The Washington herald., 1907-12-31

complaints OF individuals suffering from
their injustice. The immediate effect Of
its passage was the voluntary reduction
OF rates. Subsequently, under normal
! circumstances justifying it. the rates Of
/ the railways generally were increased.
The continuance Of the abuses OF the
railway management were made by the
rate bill much more difficult, but the rate
bill has not had the slightest effect upon
the legitimate business earnings Of the
railways.
AbsOIves Rate Bill.
The utter hollowness in the cry that
the rate bin caused the panic. is seen in
the fact that those who now venture 10
advance this proposition have been for
more than a year sontending that the
rate bin was humbug and fraud. be-
cause II had no effect whatever. because
! it had given promise Of a reduction Of
rates and no reduction Of rates followed
Then State legislation against railroads
/ IS pointed 10 as cause for shrinkage in
the value Of the stocks and for the panic
Mr. Roosevelt and the national admins
I tration are not responsible for this II
was occasioned by the same revelations
I OF iaWlessness and discrimination in rail-
| way management that made the Federal
/ rate bill necessity. II the State meas
ures have been too drastic, the cause OF
! the injustice is not with the national
government.
@Instead of making n panic, the ma
/ tiOnaI policy of ending the Iawlessness
OF corporations In Interstate commerce
and of taking away their power of
issuing, without supervision, stock and
bonds, will produce change Tn their
D
cause for loss Of public confidence.
Business Men Sympathize.
The business men in the past have
Sympathized with the effort 10 eradicate
| from the business system Of this country
the influence and control Of those who
have achieved success by illegal methods
Is all this 10 be changed by the panic2
Is it proposed. because Of II. to repeal
the rate bill? Shall we dismiss the prose
cutions for violations Of the antitrust
law? Shall we permit and encourage re-
bates and determinations by railways
Is this the condition OF sanity, 20 which
We are invited 20 return? Shall we join
IN the sneer at the fight OF the admins
tration for honesty and legality IN busi-
ness as a youthful attempt Al an alleged
moral regeneration Of our business sys-
tenn? No panic. however severe, can
make wrong right
Capital Is Essential
But no one can have been an observer
OF the operation OF the exercise OF the
righ; OF property and the accumulation OF
/ capital and it's use in business by the in
dlvidual and the combination OF capital
| by the combination Of individuals. with
out seeing that there are certain limita-
tions upon the methods in the use Of
capital and the exercise OF the right OF
property that are Indispensable TO prevent
the absolute control OF the whole fnan-
cial system OF the country passing TO a
small olgarchy of individuals.
1'The combination OF capital Is Just
as essential 10 progress as the assem-
bling of the parts of n machine; and
hence, corporations, however large,
are instruments of progress.
But when they seek TO use the
mere size or amount OF the capital
which they control. to monopolize the
business in which they are engaged.
and 20 suppress competition by meth
DDS akin 20 duress, they should be
restrained by law
But no one could defend a railway sys-
TEN in which the unlawful discrimIna-
tons by secret rebates, and otherwise
were practically without limit. in the in
terest Of the trusts and against the Or
binary shipper. These abuses can only
be reached and ended by closely regulating
the railways and putting them under the
tribunal which can insist upon publicity OF
business. and In cases of complaint can
direct the exact remedy for the wrong.
Fixes the Center.
'If one attempts 20 fix the center OF
the conservatism OF the country, he is
likely TO fix It in New England If he
is seeking a community where appeals
to righteousness and Justice awaken
response. he will find it in New England.
Hence IT is that 1 have ventured at this
time and under the circumstances have
described to discuss the political aspects
of this panic. and to appeal TO you
whether Democrats or Republicans. not
TO allow an acute condition involving
pecuniary loss and mental strain, serious