The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-20
Extraordinary Problem.


THE capital now invested in rail-
ways is we'll employed and the men in
charge of the railways in this country
have struggled for nearly fifteen years
with the greatest problem Of our time
how to move a load whose weight
increases from 10 to Is Per cent a year
with an engine whose power increases
at the rate of about 21a per cent a
year The limit of safe, speedy and
reasonable service with existing facili-
ties has been reached. The measure of
prosperity is the ease and certainty
with which commodity may be moved.
THE whole situation declares that
We must have more new lines, more
double tracks, more and greatly en-
larged terminal facilities. How are
these to be had, and what inducement
can we offer to the capital which must
be willing to invest before anybody
Will build them? There is no subject,
no right TO be asserted or wrong to be
rectifed, real or alleged, that can take
precedence of an issue so vital, one so
nearly concerning the income, the en-
plOyment, the comfort, happiness and
prosperity of every one Of our Sc, COG, 900
people.
Amount Not OVerststed.
a year ago I said that il would re-
quire $500. 100000 or 81 LOG. O0O, 600 a year
for five years TO make our railroad IA
cilities equal TO the demands upon
them. Although substantially the
amount of money suggested by me as
Indispensable has been collected and
spent, the railroads have barely held
their own, and the future remains to be
provided for. Not less, but. in the
opinion of competent judges more. per-
haps 80 per cent more, must be spent
annually for the five years to come.
There are but two reasons, actual
scarcity Of money and reluctance to
invest, which OveTshadOw the outlook
Promising enterprises can no longer be
financed on any basis consistent with
present rates and conditions.
Shock to Confidence.
"A more serious factor, perhaps the
controlling factor Of the situa ton in
this country, is the shock given TO con-
tidence 9in our investments all over the
world, and the consequent limitations
Of credit.
Credit is the atmosphere which in
fiates the lungs Of business, and when
1t is greatly lessened, business must be
reduced in proportion or be quietly
smOthered. For this reason accidents.
not on individual transgression. not on
dishonest finance, but upon existing
business systems, representing the
fabric of society itself, may destroy,
by impairing credit, what q gen.
Grafton could not rebuild. Political
campaigns in many states have been
made on the issue of a general assault
of the integrity of railroad property
and management. There followed a
wild raid in which over 10 acts, more
or less ConfiscatOry of railroad proper
ty, were enacted by the legislatures of
more than a score OF states. The con-
sequence to the transportation system.
to railroad construction, and through
these TO the price Of farm products and
TO the success of every form of bust
ness, have already made themselves
blow.
Everybody Concerned.
IF such continues to be the attitude
of the public mind. there will presently
be no power short of a pledge of the
credit of the government itself able to
secure the funds necessary to provide
more tracks. 1t behooYes every bust
ness man to consider in a purely bust
ness way this business problem. For 1t
is his problem. He individually will
suffer If railroad construction does not
keep pace with business growth. This
is not question of private opinion. or
of politics, but one that touches direct
ly the welfare of all the people
Before we again realize a favoring
disposition to invest, there must be
different temper. a larger view of JUS
tice, better appreciation of what the
railroads of the United States have
done and are doing as compared with
those of the rest Of the world, and a
settled policy OF fair and reasonable
liberal treatment and protection for the
future. The duty of the state toward
railroad property, which should have
the rights common to other property
must be considered as we'll as the duty
of the railroad to the public
Laws Should Be Fair.
1T is necessary to this end that the
operations of our railroads should be
regulated prODerIV bV Wholesome and