The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-05-31


pubic was ready to back with unlimit-
ed confidence the institutions on which
the federal government had set the
seal of its confidence and approval.
The railways have not been given this
certificate of character, under the seal
of the national government. and there
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 securi-
ties which We now give them as to ma
tlonal bank shares. and We would pres
emily see these people investing in rail-
roads, and thus opening new reser-
voir from which to draw the capital
now SO much needed for the extension
and betterment of the railroads.
| All this, my friends, is substantially
l what have said over and over again.
Surely, it ought not to be necessary to
/ say that it in no shape or way repre-
i sents any hostility to corpora tons as
/ such. On the contrary, it means
/ fl ank recognition of the fact that COM
binations of capital, like combinations
of labor, are natural result of modern
| conditions and of our national develop
ment. AS far as in my ability lies my
! endeaVOr is and will be to prevent
abuse of power by either and to favor
! both SO long as they do we'll The aim
| of the national government is quite as
much to favor and protect honest cor
| POI ations, honest business men OF
| wealth, as to bring to justice those in
dividua1s and corporations representing
dishonest methods. Most certainly there
will be no relaxation by the government
| authorities in the effort to get at any
| great railroad wrecker-any man who
| by clever swindling devices robs in
vestors, Expresses wage workers, and
does injustice to the general public
But any such move this is in the
interest of honest railway operators, of
honest corporations, and of those who,
when they invest their small savings in
stocks and bonds wish to be assured
that these will represent money honest
V pxDnndad for legitimate business DUR
poses To confer upon the national
government the power for which ask
would be a check upon overcapital1za-
ton and upon the clever gamblers, Whd
benefit by Overcapitalizat1o ton.
Believers in Publicity.
But it 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 it far easier to market their Sc
curities. 1 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 mis- |
deeds which are done in darkness, ana
not upon the Investigations which
brought them to light. The admins |
tration is responsible for turning on |
the light but it is not responsible for |
what the light showed. L ask for full
power to be given the federal govern |
ment because no single state can by |
LEGISLATION effectually cope with these |
powerful corporations engaged in inter |
state commerce, and, while doing them |
full justice, exact from them In return
full justice to others. The conditions
of railroad activity, the conditions OF
our immense interstate commerce, are
such as to make the central govern
ment alone competent to exercise 1ull
supervision and control
The grave abuses in individual cases
of railroad management in the past
represent wrongs not merely to the
oil los
to fair-dealing and honest corpora-'
lions and men of wealth. because they
excite popular anger and dlstrust
which from the very nature of the case
tends to include in the sweep of its re-
good and bad alike. From
the standpoint of the public 1 can not
too earnestly say that as soon as the
natural and proper resentment
aroused by these abuses becomes in
discriminate and unthinklng, 1T also
becomes not merely unwise and I'M
fair but calculated to defeat the very
ends which those feeling it have in
view. There has been plenty of dis
honest work by corporations in the
past There will not be the slightest
let-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 over the dishonesty, it is all
that they should not lose their
heads and get drawn into an indis-
criminate raid upon all corporations,
all people of wealth, whether they do
well or i'll. Out of any such wild
not come, and never has come. On !
the contrary the surest way to invite ,
is to follow the lead of either :
demagogue or visionary in a sweeping ,
assault upon property values and upon
public confidence, which would work ,,
damage in the business :
world. and would produce such dis )
trust of the agitators that in the re- ,
let ct
honest men who in sincere and sane :
fashion, are trying to remedy the /
evils. :
he stand point of, the general public :
If the producer, consumer, and ship !;
per alike-is the need for better =
transportation facilities, for additional 7
racks additional terminals, and i'm 9
1rovements in the actual handling of :
he railroads; and all this with the =
east possible delay. Ample, safe, and 9
-apid transportation facilities are even :
more necessary than cheap transport !
alton. The prime need is for the in
restment of money which will pro- q
tide better terminal facilities, addt-
# cars and locomotives, while at the :
ame time securing, if possible better
wages and shorter hours for the en- ;,
)layes. There must be just and rea- :
lrbitrary and unthinking movement =
o cut them down may be equivalent =
o putting a complete stop to the eff G
ort to provide better transportation.
Favoritism Must Go. E
There can be no question as to the C
lesira bility of doing away with rebates t.
lr any method of favoring one shipper | Il
1T the expense of a competitor, and di- il
'ect dealing with the rates Is sometimes o
he only method by which this favorit- s
a
IOWA r