The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1908-08-06

4 tration Is to complete and perfect the ma
1 chinery by which. these standards may be
malntained y which the iawbreakers
but which shall operate with sufficient ac-
curacy and dispesch to interfere with
legitimate business as little as possible,
the present rate bill and under all its
amendments the burden OF the Inter
state Commerce commission In superyis-
! roads Of this country has grown SO heavy
that X is utterly impossible for that tri-
bunal 10 dispose. in any reasonable time
OK sne many complaints queries and Is
! ctsion IL ought 10 be relieved OF fits jurIs-
| diction as an executive, directing body.
and its function SHOULD be limited to the
| quasi-Judicial Investigation OF complaints
! by individuals and by a department OF the
| government charged with the executive
business Of supervising the operation Of
railways.
There should be a classification of tina
! very small percentage of Industrial cor
porations having power and opportunity to
effect illegal restraints OF trade and mo-
nopoiies, and legislation either inducing
or compelling them to subject themselves
to registry and to proper publicity reg
u~lations and supervision OF the depart
ment of m and labor.
The field covered by the industrial COM
binations and by the railroads Is so very
extensive that the interests of the public
and the interest OF the business concerns
No~AbAOA ~ oa9oCA w N0N0E ~
reorganization OF bureaus In the depart
ment OF commerce and labor, or agri-
culture and the department OF justice and
a change In the Jurisdiction Of Interstate
Commerce commission. 1T does not as
sist matters to aspire to prescribe new
duties for the Interstate Commerce COM
mission which II Is practically impos-
sible for It to perform or to denounce
now offenses with drastic punishment,
unless subordinate and ancillary leglsla-
ton shall be passed making possible the
nFtfrIr nnfNranronnk 4 ~ fhA or0nf va HiQfU
OF cases which are constantly arising, OF
the principles laid down by Mr.. Roose-
velt and with respect to which only
typical Instances OF prosecution with the
present machinery are possible. Such leg
~islatton should and would greatly promote
legitimate business by enabling those
anxious to obey the federal statutes to
know just what are the pounds Of their
lawful action. The practical construct
I've and difficult work, therefore, OF those
who follow Mr.. Roosevelt Is to devise
level Of business integrity and obedience
to law which he has established may be
maintained and departures from It re-
strained without undue interference with
1t Is agreeable to note in this regard
that the republican platform expressly
and the democratic platform implicitly APP
commerce law, by which interstate rail-
roads may make useful traffic agreements
* approved by the commission. This has
DeeR STRONGLY recommended Dy 1Eeblueul
Roosevelt and win make for the benefit
OF the business. !.
Physical Valuation.
Some of the suggestions of he demo-
cratic platform relate really to this
subordinate and ancilIary machinery
valuation OF railways. 1t Is clear
that the sum of all rates or receipts of a
railway, less proper expenses should be
lfroffan IN M fair nrOnf llnnn the raagOn-
able value OF its property, and that IL the
sum exceeds this measure, II ought to be
reduced. The difficulty In enforcing the
principle Is in ascertaining what Is the
reasonable value of the company's prop
erty, and In fixing what Is a fair profit.
It Is clear that the physical value OF a
Ne given weight IN determining it's full
value; but as President Roosevelt in his
Indianapolis speech n the supreme
nav pointed out, the value on the
Its good will, duo to efficiency of service
and many other circumstances, may be
much greater thar the value of it's
measures the Investment on which a fair
profit must be allowed.
Physical valuation properly used will
not generally impair securities. l am con-
ident hat the fixing of rates on the
principles suggested above would not ma
terially impair the present market value
of railroad securities in most cases for i
800 NAS AS SNS~ y IL
value OF railroad properties especially in
their terminals will more than make up
for the possible oyer capitalization in
early years.
I have discussed this with some degree
of detail merely to point out hat the
valuation Of the Interstate Commerce
commission Of the tangible operty OF a
railroad is proper and may from time to
time be necessary In certain of the issues
which may come before them and that no
evil or Injustice can come from valuation
In aatI0b oa ge9 ~ ha nudarqfnOH that fha
result Is to be used for q just purpose,
n the right to a fair profit under all
the circumstances is recognized. The In
terstate Commerce commission has not the
owe to ascertain the value of the phys
ical railroad property IL necessary in de-
termintng the r~easonableness of rates. If
the machinery for doing so is not ade-
quate, as Is probable, it should be made
so.
The republican platform recommends
legislation forbldding the issue In the fu;
ture OF Interstate railway stocks and
bonds without federal authority. 1t may
occur In such cases that the full value of
the railway. and as an element thereof,
the value of the tangible property of the
railway, would be a relevant and imports
ant factor in assisting the proper author
ity to determine whether the stocks and
security behind them, and in such case
therefore there should be the right and
machinery to make a valuation Of the
physical property. Y.
Sontroi OF trusts. H
Another suggestion in respect to SUI
coordinate and ancilIary machinery neces-
sary to carry out republican policies Is
that of the Incorporation under national
law or the licensing by national license or
enforced registry OF companies engaged in
interstate trade. The fact is that nearly
all corporations doing a commercial
business, are engaged In interstate COM
merce, and IL they all were required to
take out a federal license or a federal
charter the burden upon the Interstate
business Of the country would become in
tolerable. N
1t is necessary therefore to devise some
means for classifying and ensuring fed
eral supervision of such corporations as
have the power and temptation to effect
restraints of Interstate rad and monopo-
lies. Such corporations constitute a very
small percentage Of all engaged in In
terstate business.
The combination OF capital in large
plants to manufacture goods with the
greatest economy is just as necessary as
the assembling OF the parts of a machine
to the economical and more rapid manu-