Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1908-12-08

nine millions on the annual interest
charge. This is an exceedingly sat
isfactory showing, especially in view
OF the fact that during this period
the nation has never hesitated TO un-
dertake any expenditure that it re-
garded as necessary. There have
been no new taxes and no increase OF
taxes; on the contrary, some taxes
have been taken off; there has been
reduction of taxation.
Corporations.
As regards the great corporations
engaged in interstate business, ana
especially the railroads, / can only
repeat what | have already again
and again said in nay messages to the
Congress. | believe ;hat under the
interstate clause of the constitution
the United States has complete ana
paramount right to control all aseh o.
cies of interstate commerce. and l
believe that the national government
alone can exercise this right with
wisdom and effectiveness so as poth
to secure justice from, and to do
Justice to the great corporations
which are the most important fac-
tors in modern business. l oeleVe
that il is worse than folly TO attempt
to prohibit all combinations as Is
done by the sherman anti trust law,
because such a law can be enforced
only imperfectly and unequally, ana
its enforcement works almost as
much hardship as good. strongly
advocate that instead of an unWlse
effort TO prohibit all combinations
there shall be substituted law which
shall expressly permit combinations
which are in the interest of the pub
lie. but shall at the same time give
to some agency of the national gov
eminent fun power of control and
supervision over them. One of the
chief features of this control should
he securing entire publicity in all
matters which the public has right
to know. and furthermore the power
not by judicial but by executive ac-
tlon. to prevent or put stop 10 every
form of improper favoritism or other
wrong doing.
The railways of the country should
be nut completely under the inter-
state commerce commission and re-
moved from the domain of the anu
trust law. The power OF the COM
mission should be made thorough-go-
ing. so that it could exercise COM
pIete supervision and control over
the issue of securities as well as over
the raising and lowering Of rates. As
regards rates at least, this power
should be summary. The power Ia
investigate the financial operations
and accounts of the railways has beer
one Of the most valuable features IN
| recent legislation. Power TO make
| combinations and traffic agreements
| should be explicitly conferred upor
| the railroads, the permission OF th'
| commission being first gained anc
the combination or agreement beinl
published i'm all its details. In th'
| interest of the public the representa-
| tives of the publc should have com
| plete mower 10 see that the railroads
do their duty by the public. and az
| a matter of course this power should
also be exercised 50 as to see ina
no Injustice Is done TO the railroads
| The shareholders the employees an'
4 the shippers all have interests tina
| must be guarded II is 20 the inter
ests of an of them that no swind
Hing stock speculation should be al
Flowed. and that there should be NJ
| improper issuance of securities. Tn
| guiding intelligence necessary for TN
L successful building and successtu
infringement Of railroads should re
i reive ample remuneration; but n
l man should be allowed 70 max
money in connection with railroad
l Dut Of fraudulent over-capitalizato
1 and kindred stock gambling perform
4 ances: there must be no defraudin
n Of investors, oppression by the tarin
srs and business men who shi
n freight. or callous disregard OF IN
Il tights and needs of the employees. /
i addition % this the interests of tn
Il shareholders of the employees, and
II he shippers should all be guarded
4 against one another. TO give an
i me of them undue and improper cor
4 sideration Is to do injustice to tt
"others. Rates must be made as 10