Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-05-30
ROOSEVELT SCORES
Predatory WEALTH
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was great outcry against 1T. 1t was
proclaimed that such effort would ruin
roads already built, and prevent build
ing more. But Iowa proceeded with
the task, and it resulted, not in ruin
and stagnation, but in increased safety
and profit to the honest investor. IN
stead of putting roads into the hands
of receivers, !, 1t was followed by a
prosperity that rescued many of them
from receiverships.
Bank Regulation Dissimilar.
No state, of course, can do for the
railways what the national govern
ment has already done for the banks,
and that government should do some
thing analogous for the railways. Ma
tional bank stocks are bought and sold
largely on the certificate of character
which the government, as result Oh
its examinations and supervision,
gives to them. To give another Illus
tration from Iowa's experience, when
to allow small banks to take out ma
tional charters, great numbers OF the
state banks of that state were reor-
ganized into national institutions.
The Investing public was ready to back
with unlimited confidence the insti-
tutions on which the federal govern
ment had set the seal of its confidence
and approval. The railways. have not
been given this certificate of character,
under the seal of the national govern
lnent. and therefore many people who
invest freely in the shares of banks are
reluctant to buy railroad securities.
Give them the same guarantees as to
railroad securities which we now give
them as to national bank shares, and
We would presently see these people
investing in railroads, and thus open
ing new reservoir from which to
draw the capital now so much needed
for the extension and betterment OF
the railroads.
Better Facilities Demanded.
The great need of the hour, from the
standpoint of the general public-of
the producer, consumer. and shipper
alike--is the need for better transpors
tation facilities, for additional tracks,
additional terminals. and improve
ments in the actual handling of the
RAILROADS; and all this with the least
possible delay. Ample, safe, and rap
Id transportation facilities are even
more necessary than cheap Transports
ton. The prime need is for the invest
ment of money which will provide bet
far ul o5I l..
tional tracks, and greater number Of
cars and locomotives, while at the
same time securing, If possible, better
wages and shorter hors for the em-
ployes. There must be just and rea-
sonable regulation of rates., but any
arbitrary and unthinking movement to
cut them down may be equivalent to
putting complete stop to the effort
to provide better transportation.
There can be no question as to the
desirability Of doing away with re-
bates or any method of favoring one
shipper at the expense of compete
tor, and direct dealing with the rates
is sometimes the only method by which
this .favoritism can be avoided: but
where favoritism is not alleged, and
when the question is markedly one Of
getting a lower rate, 1t must be re-
that it is often possible that
those demanding 1t may be diametri-
cally opposed in interest to those who
demand a better, safer, and more rap
i'd transportation service, and higher
wages and shorter hours for employees.
IL the demand for more taxes, for
higher wages, for shorter hours for
and for lower rates becomes
so excessive as to prevent ample Nand
speedy transportation and to eat up
the legitimate profits; if popular and
legislative movements take shape so
ill-directed as not only to threaten hon
est investments land honest ENTER
prises, but also to prevent any effort
for the betterment of transportation
facilities,it then becomes out-of the
question to secure the necessary in
vestment of capital in order to bring
about an improved service. Rates
should not be unduly high; there
should be thorough safeguarding
against accidents; there should be no
Sinking Of taxes: the ship
pers of the country must be supplied
necessary to properly care
for our commerce, and all this means
that the national government must be
given full and effective power Of super
vision and control. But the interests
Of those who build, who manage, and
who invest in the railroads must be no
less scrupulously guarded than the in
terests Of the public. 1t is urgently
necessary at the present time, in order
to relieve the Aexisting congestion Of
business and to do away with the par
alysis which threatens our expanding
because Of limited and in
means Of distribution, that
our railway facilities should be so In
creased as to meet the imperative de-
mands of our internal commerce. The
want can be. met only by private cap
ital and the vast expenditure necessary
for such purpose will not be incurred