The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-05-31


by those who would seek to persuad
us that the difficulties are insuperab BILE
while on the other hand we are not mis-
led into showing either rashness or vim
dictiveness- Let US try as a people t.
| show the same qualities as we deal witt
! the industrial and social problems of to
day that Abraham Lincoln showed wheI
| with indomitable resolution, but with {
| kindness, patience, and common sens,
| quite as remarkable, he faced fou
| weary years of open war in front, O.
| calumny, detraction and intrigue from
| behind, and at the end gave to his coun.
| trymen whom he had served so we'll the
blood bought gift of a race freed and E
nation forever united.
The Problem Before Us.
One great problem that we have be-
| fore US is to preserve the rights OF
property; and these can only be pre-
served if we remember that they are in
less jeopardy from the socialist and the
anarchist thin from the predatory man
of wealth. 1t has become evident that
to refuse to invoke the power of the ma
tiOn to restrain the wrongs committed
by the man of great wealth who does
evil is not only to neglect the interests
of the public, but is to neglect the in
tereStS of the man of means who acts
honorably by his fellows. The power
of the nation must be exerted to stop
crimes of cunning no less than crimes
of violence. There can be no halt in
the course we have deliberately elected
to pursue the policy of asserting the
right of the nation, so far as it has the
power to supervise and control the bus
mess use of wealth especially in its
corporate form. Today I wish to say a
word to you about the first and most
important feature of this task, the con-
troll of the common carriers doing an in
terstate business; control absolutely
vested in the nation, while in so far as
the common carriers also transport the
mails 1t is in my opinion probable that
whether their business is or is not in
terstate it is to the same extent subject
to federal control, under that clause of
the constitution granting to the national
government power to establish post
roads and therefore by necessary impli-
cation power to take all action neces-
sary in order to keep them at the high
est point of efficiency.
Every federal law dealing with cor
pOrations or with railroads that has
been put upon the statute books dur
ing the last six years has been a step
action taken by the administration
under these and the pre-existing laws
has been just and proper. Every suit
during that period has
been a suit not merely warranted, but
required, by the facts; a suit in the
interest of the people as a whole, and,
in the long run, particularly in the in
tereSt of stockholders as we'll as in
erty generally. There can be no
Swerving from the course that has
thus been mapped out in the legisla-
ton actually enacted and in the mes
sages in which 1 have asked for fur
her legislation. We best serve the
interests of the honest railway men
when we announce that we will fol-
ow out precisely this course.
No Turning Back.
1t is the course of real. of ultimate
There will be no halt
n the forward movement toward a
ull development of this policy: and
hose who wish US to take a step back
ward or to stand still, if their wishes
we're realized, would find that they
lad invited an outbreak of the very
they fear. There must be
progressive legislative and admins |
rative action for the correction of the |
wills which every sincere man must |
Omit to have existed in railroad man |
cement in the past.
Such additional legislation as that |
or which 1 have asked in the past, |
nd especially that for which 1 asked |
n my message at the opening of the |
asst session of congress, is not merely |
n the interest of the public, but most /
alphabetically in the interest of every |
onest railway manager and of all in |
eStorS or wOuld-be investors in rail- |
7ay securities. There must be vested |
I the federal government a full pow
supervision and control over the /
always doing interstate business; a
over in many respects analogous to |
nd as complete as that the govern
lent exercises over the national
anks. 1t must possess the power to
xercise supervision over the future
;suance of stocks and bonds, either
trough a national incorporation
which I should prefer or in some
milar fashion. such supervision to
lclude the frank publicity of every
1t I, - |
lie public at large have right to
now. The federal government will
lus be able to prevent all overcap-
in the future; to prevent
theirs by loading railway properties
18th obligations and pocketing
lie money, instead of spending it
Improvements and in legiti-
late corporate purposes; and any
ian acting in such fashion should
2 held to criminal account
0ility. 1t should be declared
,ntrary to public policy henceforth
allow railroads to devote their cap
al to anything but the transportation
speculation. For the very reason
lat we desire to favor the honest
Lilroad manager, we should seek to
scourage the activities of the man
manipulate their stocks. The bust
ess of railroad organization and
anagement should be kept entirely ;
stinct from investment or broker
se business, especially of the specu-
tive type, and the credit and prop
-ty of the corporation should be de- !
tied to the extension and betterment
its railroads. and to the develop /
ent of the country naturally tribu- .
ry to the lines.
Fundamental Principles.
These principles are fundamental.
IL, r,~&T l. L Il
,quiring connecting lines, by acuuir-
g stocks. bonds, or other securities
such lines; but 1t is already well
tiled as contrary to public policy to
low railroads to acquire control over
lrallel and competing lines of trans
lrtation. Subject to first giving to