The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1908-07-28

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shall maintain these standards and Sc
scure the country against departure
from them. The chief function of the
next administration is to complete and
perfect machinery by which these
standards may be maintained.
Under the present rate bill the bur-
den of the interstate commerce COM
mission is so heavy, that it is impos
sible for that tribunal to hear and dis
pose Of, in any reasonable time, the
many complaints queries and issues
brought before it. 1t ought to be re-
lieved of it's jurisdiction as an exc Gu
tive directing body and it's functions
should be limited to quasi judicial in
vestigation of complaints. There should
be a classification of that very small
percentage of Industrial corporations
having the power and opportunity to
effect illegal restraints Of trade and
monopolies, and there should be legis-
lation either inducing or compelling
them to subject themselves to registry
and the proper publication of regula-
ton and supervision by the depart
ment of commerce.
Trimming His Sails.
1.-The field covered by industrial COM
binations and railroads is so very ex-
tensive that the interests of the pub
lie and the business concerned can
not be properly subserved except by
the organization of bureaus in the de-
partments of commerce, agriculture
and justice ana q. change in the juris-
diction Of the interstate commerce
that the republican platform express
| ly, and the democratic platform i'm
| interstate commerce law by which in
| ter-state railroads may make useful
| traffic agreements if approved by the
| commission. Some suggestions of the
democratic platform relate really to
this subordinate and auxiliary machin-
| cry to which have referred. Take for
| instance the so-called physical valua-
| ~
sum of all the rates or receipts of the
railroad less proper expenses should
be limited to a fair profit upon a rea-
sonable valuation of their property
and if the sum exceeds this measure
| it ought to be reduced.
''The difficulty in enforcing the prin-
ciple is in ascertaining what is a rea-
! sonable value of company's property
and fixing what is fair profit 1t is
clear that the physical valuation of a
railroad is an element to be given
| weight in determining it's full valua-
| tion but ais President Roosevelt and the
supreme cosp& in effect pointed ou,
4 the value OF railroad may be. much
greater thant the value of its tANgfble
i property. There. too, the question OF
what is a fair profit is one involving
not only the rate Of interest usually
earned on normally safe investments
| but also sufficient allowance to
make up for the risk or loss both of
capital and interest in the original
outlay These considerations will have
justified a company in imposing
charges high enough to secure a fair
income on the enterprise. as a whole
Securities at market prices wifi
have passed into the hands of .subse-
quent purchasers from the original in
vestor. Such circumstances would
properly affect the decision of a tribu-
nal engaged in determining whether
the totality Of rates charged is rea-
sonable or excessive. The question of
rates and the treatment of railways
| is one that has two Sides The ship
pers are certainly entitled to reason
able rates; but less is an injustice to
the carriers. From what has been said
q proper conclusion would seem to be
that in attempting to determine
whether the entire schedule of rates
of a railway is excessive the physical
valuation of the road is revelant and
important, but not necessarily the con-
trolling factor. I am confident that the