The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-05-21
STATE CONTROL
OF RAILROADS
Subject of Strong Criticism by
Prof. Young.
States should Keen Hands on and
Let Federal Government Make
All Regulations.
TALK TO MISSOURI BANKERS

Joplin. Mo-. May 21-One thou
sand Missouri bankers held their eigh-
teenth annual convention of their
state association. Prof. James T.
Young. of the University of Pennsyl-
vania, spoke upon Government Reg
ulation as Conservative Influence -
He said in part:
One of the chief foundation stones
of business prosperity is stability. On
whatever side We look we find the
utmost precaution taken to prevent
those sudden and disastrous huctua-
tons that work irreparable loss to the
business world. But there still re-
mains one great source Of disturbance.
from which we are utterly unprotected
the relations of the people and gov
|ernment to the great corporate in
terests of the country. Whether or not
the present Outburst of popular dis
trust and Indignation subsidies, W.
must inevitably have a recurrence OF
tho same feeling unless something
is done 10 inspire confidence I'm cor
porate methods of organization. re
organization, finance and management
The bankers and business men of tn
country and in fact the entire peopic
are Utterly at variance as to what tbs
policy of our government should b..
Our present national policy is To have
no policy at all, until things grow so
bad that there is a great explosion,
Whereupon we lay about us with q
shillelah on the Irish principle "whero
ever you see head hit e." We have
now reached a point where instead OF
the explosive" policy We must have
some plan OF regulation that will per
mityof the steady, continuous growth
OF corporate enterprises.
Government Regulation Needed.
The first step in this direction is TO
gather together the scattered elements
OF puollc opinion on some definite pro
sr1m of government regulation. Regu-
alton there must be. From these
measures we must select those tina;
best meet the Judgment OF the bust
ness community and then conduct an
active campaign of public discussion
and education until a satisfactory out
come Is reached This plan has been
used in the settlement of the greatest
question in American politics. This
question OF government regulation
cannot be settled until the business
men of the country agree on some
definite program of regulation and
the voters of the country have studied
and accepted this program.
Such a program must be positive,
constructive and conservative It's
fundamental purpose must be TO re-
store public confidence in corporate
methods by bringing back the corpor-
alton into harmony with the popular
sense OF fair play-falr play both to-
wards the public as I consumer and
the public as a stakeholder in the cor
poration. Such regulation must not
be animated by a spirit of revenge;
revenge Is not constructive Nor may
It be designed to block or obstruct
the government or render 1t pOwerless
for such a policy in the present state
OF public opinion would be far from
conservative in It's results.
State Regulation Unwisc.
Finally the program when drafted,
must be entrusted to the federal gov
eminent and not to-the states. OF all
the destructive, fanatical and confisca-
tory measures undertaken in the last
few years. the most dangerous and dis
astrous, have without exception. eman