Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-05-30

OF their roads efficient and honest are
the only ones who have cause to op-
pose it.
Square Deal for All.
We who believe in steady and
healthy progress stand unalterably
for the new era OF the widest puhlici-
ty, and Of fair dealing on the part OF
railroads with stockholders, passen-
gers, and shippers We ask the CON
sent of no man in carrying out tais
pclicy; but We gladly welcome the
aid Of every man in perfecting the
law in its details. and in securing its
enactment and the faithful observ-
ance of it's wise provisions. We seek
nothing revolutionary. We ask for
such laws as in their essence now
obtain in the staid old common
wealth of Massachusetts; such laws
as now obtain in England. The pur-
pose Of those of us VINO SO resolute-
ly believe in the new policy, in its
thorough carrying out and in its pro-
gressive development, Is in no sense
punitive or vindictive We would be
the first to protest against any form
of confiscation of property, and wheth-
er 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 destroy
property without just compensation
or without due process OF law AS
a matter of course, we shall punish
any criminal whom We can convict
under the law; but we have no in.
tention Of confounding the innocent
many and the guilty few by any i'll
judged and sweeping scheme of ven.
geance. Our aim Is primarily to pre-
vent these abuses in the future.
Wherever evil 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
jeoparded by legislation or executive
action we sanction no legislation
which would fall heavily on them in
stead of on the original wrOngdoers
or beneficiares of the wrong.
Laws Must Not Retard Development.
There must be no such rigid laws
as will prevent the development Of
the country, and such development
can only be had if 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 tine issuance of
stocks and bonds, for such would SIM
ply hamper the growth of the United
States; for a railroad must ultimately
stand on its credit. But this does not
prevent our demanding that there be
lodged in the government power to
exercise a jealous care against the
imitation Of securities, and all the
evils that come in it's train.
Over-Capitalization.
"There has been much wild talk as
to the extent of the overcaptalization
of our railroads. The census reports
on the commercial value of the rail-
roads Of the country, together with
he reports made to the Interstate
Commerce Commission by Tie rail-
roads on their cost of construction,
tend to show that as whole the rail-
road property of the country is worth
as much as the securities represent
ing it, and that in the consensus OF
| opinion of investors the total value
Of stocks and bonds is greater than
their total face value, notwithstand-
ing the water that has been injec-
ted in particular places The huge
value OF terminals, the immense ex-
| penditures In recent years IN double
| tracking, improving grades, roadbeds,
and structures have brought the total
investments to a point where the
| (Confinund nm page Right