The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1908-12-08

cfally tle railroads. I can only repea
what | have already again and agaii
said ID my messages TO the congress
believe that under the interstat.
clause of the constitution the United
States has complete and paramount
right 20 control all agencies of inter
state commerce. and believe that the
national government alone can exer
else this right with wisdom and eff
fectiveness so rs both to secure justice
from and TO do justice to the crea;
corporations which are the most i'm.
portant factors in modern business. |
believe that 1t is worse than folly to
attempt to prohibit all combinations,
as is done by the Sherman antitrust
forced only imperfecty and unequal.
~, and Its enforcement works almost
as much hardship as good strongly
advocate that instead of an unwise
effort to prohibit all combinations
there Shall be substituted law which
shall expressly permit combinations
which are In the interest of the public.
but shall at the same time give to
some agency of the national govern
ment full power of control and super
vision over them. One of the chief
features of this control should be Sc.
curing entire publicity in all matters
which the public has right to know
ana, furthermore, the power, not by
judicial. but by executive, action to
prevent or put stop TO every form of
improper favoritism or other wrong.
doing
The railways of the country should
be put completely under the interstate
commerce commission and removed
from the domain of the antitrust law.
The power of the commission should
De made thoroughgoing. so that it
'ould exercise complete supervision
Ind control over the issue of securities
Is well as over the raising and lower
ng of rates. AS regards rates. at least
his power should be summary. The
power to investigate the financial op-
'rations and accounts of the railways
las been one of the most valuable fea-
ures in recent legislation. Power to
make combinations and traffic agree
nents should be explicitly conferred
Ipon the railroads. the permission of
he commission being first gained and
he combination or agreement being
published in all its details. In the in
crest of the public the representatives
Il the public should have complete !
'ower to see that the railroads do their !
uty by the public. and as a matter Of |
curse this power should also be exer- ,
ised SO as to see that no injustice is !
lone TO the railroads. The share
folders. the employees and the ship /
'ers all have interests that must be /
uarded. 1t is to the interest of all of /
hem that no swindling stock specula- /
Ion should be allowed and that there !
hould be no improper issuance of Sc
urities. The guiding intelligences nee I
ssary for the successful building and /
uccessful management of railroads I
hould receive ample remuneration, /
tut no man should be allowed to make
money in connection with railroads
ut of fraudulent oyercapitalizatiop
nd kindred stock gambling perform
noes. There must be no defrauding
investors oppression of the farmers
nd business men who ship freight or
allous disregard Of the rights and
eeds Of the employees. In addition
D this. the interests of the sharehold-
rs, of the employees and Of the ship
ers should ali be guarded as against
ne another. To give any one OF them
ndue and improper consideration is
. do Injustice 70 the others Rates
lust be made as low as is compatible
nth giving proper returns to all the
mployees Of the railroad from the
ighest TO the lowest and proper re-
arms TO the shareholders, but they
lust not. for instance be reduced In
1ch fashion as TO necessitate cut
| the wages Of the employees or tho
of the proper and legitimate
rofits of honest shareholders
Telegraph and telephone companies
ngag ed in Interstate business should
e put under the jurisdiction of the In
.rstate commerce commission