The Detroit times., 1908-12-10
R0OSEvElT'S PLAN
IS RIGHT, SAYS
y0AKUM
WAS WRONG. AND
STATE OFFICERS BELIEVED
THEM TO BE ANTAGoNlsTIc-
HAS CONFIDENCE IN Mr.. TAFT.

CHICAGO. Dec. l0.-The principles
underlying the policies for corpora.
ton control champioped by President
Roosevelt are sound, according 10 b.
f. Yoakum, chairman OF the executive
committee OF the Rock Island and
ject, Our country and our railroads"
at the banquet OF the Chicago ,Associa-
ton OF Commerce last night. J. Pier
pont Morgan sat at the banquet table.
hut made no address.
Mr.. Yoakum's speech follows:
"All fair.minded men must admit
the underlying principles Of the pol
icies championed by President Roose-
welt, and the majority OF laws AFFECT
ing corporations have not OF them
selves been hurtful. but they were I'M
fortunate In their method OF applica-
tiQn and unfortunate in the fact that
politicians, legislatures and railroad
commissioners misconstrued the pres
ident's corrective intentions as an
,agonistic attacks against corporate
interests
We have In the selection OF Mr..
Taft fair, liberal and broad-gauged
man, who has said in a most earnest
manner that investors may feel Jusu'
fed in investing for railroad construc-
ton; that all men who conduct a
legitimate business may understand
that the government is back OF them
and will support them. Such sound
utterances cannot fail 10 give conn
dence 10 the public in the future pol
icy OF our government.
Every generation has its problem
TO solve, and the most important one
for us is the question OF transportation
between the railroads and the public
on a basis fair 10 both. No agency
can be as effective in standing as
arbiter between the people and the
railroads as the strong arm OF the
federal government. All railroads en-
gagged In the movement OF commerce
between states should be under the
control OF the federal government
rather than forty-six state regula.
tons.
Railroad pools should not be le-
galized pools are secret understand
ings between the parties 10 them;
but railroads should be permitted 70
enter into open traffic alliances, SUD
ject TO the approval OF the interstate
commerce commission, which would
safeguard the interests OF the public.
The same federal authority should
authorize the issuance OF railroad Sc
curities, thereby protecting the In
yestor against over-capitalization.
"The capitol at Washington VIII
then become the Hague OF the ma
tons railroads and its commerce.
where peace conferences will be held
10 settle the questions arising be-
tween the public and the railroads
fair to both. and without political
influence OF favoritism TO either.
Until recently railroads were
looked upon by the public only as
means of transportation. not as serv'
ants and builders OF the country. but
as enemies,N operated in the interest
OF few.~-1
This has been the doctrine
preached by the political agitator
The thinking men OF the country have
stood by permitting the railroads 10
fight their own battles, until the ef-
feet OF their forced curtailments was
felt in every direction and In every
business.
THE masses are becoming better
informed and TO appreciate that the
general business OF the country can
not maintain its normal basis OF ex-
pand unless the railroads can go for
ward In their work of expansion, In
creasing their facilities and building |
new lines"