receiver
ships.
No state. Of course. can do for the
railways what the national govern
ment has already done for the banks
thin ganalogot,s for the railways. Ma
| tional- bank stocks are bought and SOLD
| largely on the certificate of character
which the government. as result OF
| its examinations and supervision, gives
to them To give another illustration
from Iowa's experience. when the ma
/ tional banking law was amended 10 al
| low small banks to take out national
| charters. great numbers OF the state
banks ef+that state were reprganized
Into national institutions. The invest
4 ing public was ready to back with UNI
i limited confidence the institutions on
which the federal government had SET
the seal of It's confidence and approva.l
The railways have not been given TINS
certificate Of character, under the sea-
4 Of the national government, and tnere-
fore many people who invest freely IN
the shares of banks are reluctant to
buy railroad securities. Give them
the same guarantees as to railroad Sc.
i, curities which we now give them as %
national bank shares, and we woui0
presently see these people investing "
railroads. and thus opening new res,
ervoir from which to draw the capita
now so mitch needed for the extension
, and betterment Of the railroads.
8 Not Hostile to Corporations.
: All this. my friends, is substantially
, what have said over and over again
Surely 1t, ought not to be necessary tt
2 say that 1t in no shape or way repre-
3 sents any hostility to corporations a:
such. On the contrary, 1t means
t frank recognition Of the fact that com
binations of capital. like combination
Of labor, are natural result OF NOV
ern conditions and Of our national De
8 yelopment. AS far as In my ability lie
n NV endeavor is and will be to proven
u abuse Of power by either and to favo
: both SO long as they do we'll. The air
Il Of the national government Is quite
n much to favor and protect honest cor
Q porations, honest business men Q
c wealth. as to bring Justice to thos
u individuals and corporations repre-
a senting dishonest methods. Most Ger
n tainly there will be no relaxation b
e the government authorities In the Ell
: fort to get at any great railroad wreck
d er-anyN man who by clever swindlin
q devices robs investors Expresses wag
: workers. and does injustice to the gen
e sral public But any such now as TN m
e is in the interest Of honest railway op
: orators, of honest corporations, and
y those who, when they invest thel
leI small savings in stocks and bond
le wish to be assured that these will reE
=. resent money honestly expended f.
,, legitimate business purposes. 10 con
"a fer upon the national government tn
er power for which / ask would be
~ check upon DISQUALIFICATION and ur
Is on the clever gamblers, who benefit b
overcapitalizatioh. But 1t alone wou!
L mean an increase In the value, an ir
" crease in the safety of the stocks ar
20 bonds Of law abiding. honestly manae
4 A. ed railroads. and would render 1t II
70 easier to market these securities.
~ believe in proper nublicity There NJ
been complaint of some of the invest
~ cations recently carried on, but tho!
a. who complain should put the blan
&. where 1t belongs-upon the misdee'
.n which are done In darkness. and n
q upon the Investigations which broug
T., them to light. The administration
~, responsible for turning on the light. b
~, ~ 1t is not responsible for what the lig
70 showed. l ask for full power to
given the federal government, becau
no single state can by legislation e
u fectually cope With these powerful co
It. porations engaged in interstate con
be rnerce. and, while doing them full ju
he tice. exact from them in return fl
Id justice to others. The conditions
We railroad activity, the conditions Of
a. immense interstate commerce, are su
a as to make the central governme
Tic alone competent to exercise full supe
'es vision and control.
a. Reform Must Be Discriminate. I
b. The grave abuses in individual, cas-
ICE Of railroad management in the pc
as irepresent wrongs not merely to I
.a- general public but above all, wron
ST. to fair dealing and honest corpor
lst tipns and men of wealth, beearse tn
u excite popular anger and distrr
We which from the very nature Of the CO
"a tends to include in. the sweep of