The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1908-07-31

cuIacy and dispatch to interfere with
legitimate business as little as possible.
the present rate bill and under all its
amendments the burden of the Inter
state Commerce commission In supervis-
ing and regulating the operation OF rail-
roads of this country has grown so heavy
that 1t Is utterly impossible for hat tri-
bunal to dispose, In any reasonable time
sues that are brought before 1t for de-
cision. 1t ought to be relieved of its juris-
dict'on as an executive, directing body,
and It's function should be limited to the
quasi-judicial investigation of complaints
by individuals and by a department of the
government charged with the executive
business of supervising the operation of
railways.
There should be a classification of that
very small percentage of Industrial cor
porations having power and opportunity to
effect illegal restraints of trade and mo-
nopolies, and legislation either inducing
or compelling them to subject themselves
to registry and to proper publicity reg
ulations and supervision of the depart
mcnt OF commerce and labor.
The field covered by the Industrial COM
binations and by the railroads is so very
and the interest of the business concerns
cannot be properly subserved except by
reorganization of bureaus in the depart
culture and the department of justice and
q change in The Jurisdiction Of Interstate
commission. 1t does not as
niSt lItllcTS q aspire 10 pTeScElDe IlcW
duties for the Interstate Commerce COM
mission which 1t is practically impos-
sible for 1t to perform or to denounce
unless subordinate and ancillary legisia.
ton shall be passed making possible the
quick enforcement in the great variety
Of cases which are constantly arising, of
the principles laid down by Mr.; Roose-
welt. and with respect to which only
tynical Instances of prosecution with the
present machinery, Gre possible, Such leg
lC1afinn ohHII16 and tun1111 uraat1v nrnronfa
anxious to obey the federal statutes to
know just what are the bounds of their
i've and difficult work. therefore. Of those
who follow Mr.. Roosevelt is to devise
the ways and means by which the high
to law which he has established may be
maintained and departures from 1T re-
strained without undue interference with
legitimate business.
1t is agreeable to note in his regard
that the republican platform expressly
and the democratic platform implicitly APP
law. by which interstate rail-
roads may make useful traffic agreements
II approved by the commission. This has
Roosevelt and Will make for the benefit
of the business.
Physical Valuation.
Some of the suggestions Of the demo-
cratic platform relate really to this
subordinate ana anClllaTy machinery
70 which 1 have referred. Take;
Valuation val tesaAne 81 1 railwa sSsea''f It Is pns eiear
that the sum of all rates or %receipts Of a
railway, less proper expenses should be
limited to a fair profit upon the reason
able value of It's property, and that II the
sum exceeds eds his measure. 1t ought to pc
principle Is in ascertatning what is the
reasonable value of the company's prop
srty, and in fixing what Is a fair profit.
railroad and its plant. is an element to
be given weight in determining it's full
value; but as President Roosevelt in his
court have pointed out, the value Of the
its good will. due to efficiency of service
much greater than the value of Its
tangible property and It is the former that
measures the Investment on which a fair
not generally impair securities. l am con-
fdent that the fixing of rates on the
terially. impair the present market value
Of railroad securities in most cases for 1
believe that the normal increase in the
their terminals will more than make up
for the possible over capitalization in
early years.
valuation of the Interstate Commerce
commission of the tangible property of a
time be necessary in certain of the issues
which may come before them and that no
evil or Injustice can come from valuation
result is to be used for a just purpose,
and the right to a fair profit under ali
the circumstances is recognized. The In
power to ascertain the value of the phys
ical railroad property II necessary in de-
termininE the ~reasonableness Of rates. If
quate, as is probable, it should be made
so.
The republican platform recommends
legislation forbidding the issue in the fu,
bonds without federal authority. 1t may
occur in u cases that the full value of
the railway; and as an element thereof,
railway, would be a relevant and import
ant factor in assisting the proper author
ity to determine whether the stocks and
security behind them, and in such case
therefore there should be the right and
machinery to make a valuation of the
physical property.
Control Of Trusts.
Another suggestion in respect to su-
coordinate and ancillary machinery neces-
sary to carry out republican policies is
that OF the Incorporation under national
enforced registry Of companies engaged in
interstate trade. The fact Is that nearly
al corporations doing q commercial
business. are engaged In interstate COM
merce, n II they all were required to
take out a federal license or q federal
charter the burden upon the interstate
business OF the country would become In
tolerable.
1t is necessary therefore to devise some
means for classifying and ensuring fed
eral supervision OF such corporations as
have the power and temptation to effect
restraints OF interstate trade and monopo-
lies. Such corporations constitute q very
small percentage OF all engaged in In
terstate business.
The combination of capital in large
plants to manufacture goods with the
greatest conomy Is just as necessary as
the assembling Of the parts Of a machine
to the economical and more rapid manu-
facture of what in old times was made by
hand. The government should not inter-
fere with one any more than the other,
and when such a~ggregations of capital are
legitimate and are properly controlled
they are then the natural result Of mod
ern enterprise and are beneficial to the
public. In the proper operation of compe-
tition the public will soon share with the
manufacturer the advantage in economi-
cal operation and lower prices.
What 10 Unlawful Trust7
When. however, such combinations are
not based on any economic principle but
are made merely for the purpose OF con-
trolling the market to maintain or raise
prices, restrict output and drive out COM
petitors. the public derives no benefit and