The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-02-01


es committed by capital and p,se
| as the champions of conservatism.
WILL the moment they think their
interest changes, take the lead IN
just such matter as this and pam
der to what they esteem popular feel
ing by endeavoring, for instance, ef-
fectlvely to destroy the power of
the courts in matters of injunctions
and will even seek to render nu-
gatory the power to punish for con-
tempt upon which power the very
existence of the orderly admins.
tration of justice depends.
1T is my purpose as soon as
may be, to submit some further
recommendation In reference to our
laws regulating conditions with the
sphere of federal authority A very
recent decision of the supreme
court OF the u. s. rendered since
this message was written in the case
of Adair versus U. $. seemingly OF
lfar-reaching import and of very Sc
rious probable consequences. has
modified the previously entertained
views on the powers of the con-
gress in the premises to such
degree as to make necessary care
full consideration of the opinions
,nerein filed before 1t Is possible
definitely to decide In what way to
call the matter to your attention"
| mot only should there be action
on certain laws affecting wage-earn-
ers; there should also be such ac-
ton on laws better to secure con-
Itrol over the great business concerns
Iengaged in Interstate commerce, and
Especially over the great common
carriers. The Interstate Commerce
Commission should be empowered
to pass upon any rate or practice
on its own initiative. Moreover, 1t
should be provided that whenever
the Commission has reason to be-
llieve that a proposed advance in
rate ought not to be made without
Investigation, 1t should have au-
thority to issue an order prohibit
ing the advance pending examina-
tion by the Commission.
IL would not be understood as ex-
pressing an opinion that any or
even a majority OF these advances
are improper. Many OF the rates
I'm this country have been abnor-
mally low. The operating expenses
of our railroads notably the wages
paid railroad employees, have great
ny increased These and other
causes may in any given case JUSTIFY
an advance In rates, and II so the
advance should be permitted, and
approved. But there may be. 9n'
doubtless are. cases where this Is
not true; and our law should be
SO framed that the Government, as
the representative o [ the whole
|people, can protect the individual
Iagainst unlawful exaction for the
use of these public highways. The
Interstate Commerce Commission
lshould be provided with the means
to make physical valuation of any
road as to which 1t deems this
valuation necessary. In some form
the Federal Government should ex-
ercise supervision over the financial
operations of ou interstate rail-
roads In no other way can justice
be done between the private own
; ers OF those properties and the
public which pay their charges
When once an inflated capitalization
has gone upon the market and has
become fixed In value, its existence
! must be recognized. AS practical
matter 1t Is then often absolutely
necessary to take account of the
who have purchased their stock In
! good faith The usual result of such
initiation is therefore to impose
} upon the public an unnecessary bu
everlasting tax, while the innocent
I. purchasers of the stock are alst
harmed and only few speculator!
: are benefited. Such wrongs whel
? once accomplished can with diff
: Guilty be undone; but they can b.
: prevented with safety and with JUS
; tice. When combinations of inter
e state railways must obtain Govern
= ment sanction; when 1t is no longe
: possible for an interstate railway u
r issue stock or bonds, save in tn
9 manner approved by the Fedora
Government; when that Governmen
9 makes sure that the proceeds @
i every stock and bond issue go int
g the Improvement of the propert
n and not the enrichment of some in
u dividual or syndicate; when, when
d ever 1t becomes material for guild
It ance in the regulative action of tn
lr Government, the physical value o
e one OF these properties is determir
It ed and made known-there will b
I. eliminated from railroad securitie
re that element of uncertainty whic
s. lends to them their speculativ
AZ quality and which has contribute
10 muqh to the financial stress of tn
10 recent past.
20 Il think that the Federal Cover
N ment must also assume a certai
st measure OF control over the phys