Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1908-02-13
PRINCIPLES OF FEDERAL CON
TRoL OF WATERWAYS ARE
ESTABLISHED.
HAVE BEEN WROUGHT OUT ON
BROAD LINES AND WITH
MODERATION.
THEY INCLUDE NEITHER ENMlTY
NOR INJURY DECLARES PHIL,
AMBER c.. KNOX.

Q1E G0A eT&l EulIaHQ6F -. KNOX SPOKE
upsz The People, the railroads and the
National Authority. Reviewing first
the history Of the controversy be-
twsea the states and the nation over
the question Of authority and control
he detailed the events leading to the
various acts of congress looking to a
larger national authority, the creation
of the interstate commerce commits
sio&, the passage Of the Sherman
antitrust law and Of the anttrebate
law. He then declared:
''UnSriendly criticism has portrayed
these steps as bearing fruit only in
the disturbance Of business. To this
the facts furnish a complete refuta-
tioH. The steady judicial assertion
Of exclusive national authority over
the Interstate traffic of the railroads,
and TO no less steady assertion Of the
legislative and executive branches
that the authority shall be used to
correct evils arising from lack of reg
uatioB, are not sporadic but constant,
nor have the measures framed, ma
. tured and enacted by congress indict-
ed injury upon or given just cause Of
complaint to legitimate interests.
No more can the progress acComp,
lished be turned backward. The pr,n-
cipIes established are permanent. The
policy Of legislation; the suDOrdina-
Gion of corporate operations to it,, the
law Of impartiality in rates and &C
couRtability to federal authority for
integrity and impartiality are not
vitality affecting and undermining our
national well being. When the rec
ord of its achievements is closed it
will reveal a compact body Of com
structive, systematic and effective
legislation remcdying defects, sup.
plying omissions and covering new
phases in the fe0 Of national author
ity over Interstate intercourse and its
instrumentalties.
"The fundamental work has been
done It. has been wrought out by
those responsible for it, on broad
lines, in spirit of moderation and
with desire to do no injustice. 1t
has been neither sporadic nor spec
tacglar The work has been treated as
a whole and each part sustains its
proper relation 10 each other part. It.
has proceeded as a structure should,
dealt with as a unit, not here and
there a Pillar with missing roof be-
tween. AS the work progressed mo-
tives and measures have been per
verted and misunderstood by those
who could not or would not under
stand them INSCRIPTIONS men, up
ON the one hand, have Unexpectedly
condemned every forward step, and,
upon the other hand, men equally I'M
sCrupwEous have endeavored to break
down the credit and efficiency of the
railroads, arrogating leadership in an
economic development the scientific
principles aud practical details OF
which they altogether misunder1
stood"
Mr. Knox said that It is not true
that the measures which have reached
the matured form Of national legisla-
tion include attack, enmity or injury
to sound business interests, either
corporate or private. Extreme propo7
sitiOns may have been made; but
they have not largely prevailed in the
completed enactments by congress.
On the contrary these laws, rightly
seen. mean a sOundeT stronger and
more widely diffused prosperity for
the real corporate interests, namely.
the owners Of the railroad shares and
securities.
Discussing the necessity for Sc
curing vast sums for future develop
qoent of railways Mr.. Knox said:
Surely investors will buy bonds
which represent 100 per cent. of their
face in actual increase Of the value
OF the property more readily than
bonds which only enhance the secur-
ity sixty, seventy or even eighty per
cent. of the increase i'm liabilities.
Surely stockholders will find more
satisfaction in their property, II it IS
not burdeued with charges to pay in
terest on 90 or so per cent. Of bogus
indebtedness. Surely the great body
of industry will be less provoked to
enmity if their traffic is not called
upon to pay fixed charges on that ele-
ment of pure imitation"
II Is us uluCu " IlAS IulSA CO.. VI
the security holders" he added, that
Fayoritism in rates and the fat quail
itv in capitalization shall be pre-.
vented. as it is to the interest of the
public that railroad capital shall earn
a fair return on actual and uninfated-
investment. Railroad revenues cannot
attain their broadcast and most stable
dimensions when dwarfed and divert
ed by these abuses; nor can the wide
increase of transportation facilities
needed by growing commerce be Sc
cured. unless it offers TO the invest
rnent of actual capital an adequate
and reasonably assured return. Legis-
Iation conceived and executed in the
Interchangeable resolution to maintain
Justice and honesty for and against
all classes alike is beneficial for all
alike and establishes the foundation
for the widest and most. permanent
national prosperity.
This he maintained to be the spirit
and character of the laws enacted by
congress ON this subject Admins
tered with answering fidelity To the
underl! ing purpose they furnish the
full remedy for the evils. We must