The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-07-21

Roosevelt for president in 1902. He
was a personal friend Of President
Roosevelt. and I know that he was
being considered by the president at
one time for the appointment Of cir
cult Judge, should a vacancy occur.
advised the president that If he de-
sired to appoint Mr.. Cochran to the
position I would offer no objections to
the selection. That was before my
vacancy occurred by the resignation
of Judge Caldwell, Mr.. Cochran was
not candidate for the appointment
and did not indorse him for the
position. Several months before the
vacancy occurred, in connection with
other members of the Kansas delega-
ton. Endorsed Judge William c.
Hook, of Kansas. who was then
United States district Judge. He was
appointed to the position by Presi-
dent Roosevelt and now holds the
position under the appointment.
"I desire to say that any statement
by Mr.; Bristow or by any one else that
1 received any money from the Mis-
souri, Pacific railroad or from Mr..
Cochran to aid In my election as
United States Senator or to influence
my recommendation or for any other
purpose. Is absolutely and I'M
qualifiedly false.
Physical Valuation of Railroads.
II did vote" said Long. against the
minority plank providing for physical
ment to the platform. Sixty-three
delegates in the convention voted for
1t and 917 against it. I was one of
the GIT.
LAS l understand from Mr.. Bris-
lows Wichita speech, he is in exact
agreement with the minority plank Of
Tered to the national Republican plat
form; that he believes the physical
valuation Of railroads should be ascer-
tanned by the government, and then
fa1r return on that physical valuation
without any regard for the stocks and
bonds that may be outstanding in the
hands OF innocent purchasers.
."The closing words of the plank re-
1ected in the Republican national
convention are as follows: We, there
fore. favor the authorization of the in
terstate commerce commission to as
certain the exact physical valuation, of
all the property of every railway COM
pany engaged in interstate commerce,
to the end that such valuation be
made the basis of just and equal rail-
way rates.
IT voted against this amendment
because 1t Is contrary to right and JUS
tice. and contrary to the principle laid
down by the supreme court of the
United States.
There are other elements that
should be taken into consideration in
determining the value of railroads out
side of the physical value. This plank
after it was rejected in the Republi-
can convention, was taken to Denver
and an effort was made to have 1t in
corporated in the Democratic plat
form. The effort failed, and the fol-
lowing plank was placed in the Demo-
cratic platform:
1--we favor the efficient supervision
on LOT - x-aty l.
gagged in interstate commerce. To this
end we recommend the valuation of
railroads by the interstate commerce
commission, such valuation to take
into consideration the physical cost of
the property. the original cost of pro-
duction and all elements of value that
will render the valuation made fair
and just
This shows how much more ex-
treme Mr.. Bristow, and the La Fol-
lette plank. which was offered to the
national Republican platform, are, as
compared with the Democratic ma
tional platform. According to the La
Toilette amendment, physical vaIua-
ton Is to be made the basis OF railway
rates. Mr.. Bristow takes the same
position in his Wichita speech. The
Democratic platform would only ac-
cept the physical valuation as one of
the elements. and among others
would include the cost of original pro-
QuStIOA anu Gil ClCHlCulS VI Value THAT
would render the valuation fair and
just.
''I made an earnest and determined
contest in the committee on resofu-
lions and in the subcommittee at the
national convention to secure the in
We favor such national legislation
and supervision as will prevent the fu-
ture overissue of stocks and bonds by
interstate carriers This provision
should be made to repudiate the pres
ent stocks and bonds that are in the
hands of innocent purchasers all over
the country.
LAS a basis for such legislation
valuation must be made of the proper
additional issue Of stocks and bonds;
not only a physical valuation, but
valuation of all its properties under
the rule laid down by the supreme
court. and not by the rule advocated
by Mr.. Bristow. I am in favor of such
legislation and will assist in securing
it If I am reelected to the senate.
president Roosevelt stated in his
Indianapolis speech: The effect of
such valuation and supervision of Sc
curities can not be retroactive. Exist
ing securities should be tested by the
laws in existence at the time of their
issue. This nation would no more in
lure securities which have become an
important part of the national wealth
than it would consider a proposition
to repudiate the public debt. But the
public interest requires guaranty
against improper multiplication of Sc
curities in the future
Challenges Bristow's Republlcanism.
Mr. Long then discussed at length
the long and short haul propositions,
and closed his speech by questioning
Mr.. Bristow's Republicanism. He said:
"In the closing part of his Wichita
speech, Mr.. Bristow uses this language:
But while I am an ardent Republican
1 am not an ultrapartisan. I will CO.