Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-06-01
AT INDIANAPOLIS.
CONTINUED from Page One.)

! should be subject to securing the pre-
= vious assent of the interstate commerce
commission.
wherever evil doors can be. they
shall be, brought to justice; and no
! criminal 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.
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 offered an ample
reward for the risk they take.
There has been much wild talk as
to the extent Of the over-capitalization
Of our railroads. The census reports
on the commercial value Of the rail-
roads Of the country, together with the
reports made to the interstate commerce
commission by the railroads on their
cost Of construction. tend to show that
as whole the railroad property Of the
country is worth as much as the S"curi-
ties representing it, and that in IN"
CONSENSUS Of opinion Of investors tn"
total value Of stock ANA bonds is create"
than their total face -a:u", nGLnlth-
standing the water that has been in
| jcctcd in particular places.
! Ample provision should be made bI
! Congress to enable the intcrSt;t" com
mcrce commission, by III" employment
! If q sufficient force Of experts, to UNI
dcrtakc the physical valuation If each
and amy road III the country, whenever
ana 50 soon as in the opinion Of th,.
! commission such a valuation If ans
road would be Of value to Tie commits
sion in its work.
! AT the outset 1T it be understood
that physical valuation is II" ranace;t;
it is no sufficient measurement Of =
rate; but it will be ultimately needed
as an essential instrument in admins
trative supervision.
! The effect Of such valuation and su-
pervision Of securities cannot be retro
active. Existing securities should he
! tested by the laws in existence at the
I time Of their issue.
| but the public interest requires
guaranty against improper multiplied
ton Of securities in the future. Rea-
sonablc regulations for their issuance
should be provided, 50 as to secure us
far Us may be that the proceeds thereof
1
purposes.
'Thcrc is an essential difference be
tween private and quasi-public property
which justilies setting somewhere Il limit
beyond which the accommodating value
in quasi-public properties, due to the
necessity Of a growing community, shall
not be capitalized.
There has been plenty of dishonest
work by the corporations in the past
Rut the bulk Of our business is hon
cstly done In the natural Indignation
the people feel over the dishonesty IL Is
all-essential that they should not lose
their heads and get drawn into an in
discriminate raid upon all corporations
al people Of wealth, whether they Dc
wclI or i'll.
The great need of the hour, from
the standpoint of the general public
of the producer, consumer, ana shipper
ialike-is the need for better transporta
ton facilities. Ample. safe and rapfC
transportation facilities are even more
necessary than cheap transportation.
1t is therefore Il prime necessity t.
allow investments in railway propertie:
to earn a liberal return, Il return sufi
GENTLY liberal to cover all risks.
! l4'l til' Ibtfil dllbiIlt'NS u TIE DIt
roads keep out Of politics; and whef
they have to appear before the nationa
or state legislature let their names b'
pat on a special register and let theil
business be above boaro ana open.
The man who on occasion will cor
ruptly do what is wrong in the inter
rsts of a big corporation is the very
man eager to blackmail that corpora
ton as the opportunity arises.
Hunt such Il man out Of public life
Demand honcsty-ahsolutc, Unflnchinf
: hrnesty--tugcther with courage an,
common sense in public servant and il
business man alike"
Later President Roosevelt, Vice Pres
idrnt Fairbanks and Secretary Loci
wr"e driven to Crown Hill cemetery
where Il wreath, which was brought
from Washington. WAS placed by the
President on the grave Of former Pres
idrnt benjamin Harrison. Tho partN
then returned to the Fairbanks home.