Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-02-26

preference. such as that proposed
would be easier to raise money py th0
would be etsier TO raise money py the
sale Of bonds, which the Natiohal
banks would have use for
One day two or three weeks ago Sen
ator LaFollette, rising from ms lone
corner of the Senate, gave notice OF an
amendment that only the bond OF rail-
reads should be accepted when the
roads had been appraised to the salts
faction of the Interstate Commerce
Commission. That was step towards
the appraiacment of railroads, which
Senator LaFollette was the first to
advocate prominently. President Rcos-
evelt only toleratcs Senator LaFol-
lette. He didn't Ike to see the Wis
consin senator comes "buttinG in" with
any railroad thunder and 1T first he
frowned upon the appraisal scheme
Then after hesitating several months,
till the railroad rate bill had gone into
effect. he embraced the idea.
The railroad Presidents groaned
when they heard what the President
had done. They groaned some more
when they saw Mr.. LGFollette persi5-
tently although quietly putting for
ward that amendment but they
hoped for the best. They might have
remarked: Cheer up, the worst is
yet to come" The Western Repu5-
leans who do not hesitate to advocate
the guaranteeing Of deposits IN
national banks by the government ard
-te.ir
though they be somewhat BryanesQuc,
kept on grumbling about the bond
provision. They grumbled in the
Senate and they rruabled in the
House and as Republican leaders Of
Congress and the President are anxious
to get the Aldrich bill enacted into law
they had to take notice. So all at
once. while the Aldrich bill debate was
still dragging along in the Senate, it
was decided that something like the
LaFollette amendment, without using
its language, must be adopted. Rough
drafts of provisio have been written
out and in due season will be incor-
rorated into the act az it is printed on
fine. thick paper and sent over to the
House of Representatives for con-
sderation
All of which will add to the sorrows
of the railroads that are bonded be-
You'd their real value. 1t might be
mentioned that the railroads out in
Mr.. LaFol,ette's state of Wisconsin
may not be worrying much for they
have already been appraised under
state law and this may satisfy the
Interstate Commerce Commission.
The new provision. whatever it may
be, will not mean that all railroads
must be appraised. as was originally
proposed by Mr.. LaFollette. so tina.
there could be a substantial founda-
ton upon which to estimate what
freight and passenger charges should
be, but it does mean that watered
securities of railroads will have diff
Guilty in passing muster with Treasury
officials as basis for emergency cur
rency notes to be issued to National
Banks.
incidentally the entire transa elton
demonstrates how Mr.. LaFollette is
becoming a power in the United States
Senate. He is little man in statue
and. when the Senate virtually
ostracized him for his independent
views and his determination TO adj
vance them, he gritted his teeth and
Kept right on. But he insisted on put
ting Senator'S on record and fought
through the deadly roll calls. Some
of the older Senators saw long ago
that he must be reckcned with and
certainly more will be heard of
LaFollette.
Among the Maine people who have
been visiting in Washington the pa It
week We're two weil-known KennS-
bee County men, One was President
w. +. Berry of the Kents Hill Semi
nary. and the other was Judge Jonn
Cover of Winthrop. President Berry