The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1908-02-08


lence. The Judge who uses IL cautious
ly and conseryatively, but who, when
tho need arises, uses il fearlessly, con-
fers the greatest service upon our peo-
pie, and his pre.eminent usefulness as
public servant should be heartily rec
ognized But there is no question in
my mind that il has sometimes been
used heedlessly and unjustly, and that
some of the injunctions issued infiiet
grave and occasionally irrepsrable
wrong upon those enjoined.
"This matter is daily becoming Of
graver Importance, and / cannot too ur-
gently recommend that the Congress
give careful consideration 90 the sub
ject.
Urges Check on Rates
"Not only should there be action on
certain laws affecting wage-earners,
there should also be such action on laws
better 10 secure control over the great
business concerns engaged in interstate
commerce, and especially over the great
common carriers. The interstate com
merce commission should be empowered
10 pass upon any rate or practice on It's
own initiative Moreover, il should be
provided that whenever the commission
has reason TO believe that a proposed
advance in a rate ought not 10 be made
without investigation, IL should have
authority 10 issue an order prohibiting
the advance pending examination by
tho commission.
Would Squeeze Out Water
The interstate commerce commission
should be provided with the means 10
make a physical valuation Of any road
as 20 which IL deems this valuation nee
essary. In some form the federal gov
ernment should exercise supervision
over the financial operations Of our in
terstate railroads. In no other way can
justice bo done between the private
owners of those properties and the pub
lie which pay their charges. When once
an inflated capitalization has gone upon
the market and has become fixed IN
value, its existence must be recognized.
AS practical matter il is then often
absolutely necessary 10 take account Of
the thousands Of innocent stockholders
who have purchased their stock in gooo
faith. The usual result of such inha-
tion is, therefore, TO impose upon the
public an unnecessary but everlasting
tax, while the innocent purchasers of
tho stock are also harmed, and only n
few spectators are benefited. Such
wrongs when once accomplished can
with difficulty be undone; but they can
DO prevented with safety and with jus
tice.
"When combinations Of interstate
railways must obtain government sane
ton, when IL IS no longer possible for
an interstate railway 90 issue stock or
bonds, save in the manner approved by
tho federal government; when that gov
hernment makes sure that the proceeds
Of every stock and bond issue 20 into
the improvement Of the property and
not the enrichment OF some Individual
or syndicate; when, whenever il be.
comes material for guidance in the reg
ulative action of the government, the
physical value Of one Of these prop
critics Is determined and made known
there will be eliminated from railroad
securities that element Of uncertainty
which lends 20 them their speculative
quality aud which has contributed much
TO the financial stress Of the recent
past.
Must Be Just TO Roads
81 think that the federal government
must also assume certain measure Of
railways in the handling Of interstate
traffic. The commission now has author
ity to establish through routes and
Joint rates. IN order 10 make this pro-
vision effective and Ia order 10 promote
Ia times of necessity the proper move
ment OF traffic. think IL must also
have authority 70 determine tho condi
tions upon which ears shall be inter
changed between different interstate
railways.
n Is also probable that the commits
sion should have authority, in particu
lar instances, to determine the schedule
upon which perishablc commodities
shall bc moved
Here follows d recommendation that
railways be permitted 70 form tralic
ass0ciati0us % nfree upon rates and reg
uolions aud reference Is made % for
mor recommendations regarding the too
sweeping provisions of tic sherman an.
titrust law which should bo corrected
and ampl6cd
Hits stock Gambling.
81 40 not know whether IL Is pos.
sible. but II possible ii Is certainly dc.
sirablc. that in connection with meas.
uros o. restrain stock watering and
0vcrcapitnli1atun there should be meas
ures taken 20 prevent az least the
grosscr forms Of gambling Ia securities
and commodities. such IA making large
sales Of what men do not possess and
'corncring the market. Legitimate pur.
chases Of commodities and Of stocks aud
securities for investment have no con.
nection whatever with purchases of
stocks or other securities or commodi.
ties on a margin for speculative and
gambling purposes. There Is no moral
difference between gambling az cards
or In lotteries or on the race track and
gambling in the stock market One
method Is Just as pernicious TO the body
polite as the other In kind, and in de.
gree the evil worked Is far greater. But
Il Is far more difficult subject with
which 20 deal. The great bulk Of the
business transacted on the exchanges Is
not only legitimate, but is necessary 70
the working of our modern industrial