The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1907-05-31

re5OluJely DeileVe IN llIe new puIfcy
in Its thorough carrying out and In
its ,Srogressive development is in no
sense punitive or vindictiye. We
would be the first to protest against
Any Form of confiscation
OF property and whether we protested
or not may add that the supreme
court could be trusted in any event to
see that there should be nothing done
under the guise Of regulating roads
to d9rtroy property without Just com
pensation or without due process of
law AS ,n0tter OF course we shall
punish any criminal whom we can
no intention of confounding the inno-
cent many and the guilty few by any
III Judged and sweeping scheme of
vengeance. Our aim is primarily to
prevent these abuses In the future.
Wherever evit doers can be they shall
be brought to Justice; and no GRIM
inal, high or low, whom we can reach
will receive immunity. But the rights
Of innocent investors should not be
teopardized by legislation or execu-
tive action; we sanction no legislation
which would fall heavily on them, iD-
stead OF on the original wrongdoers or
6eneHciarles Of the Wrong.
There must be no such rigid laws as
will preven: the development OF the
country and such development can
only be had If such investors are Of
fered an ample reward for the risk
they take We would be the first to
oppose any unreasonable restrictions
being placed upon the issuance OF
stocks and bonds, for such would sim.
ply hamper the growth Of the United
States; for railroad must ultimately
stand on It's credit But this does not
prevent our demanding that there be
lodged In the government power to
exercise O Jealous care against the
imitation Of securities and all the evils
that come in It's train
There has been much wild talk as
to the extent Of the overcapitalizatiop
OF our railroads. The census reports
on the commercial value of the rail-
roads Of the country, together with the
reports made to the interstate COM
merce commission by the railroads on
their cost Of construction, tend to
show that as whole the railroad
property Of the country Is worth es
much as the
securttiee Representing n
and that IN the consensus OF opinion
Of investors the total value OF stocks
and bonds Is greater than their total
face value, notwithstanding the IVA,
ter" that has been infected In partic-
ular places
Ample provision should be made by
congress to enable the interstate com.
merce commission. by the employment
Of sufficient force Of experts, to
undertake the physical valuation of
each and any road in the country.
whenever and SO soon as IN the opin-
ion OF the commission such valuation
Of any road would be Of value to the
commission In its work. There are
undoubtedly some roads as to which
1t would be an advantage, from the
standpoint OF the business Of the CON-
mission. to have such a physical val-
uation as soon as possible.
AT the outset let It be understood
that physical valuation is no panacea;
Il Is no sufficient measurement OF a
rate; but 1t will be ultimately needed
as On essential instrument In admin
istrative supervision and win be Of
use to the commission In connection
with the duty OF determining the rea-
sonableness OF future capitalization