The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1908-03-04

ClOildl f1OuSe, mas Deen Wluely anu IaN-
> orably commented on by the Demo-
cratic press. 1t is brief, but is crowd
ed with many excellent points The
speech follows
(FROM THE CONGRESSIONAL
RECORD)
Mr.. Stephens, of Texas. Mr.. Chair
man, l now yield fifteen minutes to
the gentleman from Kentucky mr.
Johnson.1
4, Mr.. Chairman: While the eyes of
tie country are centered upon the
!, Presidents message with both hope
=" and misgiving, there are two parts of
that message to which | wish to in
vite attention. The first is that part
where the President says he is in
favor of giving to the Interstate Com
merce Commission the right to place
a physical valuation upon the rail-
roads of this country. After saying
that he says:
when once an inflated capitaliza-
tion has gone upon the market and has
Become fixed in value, its existence
must be recognized"
BY that he means TO say, and does
say, that when the INSCRIPTIONS have
him stock in an "overcapitalized" cor
poration that a physical valuation, that
is, a real valuation, should not be
made for fear that the investor may
have the size of his dividend reduced.
In other words, the President pre-
TIERS that the thousands and thousands
of people who use the railroads
should suffer extortion rather than
that the investor in these railroad Sc
curities should have his dividends
reduced, to this extent becoming the
guarantor of those who invest their
money unwisely.
That doctrine is but a continuation
of Republican doctrine, which is al
ways in the interest of the moneyed
,classes;a and this declaration upon the
4 part of our Chief Executive is, in my
humble opinion, but a preteXt for de-
clining to recommend a physical val
uation to be made of our railroads.
IApplause on the Democratic side.l
His recommendation when carried
10 a logical sequence means that cor
porations which are "overcapitalized"
should not be physically valued; while
those not "overcapitalized," and con-
sequently not needing it, should have
til, physical valuation:
y The American public is clamoring
that the utilities corporations shall be
valued at their actual worth, and rates
made which will earn fair and reas-
enable interest upon their bonds, and
a like dividend upon the capital stock
thus fixed.
Instead they are thus paying extor-
tionate rates upon corporation
which usually is 25 per cent. cash and
70 per cent, water.
Now comes the President and says
that he does not want the water taken
yut of capital stocks which contain it,
but that he does want the water taken
out of those which contain none.
I am impressed with the firm con-
viction that the message was not in
spireG by desire to have a single
abuse corrected, but was a pretext,
pure and simple, to anticipate her.
aided deliverance from another-yes.
another-candidate for the Republican
nomination for the Presidency. Zap
plause ON the Democratic side.1
1.-The time selected for its transmits
Sion to Congress was, determined by
political eXigencies, and. was nothing
more nor less than the exercise OF
official privilege to defend his alleg
ed financial panic and become official
apologist for the wrong doings of his
party about to be criticised by anoth-
er prominent member of his party.
When his party, to man, but few
days before upon the floor of this
House had voted to defeat an amend
Ament to the bill codifying the penal
laws of the United States, by which
amendment the Democrats sought, in
the interest of the la boring masses,
to put back upon our statute books
provision requiring that an injunction
should not issue until the party
against whom it was. directed had bee
served with notice, he remained silent
no message came.
And when his party, upon the same
occasion, refused to put upon the
sVatute books law to punish the life
Insurance companies for contributing
anything of value" to the campaign
fund of candidate for office, again
his solemn silence stood out in promi-
nence like Pixies Peak against the