The semi-weekly messenger., 1908-04-03

Supreme Court Decisions i'm Rail-
way Rate Gases - Temperate
Character of the Presidents Last
Message.
New York, March 2s.-Events of
the past week have been of a more
encouraging character, especially
those relating to federal and state
legislation. Perhaps the most far
reaching of these events was the de-
1cision of the supreme court of the
United States in the celebrated Min
neeota and North Carolina railroad
rate cases. This decision asserts
that the fixing of rates by legislation
40 low as to be practically conf1s-
catory is in direct violation of the
Constitution, since the latter prohib-
It's any legislation which takes prop
.erty without just compensation.
Hereafter, there will be no success
full attempts by state legislatures
to nullify the guarantees of the four
teenth amendment, and federal
courts will be enabled to enforce their
DEGREES in spite of the opposition of
state officers. AS already said, this
Is a decision of the highest import
ance. 1t once more affirms the fact
that the constitution of the United
States is the supreme law of the
hand; it guarantees protection to
property, and will put an effectual
stoppage upon the confiscatory at
hacks on property which have be-
come so popular in state legisla-
lures for political or socialistic pur-
poses.
Another favorable incident was the
temperate character Of the presidents
message. HOWSOeVer the various re-
Communications in that message may
be considered, there will be one
opinion as to the wisdom of calm
and dispassionate presentation of ad-
ministrative views upon public ques-
tions. In this respect the Presidents 8
last message should be an example
to other individuals who are TAX
ing leading parts in the present po-
lftical campaign. The time for ex-
cessive denunciation and exhortation
has passed. The country has had
more than enough of that SORT of
political agitation; It now needs
quiet and rest in order that busi-
ness may recover from panic and
that reforms which have been SO
earnestly pressed may be calmly con-
sidered, and if necessary, put into
Iberate debate. The President is
to be strongly commended for his
judicial attitude toward both cap
ital and labor. He insists that both
shall have their rights; that both
have their responsibilities; that
both shall be equal before the law,
and that neither shall claim nor Sc
cure special exemption and privilege.
He also notifies labor that it cannot
expect to have boycotts or black
Lists legalized. Altogether the Presi-
dents message has done much to-
ward soothing irritated nerves and
softening the asperities of the pO-
Utical campaign.
The labor situation is still un-
p settled many hands are out of en-
ployment and the outlook in this re-
spect is anything but satisfactory.
With the approach of spring, 1t is
possible that some sort Of comprO-
mise may be effected as work could
{ often be more easily started if mod
crate concessions were obtained in
wages The wages problem is still
the most difficult question in many
lines of industry. It is one perhaps
THAT is best left to settle itself-free
ne possible of political and govern
ment interference. Both capital
and labor best understand their in
dividual interests, and should be
auite able to reach an adjustment
of their differences without outside
Interference. Any other method of
settlement is a reflection upon the
Intelligence of one party or the other;
besides we are getting rather too
much paternalism in government
nowadays.
The stock market has now had a
very substantial rise, and the in
ducements to take profits by those
who bought at panic prices have
been irresistible. 1t is quite evident
that the advance cannot be carried
much further unless fresh buy
ing element is discovered. The
leading operators have all the stocks
they want; and since they were the
chief buyers at the lower level, 1t
ss reasonable to infer that they are
now diminishing their holdings.
The general situation shows in
tiications of improvement Ore en-
couraging feature was the reopening
of a big financial institution which
was obliged to suspend during the
panic. Trade in the west is pick
Ing up slightly; railroad earnings
ere not showing such extreme losses
as was the case in January and Feb
ruary, and the curtailment enforced
in many industries is preventing any
great surplus of merchandise. Money
market conditions are satisfactory
and the surplus reserve last week
stood at $37,000,000. The easier
tendency in money is worldwide; !;
which is fortunate, as otherwise we
might have to face large gold ex-
ports during the coming spring.
April settlements will be looked for
ward to with some concern, but less
so this year than previously. A good
many maturities, however, will have
to be taken care of at that time, yet
under improved monetary conditions