Waterbury evening Democrat., 1907-05-31
UNVEILS HIS POLICY
Roosevelt at Indianapolis on
 Industrial Battles.
NOT FOR WAR ON RAILROADS.
Demands Full Powers of Supervision of All Trunk Lines Doing Inter- state Business by the Fed
 ernI Government.


 INDIANAPOLIS, May 31.-President Roosevelt, as orator of the day at the unveiling of the monument to General Henry W. Lawton, made most i'm portant exposition of the administra- tion's policy toward the railroads. Aft CT eulogizing General Lawton for his services in the civil war, in the Span ish war and in the Philippines, where he fell in battle, the president declared we of today must display the same courage and obedience to duty in fight ing the industrial battles of the repub- lie. He said in part:
 T wish to say word to you about the first and most important feature of our present dag task, the control of the common carriers doing an inter- state business, control absolutely vested in the nation, while in so far as the common carriers also transport the mails it is in my opinion probable that, whether their business is or is not in- terstate, it is to the same extent sub- 5ect to federal control under that clause of the constitution granting to the national government power to es- tablish post roads and therefore by necessary implication power to take all action necessary in order to keep them at the highest point of efficiency.
 ."There must be vested in the federal government full power of supervi- sion and control over the railways do- ing interstate business, a power in many respects analogous to and as complete as that the government exer- cises over the national banks. It must possess the power to exercise supervi- sion over the future issuance of stocks and bonds, either through a national incorporation, which I should prefer, or in some similar fashion, such super vision to include the frank publicity of everything which would be investors and the public at large have right to know.
 'The federal government will thus be able to prevent all overcapitaliza- tion in the future, to prevent any man hereafter from plundering others by loading railway properties with obli- gallons and pocketing the money in stead of spending it in improvements and in legitimate corporate purposes, and any man acting in such fashion should be held to criminal account ability.
 Tt should be declared contrary to public policy henceforth to allow rail- roads to devote their capital to any thing but the transportation business, certainly not to the hazards of specu- lation. 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 manipu- late their stocks.
 "Tha credit and property of the cor poration should be devoted to the ex- tension and betterment of its railroads and to the development of the country naturally tributary to the lines.
 We seek nothing revolutionary. We ask for such laws as in their essence AOM OOtuih III wealth of Massachusetts, such laws as TOW obtain in England. The purpose of those of us who so resolutely be- lieve in the new policy is in no sense punitive or vindictiye. We would be the first to protest against any form of eonflscation of property, and. whether we protested or not, the supreme court could be trusted to see that there should be nothing done under the guise of regulating roads to destroy property without just compensation or due proc ess of law.
 There must be no such rigid laws as will prevent the development of the country. We would be the first to op- pose any unreasonable restrictions be- ing placed upon the issuance of stocks and bonds. for such would simply ham, per the growth of the United States, for railroad must ultimately stand on its credit. But this does not prevent our demanding that there be lodged in the government power to exercise jealous care against the imitation of se- eurities and all the evils that come in its train. The man who builds a great railway and those who invest in 1t ren- der a great public service, for adequate transportation facilities are a vital ne- eessity to the country. We favor full and ample return to such men. but we do not favor policy of exploiting the many for the benefit of the few. We favor the railway man who operates