The Washington herald., 1908-02-12

preme Court 60 ba unconstitutional as Il
was written. but It's bgnehceut provisions
are sure 90 be re-euaeted upon valid and
constitutional lines.
This administration found "a deficit and
discreditcd the body Of law under which all
sorts OF commercial and social tyTanuies
boldly fiOurisLed vitality affecting and un-
dermining our national well being. When
the record of its achievements is closed II
VIII reveal a compact body 81 construct
i've systematic and effective legislation
remedyinE defects. supplying omissions,
and covering new phases iu the field OF
national authority over interstate inter
course and its instrumeHtalities.
''Inscruuulous men have iutemperateiy
condemned every forward step, and, upon
the other hand men equally INSCRIPTIONS
have endeayored 90 break down the credit
and efficiency Of the railroads. arrogatlng
leadership in an economic development
the scientific principles and practical ce-
tails of which they altogether misunde 70
stood.
Facts Furnish Rcfutation.
'Tufriendiy criticism has portrayed
these steps as bearing fruit only ia the
disturbance OF business. To this the facts
furnish a complete refutauon. Hai-s and
delays caused boy judicial construction Jr
legislative correction of details found de-
fective may seem sporadic % superficial,
and possibly prejudiced observation. So
the river bending and doubling in its
course, its current halted by dams and
bars. may seem interrupted and obstruct-
ed in it's flow. But the stream invariably
flows on; and it never flows backward.
mo more can the progress accomplish
ed be turned backward. The principles
established are permanent The policy OF
legislation; the subordination Of corporate
operations TO il, the law of impartial!ty
in rates and accountability 10 Federal
authority for integrity and impartiality
in the conduct Of the great transporta-
ton services Of the nation are now fixed
and rooted In our Jurisprudence and legis-
lation Postulating only the eyer-essen-
tial factor of fair. earnest and faithful
Enforcement. We may rely on this body
OF legislation for adequate protection
/ against the return Of the evils which have
evoked the reforms, without invoking
acts Of Il vindictiye and destructive
nature.
Must Spend Much Money.
High railroad authority has declared
/ the necessity Of spending $5,Jt0,010.ojl
during the next two years in extensions
| Of the railroad facilities, 10 meet the
/ growing demands Of the country. coupled
with a grave doubt whether the securities
4 to pay for these expenditures can be
aoated In view of that very doubt,
though it is questioned whether it is a
subject within Federal authority, it is
OF the utmost Importance that the $500
/ G90OO0 Of securities shall purchase the
full $550OO15.oo0 worth of improvements
and not be subject 10 wholesale though
/ surreptitious subtracti0ns Surely in
vestors will buy bonds which represent
100 per cent Of their face in actual in
crease cf the value of the property more
readily than bonds which only enhance
the security e.. 20. or even 50 per cent OF
the increase in liabilities. Surely stock
/ holders will find more satisfaction ir
their property. if it is not burdened witt
charges TO pay interest on 20 or 80 pei
! cent Of bogus Indebtedness.
Legislation conceived and executed il
the Interchangeable resolution 20 maintain
justice and honesty for and against al
classes alike IS beneficial for all alike
and establishes the foundation for tn,
widest and most permanent national pros
perity."