The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-31
Uph0LdS Property Rights;
Not ASSauItir1g Them

The attacks by these great cor
pOratiOns on the Administrations
actions have been given a wide cir
cuIatiOn throughout the country, in
the newspapers and otherwise, by
those writer's and speakers who,
consciously or UncOnsciOusIy, act
as the representative Of predatory
Wealth-Of the wealth accumulated
on a giant scale by all forms of
iniqUity, ranging from the OppreS-
sion of WageWOTkers to unfair and
unWhOlesOme methods Of crushing
out competition, and 20 defraUding
the public by stock iObbing and the
manipulation Of securities.
Certain wealthy men of this stamp
whose conduct should be abhOrrent
to every man of ordinarily decent
conscience, and who commit the
hideOus wrong Of teaching our
young men that phenomenal bust
ness success must ordinarily be
based on dishonesty, have during
the last few months made it ap-
parent that they have banded to-
gether to work for a reaction.
Their endeaVOF is to overthrow
and discTedit all who honestly ad-
minister the law, to prevent any adj
ditiOnal legislation which would
check and restrain them, and TO
secure if possible a freedom from
all restraint which viii permit
every INSCRIPTIONS WrOngdOer to
do what ne wishes unchecked pro-
Vided he has enough money. The
only way 10 counterfeit the move
ment in which these men are en-.
gagged is to make clear to the pub
lie just what they have done in the
past and Just what they are seeking
TO accomplish in the present.
The Administration and those who
support its views are not only not en-
gagged in an assault on property. but are
strenuous UphOIJers of the rights Of
property The wise attitude 90 take is
admirably stated by Governor Fort. OF
New Jersey. in his recent inaugural
LJlus rs regards the state being OF
course Identical with those which should
obtain as regards the nation.
lust and fair regulation can only be
objected TO by those miscOnCeiVing the
rights OF the State The State grants
al corporate powers to its railways and
other public utility corporations. and
may not only modify, but repeal all
charters ana privileges 1t COufers. It
NAV. therefore. impose conditions upon
their operation at its pleasure OF
course ln the doing of these things. il
should act wisely and with cOnserva-
usm, protecting all vested rights Of
property and the interests Of the inuO-
cent holders Of the securities of exist
ing qq3si-publlc corporations. Regu-
lauOu, therefore, upon a wise basis of
the operation OF these public utilities
companies including the fixing OF rates
and public charges. upon complaint and
subject 10 court review. should be in.
trusted TO a proper board as well as the
right 90 regulate the output of stock
and the bondede issues Of such corpora
tons.
IF this were done. it would fnure to
the benefit Of the people and the com
panies for IL would fix the value OF
such securities. and act as a guaranty
against their depreciation Under such
law, the holders of existing securities
would find them protected. and new Sc
curiues offered would have the con-
fdence Of the people. because Of the
guaranty OF the State that they were
only issued for extensions or better
ments and upon some basis of the cost
OF such extensions or betterments It
Is dimcult TO suggest any legislation
that would give greater confidence to
tie public and investors than a wise
public utilities bill and the mere sug-
geStiOn Of its enactment should cause
this class OF security holders to feel that
their holdings were strengthened. and
that the State was about to aid the
managers or ITS pubic utility corpora
tons to conserve their corporate prop
erty for the public benefit and for the
protection of invested capital.
Supervise Stock Issues.
''The time has come for the strict
supervision Of these great corporations
anF the limitation of their stock and
bond issues under some proper public
official It viii make for conserva-
tlsn, and strengthen the companies do
ing a legitimate business, and elm
mate. let Us hope. those which are