The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1908-02-04

bic. to submit some further recon-
mendations In reference to our lAwa
regulating labor conditions within the
s~phereaof federal authority. a very re
cent decision Of the supreme court 81
the United States, rendered since this
message a written, in the case Of
Adair against the United States, Is Of
far-reaching Importance and OF very
serious probable consequences. and
modified the previously entertained
view to make necessary careful con.
s%iderations of the opinion therein,
, filled before 1t 10 possible definitely to
decide in what way to call 1t to your
attention..
Control for Business Concerns.
Not only should there be action on
certain laws affecting wage earners;
there should also be such action on
laws better to secure control owe the
great business concerns engaged in
interstate commerce, and especially
over common carriers. The inter.
state commerce commission should be
empowered to pass upon any rate or
practice on It's own initiative. More
over, It should be provided that when
ever the commission has reason 70
believe an advance Is to be made with
out investigation, It should have auth.
GRITTY to issue an order prohibiting the
advance pending examination BY the
commission. / would not be under
stood as expressing opinion or that
any or even a majority Of these ad-
vancss are improper Many Of the
rates in this country have been abnor.
mally low.
Commission Should Review Rates.
The operating expenses Of our roads,
notably the wages paid their en-
ployes, have greatly increased. These
and other causes may in any case
cause an advance, and If so the adj
vance should be permitted and APPROX
ed. But there may be, and doubtless
are, cases where this is not true and
our law should be so framed that the
government as the representative If
the people a protect the individual
against unlawful exactlon for the use
of these public highways. The inter-
state commerce commission should be
provided with the means to make a
physical valuation Of any road as to
which it deems the valuation neces-
sary. In some form the federal gov
eminent should exercise supervision
over the financial operations Of our In
terstate roads. In no other way can
justice be done between the private
ownership Of these properties and the
public which pays their charges.
Inflated Corporation stocks.
When once an inflated capitalization
has gone upon the market and has be-
come fixed in value, its existence must
be recognized. As a practical matter
it is thought often absolutely neces-
sary to take account OF the thousands
Of innocent stockholders who have
purchased their stocks in good faith.
The usual result Of imitation is there
for to impose on the public an unnec-
essary but everlasting tax, while the
innocent purchasers of the stock are
also harmed and only a few specula-
tors are benefited. Such wrongs once
accomplished can with difficulty be IN
done; but they a be prevented with
safety and Justice. When combina-
lions Of interstate railways must OBJ
tain sanction; when 1t is no longer
possible for an interstate railway to
issue stock or bonds, save in the man.
ner approved by the federal govern
ment, when that government makes
sure that the proceeds Of all stock
and bond issues goes into the i'm
provement Of the property and not the
enrichment Of some individual or
syndicate; whenever It becomes ma
terial for guidance in the regulative
action Of the government the physical
valuation Of one Of these properties is
determined and made known-there
will be eliminated from rualroads that
element Of uncertainty. which lends to
them their speculative quality and
which has contributed much to the
financial stress of recent past.
Control Of Physical Operations.
i think that the federal government
must also assume a certain measure
Of control over the physical operation
of railways in the handling Of inter.
state traffic. The commission now
has authority to establish through
routes and joint rates. In order to
make this provision effective and in
order to promote in times of neces.
sity. the proper movement Of traffic
think it must also have authority to
determine the conditions upon which
cars shall be interchanged by the dit
ferent interstate railways. It is also
lprobable that the commission should
have authority in particular instances
ia determine the schedule unOn which