The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1907-06-07

by law has come to stay. The people
of this country nave mada up their
minds-to exercise a closer control
over all kinds of public-service cor
porations, including railways.
We ask for such laws as in their
essence now obtain in the staid old
commonwealth of Massachusetts; such
laws as now obtain in England. The
purpose of those of US who so reso-
lutely believe in the new policy. in its
thoroughly carrying out and in its pro-
gressfve development. is in no sense
punitive or vindictive.
Can Trust Supreme Court.
The supreme court could be trusted
In any event to see hat there should
be nothing done under the guise of reg
ulating roads to destroy property with
out Just compensation or without due
process of law.
AS a matter of course, we shall pun-
tsh any criminal whom we can convict
under the law; but we have no inten-
ton of c%onfounding the innocent many
and the guilty few by an ill-judged and
sweeping scheme of vengeance. Our
aim is primarily to prevent these abuses
in the future. Wherever evil doors can
be, they shall be, brought to justice;
can reach will receive immunity.
But the rights of innocent investors
should not be jeopardized by legislation
or executive action; we sanction no leg
islation which would fall heavily on
them. instead of on the original wrong
doors OR beneficiaries of the wrong.
There must be no such rigid laws as
will prevent the development of the
country, n such development can
only be had if investors are offered an
ample reward for the risk they take.
We would be the first to ppose any un-
reasonable restrictions being placed
upon The issuance of stocks and bonds.
for such would simply hamper the
growth of the United States: for a
railroad must ultimately stand on it's
credit.
Auainat Security Imitation.
There should be lodged in the govern
ment power to exercise a jealous care
against the imitation OF securities and
all evils that come in It's train.
We V the railway manager who
keeps in close touch with the people
along his line rather than in close touch
with the speculative market; who oper-
ates his line with a view 10 the advan-
tage he can le~gitirlateiy get ont OF his
railway as a permanent Investment by
giving Il fair return to the stoekhold-
efs and to the public good service with
reasonable rates; who loss not operate
his road with Il view to the tenporary
c.,itoii-inr - i'iSA wi; -oiioN
MI 49, - ~ a,ice:eLaHf iu,ufe ana
n-ha,a - - - = ~ we puniIe-
~ So, 80 - 81 = iaiaSli VIC tti< rs 10
~ .anaa, y. nv OF
otr ial.ioslus. me census reports on
of tie country, togef3sr Win, ~ ~
ports made to tie inte,state Commerce
corr, 'Ssion by the railroads on tl3eir
cost %. construction. tend to show thar
as +" noe TIE railroad property of tie
country . worth as much as the Sc
curities representing il, a.1 that in the
consensus Of opinion OF investors the
tote "alue of stocks and bonds Is
greater than their total face value. not
withdrawing the water that has been
Injected IN particular places. The huge
value of terminals. the immense eHpan-
ditures Il recent years in double track
iaS. Improving grades. roadbede. and
structures, have brought the total IN
Nestinefts 10 y point where the opi7ipn
that the real value is greater than tho
face value is probably true. No general
statement such rs this can be accented
as having more than Il general value:
there are many exceptions: hut he cyi.
dence seems ample thu tie great ,naxr
of our railroad securities rest 1non
safe and solid foundations; If they fail
IN any degree 10 commend
puhlic confidence. it is because isoIatea
instances of unconsciornbie stock wa
ter.ng ard KINDRED offaasas arouse s,,.-
picion. which naturally extends 10 oil
other carF,9rate securities so long "a
STELLAR practices are possible and ,Te
tendency 10 resort to them is ,1nra-