Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1908-02-06

sage was written, in the case of Adair
VS.. United States, seemingly of far
reaching import and of very serious
probable consequences, has modified the
previously entertained views on the
powers of the Congress in the premises
to such degree as to make necessary
careful consideration of the opinions
therein filed before it is possible def
nitely to decide in what way to call the
matter to your attention.
CONTROL OF COMMON CARRIERS.
Not only should there be action on
certain laws affecting wage-earners;
there should also be such action on laws
better to secure control over the great
business concerns engaged in interstate
commerce, and especially over the
great common carriers. The Interstate
Commerce Commission should be en-
powered to pass upon any rate or prac-
tice on its own initiative. Moreover, it
should be provided that whenever the
commission has reason to believe that a
proposed advance in a rate ought not to
be made without investigation, it should
have authority to issue an order pro-
hibiting the advance pending examina-
tion by the Commission.
would not be understood as express
ing an opinion that any or even a ma
jority of these advances are improper.
Many of the rates in this country have
been abnormally low. The operating
expenses of our railroads, notably the
wages paid railroad employees, have
greatly increased. These and other
causes may in and given case justify an
advance in rates, and if so the advance
should be permitted and approved. But
there may be, and doubtless are, cases
where this is not true; and our law
should be so framed that the Govern
ment, as the representative of the
whole people, can protect the individual
against unlawful exaction for the use of
these public highways. The Interstate
Commerce Commission should be pro-
vided with the means to T axe a physi-
cal valuation of any road as to which it
deems this valuation necessary.
SUPERVISE RAILROAD FINANCES.
In some form the Federal Govern
ment should exercise supervision over
the financial operation of our interstate
railroads. In no other way can justice
be done between the private owners OF
those properties and the public which
pay their charges. When once an in
fiated capitalization has gone upon the
market and has become fixed in value,
its existence must be recognized. AS q
practical matter it is then often abso-
lutely necessary to take account of the
thousands of innocent stockholders who
have purchased their stock in good faith,
The usual result of such imitation is
therefore to impose upon the public ar
unnecessary but everlasting tax, while
the innocent purchasers of the stock
are also harmed and only few specu.
lators are benefited. Such wrongs
when once accomplished can with diff
Guilty be undone; but they can be pre-
vented with safety and with justice.
When combinations Of interstate rail
ways must obtain Government sane
ton; when it is no longer possible fol
an interstate railway to issue stock Of
bonds, save in the manner approved by
the Federal Government; when that
Government makes sure that the pro
ceeds Of every stock and bond issue q
into the improvement of the property
and not the enrichment of some indi
vidual or syndicate; when, whenever i
becomes material for guidance in tn,
regulative action of the Government
the physical value of one of these prop
critics Is determined and made known
there will be eliminated from railroa,
securities that element of uncertaint,
which lends to them their speculativ,
quality and which has contributed mucl
to the financial stress of the recen
past.
INTERSTATE REGULATIONS.
think that the Federal Governmen
must also assume a certain measure o
control over the physical operation O
railways in the handling of interstat
traffic. The commission now has au
} thority to establish through routes an
joint rates. In order to make this pro