The Birmingham age-herald., 1908-04-13
APPEALS TO THE SOUTH
 FOR MORE CONSERVATISM

failed to see that we were hastening as rapidly as possible down from the moun- tain top of prosperity to the valley of business depression in which we have been dwelling for the last six months. No one would think of questioning the fact that the railroads have been guilty of many sins Of omission and commis- sion; no one would deny that some wise regulation of railroads is necessary, but many of the southern states, as well as many states in other sections, un- dertook to pass such drastic legislation that no man mentally able to care for his own property would have been so foolish within the last 12 or IS months as to invest in railroad securities. In fact any man who during that time would have put money into railroads, unless 1t might be with the view of trying to save what he already had invested, would by that very act have suggested to his family and friends the wisdom of the appointment of committee to inquire into his sanity.
 Lowest Rates in the World.
 There have been great inequalities in railroad rates and railroad facilities. These things needed correction; but in Stead of attempting to force railroad rates down. the country must soon come to recognition of the fact that railroad rates must be advanced Our railroad rates are the lowest in the world. They are the wonder and envy of European shippers who pay from two to three times as high freight rates as American shippers We hear a great deal of foolish talk about the over-capitalization of our roads and Of watered stock, when they are capitalized at less than one-third as much per mile as English roads, and when as matter of fact 1t would be impossible to duplicate them for the sum total of every dollar or securities outstanding. We have reached a point in American railroad development where vast expansion Is necessary. II the rate of growth of our. country Is to be continued during the next 10 years as dur ing the last 15 or 20 we must within that period double the entire transportation fa- cikties of the country. In 1S96 the rall- roads of the United States handled 97000,- 900 mile tons of freight in 1906 they handled 215, ,000 OO0,OO0 mile tons, gain of largely more than 120 per cent. If we should only increase by 10O per cent the growth of traffic during the next lO years we would by 1918 have to be prepared to handle 4s0.o0O, 600 900 mile tons of freight. Reduce this by 25 per cent as margin or safety, and there is no good reason why our progress in the next 10 years should not exceed that of the last 10 and 1t would still require an investment or $5VVV'- GOO, 900 or s, 900 900 to provide the trans portation facilities needed by the coun- try Unless this expansion in railroads can be provided, and on broader scale than the public seems to have realized unless sing1e-track roads can be double tracked. unless thousands of miles of new line can be built our progress will, Of necessity, be halted by our inability to handle traffic. The prosperity of the railroads Is essential to the prosperity or the country They must be given the op- portunity by large earnings to draw rom its hiding place every idle dollar invest ments in railroads must be made as sale and secure as human laws and the amplest protection of laws can provide Railroad poverty means our poverty, ra1i- road prosperity means our prosperity and the prosperity of every interest ana or every class of people. Farmers, mer- chants day laborers, bankers and all others are as vitally interested in sueh railroad prosperity as will bring, not merely tens of millions. nor hundreds or millions, but billions for expansion. oh- less these billions shall be secured we can not hope for a full development or .ne boundless wealth creating potentialities or the south.
 Development In Canada.
 Within the last few months over $l0O, . oOo.OOO of English capital has sought in- vestment in the building of railroads ana in important development enterprises III Canada As far as the public knows, out side of the small speculative investments made from time 10 time on stock eN, changes, not a dollar of Engllsh capi'"i has sought investment in American enter prises No man is going to put his money into an enterprise or into section ot country unless he feels that 1t Is safe and that it will bring him larger prohts than If invested at home.
 With the marvellous expansion of trade and commerce the whole world IS cailihS for capital The south is forced to com pete against Canada, the Paclnc coast Mexico, Africa and Asia. It has no spe- ciaI and unique call upon the world can,tai and confidence to justify it's ex- pectation that dollar of money will seeN investment here unless we can convince the world that in addition to our natural resources and our natural advantages we can guarantee the fullest protection to property Limitless as our resources III soil in climate, in mineral ana tlmoer wealth. and in water powers, the fndsic wand of capital alone can qulcKeh eheh into life Dormant natural resources may fill our hearts with pride, but they VII not fill our pockets with money. Ihe south of all sections can least afford 10 narticipate in any agitation against cor nora tions. and especially railroads. UT all sections it can be most benenteo Tn every respect by leading in the suppressloh oi tbis agitation. Of all sections 1t shoulu stand before the world pre-eminent in the strength of it's protection to life and prop ertv. for upon this protection civlllzauon end material advancement alike are staked
 Opportunity Not Seized.
 If through it's legislatures it's press and it's business organizations the south mas proclaimed to the world that there wouid he no fight against railroads, but that on the contrary they would be upheld ana protected 1t is quite safe to say that Il. n the present time at least S5D0oU,ooo Wouio now he going into the expansion oi run road facilities in this section. Instead oi lack of employment there would De aihpie on,ployment as there was F months aso Instead of depression the south WouIo stand out as the one section of great pusi- ness activity and prosperity, Moreover the south's example under such conditions would have been a saving power to stein inc tide of agitation and to save the coun- trv's nrosperity Never did any sector have such an opportunity. We bemoar 1 the lost cause but here was lost op- | nortunity. If we had availed ourselVes | or if if would not only have saved the south from the depression and loss of the Ia st six months, but it would have aooeo ] more to our wealth than the lost cause ,,-c- tooiy from us in material things.
 The day is not, however, wholly lost we i st ,ve5a fighting chance to be the lead' 1 CTS in turning the tide. If we Wouit l hut consider for a moment the progress made by North Carolina during the last l