The Hawaiian gazette., 1907-06-21
RAILROAD
LEGISLATION
cconiIaued from rane ooe,.

not say what that figure should b,
II the railroads can make their owl
appraiscmcnis, set the annual net re
turns at about 5 per cent, 50 as 4
make up for the lean years, aud max
their own figures ON the value o
terminal properties, they are not likel,
to complain If Congress enacts a Law
authorizing appraisements.
OF course the fight will come OF
such points as these, unless the Presi
dent permits bill to be drawn il
the first instance which the railroad
approve. But the tone of his 1ndi
annapolis speech was so conciliator,
that the railroads take it for granted
that he will be disposed to procee,
conservatively. The railroad official
are undoubtedly being educated up I,
the point where they think certain
kind of government supervision ant
regulation will be good. The Presi
dent said in his speech that it would
benefit railroads, just as it has benefit
ed National banks. He would like to
have railroads operated under fed
eral charter, but indicated that he
would not be insistent upon it, pro-
vided some other sufficient plan could
be devised. He wants also to distin-
guish between the investors and specu-
lators in railroad securities. He is de-
termined that the days of inside in
formation in Wall street as to the
value of railroad securities shall pass
as speedily as possible. This he ex-
poets to bring about by the strict en-
forcement of regulations for bookkeep-
ing so that the financial standing of
every railroad can be readily ascer.
tanned.
After all is said, however, the Prcsi-
dent expects that his piece de resist
ance with Congress the coming winter
will be over railroad legislation. A vast
deal Of work is undoubtedly ahead in
shaping up this legislation. For there
will be opposition from many direc-
tions. The fight will not be so much
against any legislation as for certain
that the railroads will
want. Speaker Cannon has already an
nounced his approval in general terms
Of what the President advocates, but
has not committed himself as to de.
tails. He has a lively presidential
boom, wants the favor of Mr.. Roose-
relt in his ambitions, and also wants
he Republican party to win in next
'ear's elections. There are 3S5 other
members of the House, most Of whom
want to continue in public life and
% do so must face the people next
rear. They are not likely to resist
! great reform measure which such n
popular President as Mr.. Roosevelt |
Idvocates.
But the Senate, n more Independent
'ody, only one-third of whose members
ome up for reelection next year, will
70 more conservative. The reform bill 1
3 not likely to have an easy passage
t that end of the Capitol. The grounds
f opposition have not yet developed,
f course, but there will be plenty of
hem. The President wants intra.state
ailroads, that is roads operating en-.
rely within state lines, placed under
ederal supervision on the ground that
hey are mail routes and therefore can
e controlled by the federal govern
tent under that clause of the Constitu-
ion, which gives the government au
hority over postotlices and post routes.
light there he will encounter some
cry stiff opposition, both from Demo
rats and Republicans. The railroads
Iay not object to that feature. Just
ow they want relief in every posi-
lie manner from the enactments of
ate legislatures, which have been inn
osing two-cent fares and other like
nwelcome laws. But the public is be-
,ming aroused over the Capitalization
power and over the surrender by |
le states of powers that they had
est exercise themselves. 1t is very
oubtful if that recommendation by
Ie President is enacted Into law.
However, he will have two or three
g clubs to WELD over Congress and
IN depend upon getting pretty good {
lare of the legislative loaf he de- i
ands. His party leaders in Congress
i'll not dare to break with him. To |
, so would be hazarding the Presi-
initial election and increasing the pros
,cts for the election of Democrat.
ien great majority Of the people '
G behind him and National lawmak- l
5 are quick to follow popular man
ties. And therefore while the Presi- l.
mt is more compromising in his Mt t
ude on corporation problems than b
has been at any previous time. he Il
going to demand enough legislation o
that the people can not say he Is
ing back on them. He has always
en- willing TO yield something TO tho >
position in his big fights with Con q
,ss and will do so again. >.