Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-12-31

we have solid currency with no Sug-
gestion now Of departure from the
gold standard In 1898 the pressure for
free silver was on, and the threat OF
national reputation had much to do
with the delay in the return to pros
porous times. Our government fin
ances now are in excellent condition.
and we have large surplus. Our
farming communities. In the west to-
day are not under the weight Of mort
cages and of debt which distressed
them in 1893 and 1873. They are pros
porous and wealthy.
Again the railroads, which make up
large part of the wealth of this coun-
try, are on a much solder foundation
than they were in 1893. The railroads
today are in a better physical condition
than they have ever been in their his
tory. Their gross receipts are larger
per capita Of population than ever be-
fore
Again, the balance of trade is with
U.S. We were about to settle for the
hundred millions of gold that we with
drew from Europe in order to meet
the demand for money in the markets
in New York by the excess of our
exports over our imports in the single
month of October. All these things
point to the probability of a restoration
of confidence and after proper llqul-
dation and an Industrial depression OF
some months, to resumption or ous-
mess on a normal basis.
1t is said that the administration has
arraigned the whole business commu-
nifty as dishonest / deny 1t.
The president has condemned the
law breakers. He has convinced those
who have unlawfully accumulated
enormous powers and capital that they
are not immune. He has put the fear
Of the law in their hearts. They have
been cute enough to attempt to pro-
tect4 themselves by giving the impress
sion that his action has been directed
against the whole business community.
1t is true that the business men OF our
community, as a whole, are honest and
their methods are sound. The president
has never said otherwise. Indeed, 1t Is
chiefly in the interest of the great body
of honest business men that he has
made his fight for lawful business
methods.
Again 1t is said that the rate bill for
which the administration is responsible,
cause the present panic. Could any
thing be more absurd? The object Of
the rate bill was merely to bring the
railroads under closer supervision of a
tribunal which could act upon COM
plants of individuals suffering from
their injustice. The Immediate effect
of its passage was the voluntary re-
duction Of rates. Subsequently under
normal circumstances, justifying 1t, the
rates of the railways generally were In
creased. 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 slight
est effect upon the legitimate business
earnings of the railways.
Then state legislation against rail-
roads is pointed to as cause for
shrinkage in the value of the stocks
and for the panic. Mr.. Roosevelt and
the national administration are not rey
sponsible for this 1t was occasioned
by the same revelations of lawlessness
and discrimination in railway manage
ment that made the federal rate bill
q necessity. If the state measures
have been too drastic the cause of the
injustice is not with the national gov
eminent.
Again, / am earnestly opposed to the
government ownership of the interstate
railways that are the arterial system Of
this country. Those railways should
continue to be managed by private corr
porations.5 Government ownership of
railways means state socialism an in
crease in the power Of the central gov
eminent that would be dangerous. 1t
would be long step away from the in
dividualism which it is necessary to re-
tain in order to make real progress But
no one could defend railway system
in which the unlawful determinations
by secret rebates and otherwise were
practically without limit in the interest
of the trusts and against the ordin-
airy shippers. These abuses can only
be reached and ended by closely reg
ulating the railways and putting them
under the tribunal which can insist up
on publicity of business and in cases
of complaint can direct the exact rem
edy for the wrong. ~