The Birmingham age-herald., 1908-05-31
Bonds Almost Unknown.

that will conserve and not retard the general welfare?
 Bonds Almost Unknown.
 Tn the early history of railroad build ing in this country railroad bonds were almost unknown. There was compara- lively little private capital to venture 1 European investors had not their atten- tion turned to this country. Insurance companies, trust companies and savings 1 banks had not then accumulated the vast wealth which they now hold for invest ment. The statesmen of that day saw the absolute necessity for railroad build ing, and then it was as popular among : oTice-seekers to advocate state aid to i railroads by the issuance of bonds and the loan of credit as now 1t is popular to assault them. When the people dn- terstand, as they will understand, that Legislation has shot beyond the mark, and has gone from the field of proper regulation into that of unjust oppression, and that it's inevitable effect will be to retard their industrial development it will be just as popular for politicians to ad- vocate justice as it is now popular to qdvorate injustice. Either the develop { IHent of the country, so far as railroads are concerned, must be arrested, or the government state and national, must take over .he railroads and assume the bur aer of railroad development, or there must oe re-esta blished such a system of Justice and fair dealing that those wno have accumulated wealth will be willing to pour it out in improving the present system of railroads and building new railroads, a thing which under existing conditions, they certainly will not do.
 Hopeful Sign In Mississippi.
 "The most hopeful sign of the times I the legislature of the state of Missis- sippi. The governor of that state in his canvass advocated 2-cent rate. He doubtless thought that it would afford fair compensation to the railroad companies. He urged it's adoption in d vigorous message to the legislature. The legislature invited the representa- i lives of the railroad companies to ap- pear and discuss the question publicly. After a full consideration and looking to the surrounding conditions, stag nation in business the falling off of earnings of railroad companies, and the probable effect that such legislation would have upon the reputation of the state ot Mississippi abroad in respect of capital irrevocably invested within it's borders, the legislature declined to pass the bill. This was a signal in stance of the people of great state uGI1DerdI1nR a far-reaching, economic question and being guided by a statesmanship that looked beyond the narrow horizon of pelt. immediate advantage. shaping it's action by consideration of it's future development. This action has justly attracted the attention of the people without the state, and it will be pointed to as the first bulwark erected against the high tide of passion which has usurped the seat of reason and of jus tce.
 Major Hanson Introduced.
 Major Hanson of the Central Of Georgia spoke for a short time of the present and recent past depression and declared that it was due entirely to the demogogic propaganda of political leaders to secure office, and that nor mal conditions will never return until public policy is adjusted to the ideas of investors.
 However, he admitted that we are having a reaction, every man, from the least to the high est, has suffered but it must go far enough to convince in- vestors that they are honest, and then any company can borrow all the money that 1t wants"
 Visitors Leave for Home.
 In adjourning, MT. Percy rounded off the evening with expressions of op timism, voicing the belief that Bir- mingham is now grasping the round of industrial achievement and will quickly climb farther than any ex- pect.
 The railroad men left immediat tely for their special cars and are now speed ing back to their active duties in Chi cago and other points.
 
 TRY|NG n BRING P0IICF