Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-11-30

m och foI operation, for extensions. for
equipment and for every other item of
necessary expenditure. all of which it
is impossible for Il government to do
successfully and satisfactorily. and
that the result would inevitably be
that just at the time when a rapidly
increasing business for the roads was
making it necessary for them to raise
hundreds of millions annually for in
creasing their tracks. cars, and general
facilities VIC would impair the conf
dencc of investors in their stocks and
bonds and thereby not only make it i'm
possible for the roads to sell addi-
tOnai securities necessary for such
purpose but lead many of the holders
of Them both at home and abroad, to
dispose of What were already outStand-
ing, and i'm consequence the market
would be SO largely over supplied that
the values would shrink. dragging
down all kinds of securities with them
until panic and disaster would take
the place OF confidence and prosperity.
TO say 4 told you So is always un-
gracious. but it is. I trust. permissible
to poin; out that from the day the rate
bill passed. the trend has been in the
direction predicted.
while there should be efficient super
vision and regulation of interstate COM
merce and the carriers and corporations
of every kird engaged therein. it will be-
come more and more manifest as time
passes and results are developed that this
supervision must be sane and conserva-
tivc-consistent with the constitution and
with sound common sense.
Tho moral standing of the business
men of this country has Away: been
high 1t was never so high as it is now
There is consequently less occasion than
ever before to restrict commercial free
dom by statutory details of management
and surveillance that are apparently
framed on the theory that all men are
criminals. Such legislation hampers en-
t"rnrise. retards business activity and dis
credits the whole nation.
BROAD principles should govern in all
legislation and the enforcement of the
laws should be left to the appropriate
tribunals without unauthorized interfer-
ence from any source and above all things
there should he no liberation of the idea
that our constitution has become in part
mistit and obsolete and that it must be
changed and vitaliZed by judicial inter-
probation. or by the mere assertion of
public sentiment in support of that which
may for the moment be desired. although
manfestly unauthorized by it's provisions.
From the beginning of our government
our constitution has been recognized by
all the world as one of the wisest and
most nearly perfect organs of laws ever
framed. Under it we have grown and
prospercd as no other people ever has
In my opinion no amendments are
necessary to enable the government eff.
GENTLY to exercise all its powers and that
no additional powers are necessary to the
proper supervision and regulation of ev
eiv matter that is the legitimate subject
of legislation.
Il note also that the committees refer
7" the Republican policy Of a protective
tariff and to the enforcement Of the laws
for the protection Of all the rights or cit-
izenship
AT another time may take occasion
10 speak on these subjects at some length
""' IL Is sufficient for present purposes
I" remark that with our surplus revenues
diminishing and our enormous expendi-
lures increasing. it would be like adding
the last grain of sand to undertake. tn
tinker with the tariff. Under the present
tariff laws we have had the creates.
prosperity any country has ever en- loved
and 1t has been because of the strength
mus gwen us that we have stood IN as
well as we have under the decline in val
ues amounting to billions of dollars thai
mas at last brought business depression IN
employers and ideness to thousands of
employees. 1t is to the beneficient results
OF that policy as expressed in the Ding
ley law that We must look for ono of the
necessary factors in the work of restoring
prosperity.
There will doubtless come a time Whom
changes in that law can he made to ad.
vantage. but that time is not now
SO far as the protection of the enua
rights OF citizenship is concerned, nv
views are we'll known.
when the nation shall have issued n.
can Tor the next national convention
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