Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-05-30


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| the interests Of the public. bat IL TO
neglect the interests Of tho man Of
means who acts honoFabiy BY his feI-
lows. The power OF the nation must
be exerted to stop crimes Of cunning
no less than than crimes OF violence.
introducing Railway Problems.
There can be no halt IN the course we
have deliberately elected TO pursue. the
policy Of asserting the right OF the ma
tion, 50 far as It has the power to-
supervise ana control the business use
OF wealth. especially in its corporate
form. Today wish to say word
to you about the first and most in-
portant feature of this task. the con-
troll Of the common carriers doing an
Interstate business: control abso-
llutely vested in the nation. while In SO
far as the common carriers also trans
port the malls II is In my opinion
probable that whether their business
is or is not Interstate IL Is to the
same extent subject to federal control.
under the clause Of the constitution
granting to the national government
| power to establish postroads and
therefore, by necessary implication.
power to take all action necessary in
lorder to keep them at the highest
point q efficiency.
I 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 step
in advance in the right direction. All
. action taken by the administration
} under these and the pre-existing laws
has been just and proper. Every suit
undertaken during that period has
been suit not merely warranted, but
} required. by the facts: suit in the
interests Of the people as a whole, and.
in the long run, particularly in the in
/ terests of business men of property
! generally. There can be no swerving
/ from the course that has thus been
mapped out in the legislation actually
, enacted and in the messages In which
, No Halt in Movement.
otI have asked for further legislation
We best serve the interests of the
! honest railway men when we an
. nounce that we will follow out pre-
: cisely this course. 1t is the course OF
real, of ult mate conservatism. There
: will be no halt in the forward move
n nient toward full development Of
i this policy; and those who wish US II
Y take a step backward or to stand still
{ il their wishes were realized, would
{ find that they had invited an outbreak
: of the very radicalism they fear
b There must be progressive Legislative
t and adm nistrative action for the cor
rection Of the evils which every stint
cere man must admit to have existed
in railroad management in the past
Such additional legislation as tina
for which I have asked in the past
and especially that for which asked
n my message at the opening of tn,
last session of Congress, is not mere
~ in the interest of the public, bu
every honest railway manager and O.
all investors or would-be investors Ii
| railway securities. There must b,
vested in the federal government 4
full power of supervision and contro
over the railways doing interstat,
business; power in many respect.
analogous to and as complete as tina
the government exercises over the ma.
| tional banks. 1t must Fpossess thu
| power to exercise supervision over thu
either through national incorpora.
ton (Which / should prefer) or il
some similar fashion, such supervision
to include the frank publicity OF
everything which would-be investor.
and the public at large have a right
to know. The federal government viii
thus be able to prevent all overcapi-
talization in the future; to prevent any
man hereafter from plundering Others
by loading railway properties witt
obligations and pocketing the money
instead of spending 1t in improve.
ments and in legitimate corporate pur-
poses; and any man acting in such
fashion should be held to criminal
; accountability. 1t should be declared
contrary to public policy henceforth to
fallow railroads to devote their capital
to anything but the transportation
business, certainly not to the hazards
fof speculation. For the very reason
that We desire to favor the honest
railroad manager, we should seek to
discourage the activities of the man
whose only concern with railroads Is
to manipulate their stocks. The BUSH
ness of railroad organization and man.
Organization We. Brokerage.
agement should be kept entirely dis
tinct from investment or brokerage
business. especially of the speculative
type, and the credit and property of