The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-06-21
RAILROAD
LEGISLATION
Continued from Page One).

De allowed for interest return, out does
not say what that figure should be.
IL the railroads can make their own
ppralsements, set the annual net re-
turns at about 5 per cent. so as to
make up for the lean years, and make
Their own figures on the value of
terminal properties, they are not likely
to complain if Congress enacts law
authorizing appraisements.
Of course the fight will come on
such points as these, unless the Presi-
dent permits a bill to be drawn in
the first instance which the railroads
approve. But the tone of his Indi.
annapolis speech was so coneiliatorv
that the railroads take it for granted
that he will be disposed to proceed
conservatively. The railroad officials
are undoubtedly being educated up to
the point where they think a certain
kind of government supervision and
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 a 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 'Einside 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 hoOkkeep-
ing so that the financial standing of
every railroad can be readily ascer-
tanned.
After all is said, however, the Presi-
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-
tons. The fight will not he so much
against any legislation as for certain
that the railroads will
want. Speaker Cannon has already an
his approval in general terms
Of what the President advocates, but
has not committed himself as to de-
tails. He has lively presidential
boom, wants the favor of Mr.. ROose-
yelt in his ambitions, and also wants |
he Republican party to win in next |
year IS 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 |
popular President as Mr.. Roosevelt !
ldvoeates.
But the Senate, a more Independent
,ody, only one-third of whose members
ome up for reelection next year, will
,e more conservative The reform bill
s 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-
a4o 70 nj L
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 pOstoffices and post routes.
tight there he will encounter some
cry stiff opposition, both from Demo
rats and Republicans. The railroads
lay not object to that feature. Just
ow they want relief in every posi-
lie manner from the enactments of
tate legislatures, which have been i'm
osing two-cent fares and other like
nwelcome laws. But the public is be {
Oming aroused over the Capitalization
f power and over the surrender by
ne states of powers that they had
est exercise themselves. IT is very .
oubtful if that recommendation by
le President is enacted into law.
However. he will have two or three
ig clubs to WELD over Congress and
IN depend upon getting pretty good
rare of the legislative loaf he de-
ands. His party leaders in Congress ,
i'll not dare to break with him. To I
D so would be hazarding the Presi- {
entail election and increasing the pros
acts for the election of a Democrat.
hen a great majority of the people |
re behind him and National lawmak-
s are quick to follow popular man /
ates. And therefore while the Presl-
9nt is more compromising in his at +,
tude on corporation problems than
, has been at any previous time. he i
going TO demand enough legislation 4
that the people can not say he Is
,ing back on them. He has always