The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-07-29

Z
his Indianapolis speech and the SUI
| preme court have in effect pointed out
| the value of the railroad as a going con-
Germ. Including its good will, due 10
| efficiency of service and many otheT
| circumstances. may be much greater
than the value OF its tangible proper
| ". and ii is the former that measures
/ the investment on which fair proht
must be allowed
| Should Be Physical Valuation
l have discussed this, with some
| degree of detail, merely to point out
/ that the valuation by the Interstate
| Commerce Commission Of the tangI-
| BILE property of a railroad Is proper
| and NAV from time to time be neces-
| sary in settling certain issues winch
| may come before them and that no
| evil or injustice can come from Falua-
/ ton in such cases, if it be understood
4 that the result is TO be used tor a
H lust purpose. and the right 10 falT
7 profit under all the circumstances OF
II the investment is recognized Inc
i Interstate Commerce Commission has
II now the mower to ascertain the value
i of the physical railroad property II
II necessary, in determining the reason
y abIenass of rates. If tne machine
for doing so is not adequate, as Is
probable. it should be made so.
Limited 10 TCtSCHh0S~'
II 1t is necessary, therefore, TO devise
some means for classifying and IN
Il surfing federal supervision of such
II corporations as have the power and
i temptation to effect restraints of in
Il terstate trade and mOnoplies- Such
II corporations constitute a very small
II percentage of all engaged in inter
state business
with such classification in view,
10
1 meut to the antitrust law, known as
II the Hepburn bill, which provided for
voluntary classification, and created
a strong motive therefor by granting
Il immunity from prosecution for rea-
II sOnabIe restraints of interstate trade
to all corporations which would regis
| ter and submit themselves to the
/ publicity regulations of the depart
ment of commerce and labor
vii Delay Restoration of Prosperity
Gradually business is acquiring
healthier tone Gradually all wealth
which was boarded Is coming out to
be used. Confidence in security OF
business investments is a plant OF
slow growth and is absolutely neCeS =
sary in order that our factories may
all open again, in order that our IN
! employed may become employed and
in order that we may again have the
: prosperity which blessed us for ten
wears. The identity of the interests
of the capitalist, the farmer, the bust
ness man and the wage Garner in the
security and profit of investments
cannot be too greatly emphasized
submit to those most interested, TO
wage earners, to farmers and to bust
? ness men, whether the Introduction
into power of the Democratic Barty,
s. with Mr.. Bryan at its head, and with
the business destruction that it open
IIv advocates aS a remedy for present
evils. will bring about the needed con
: idence for the restoration of pros
= perity-
= Republican Doctrine of Protection.
II The republican doctrine Of prOtec-
!, ton. as definitely announced by the
: republican convention of this year
= and by previous conventions, Is that
. a tariff shall be imposed on all i'm
: ported products, whether Of the lag
tory, farm or mine, sufficiently great
4 to equal the difference between the
| cost of production abroad and al
: home. and that this difference should
? of course. include the differenCe Re
: tween the higher wages paid in this
o country and the wages paid abroad
and embrace a reasonable pTOf1t &c
= the American producer A system OF
: protection thus adopted and put IN
r force has led TO the establishment =!
= a rate of wages here that las great
Y " enhanced the standard of living o;
o the laboTing man 1t j. he policy OF
the republican party permanently Il
r continue that standard of living.
if Where the Difference Is.
III The chief difference between the re
n publican and the democratic plat
Z forms is the difference which has
# heretofore been seen between the
o policies of Mr. Roosevelt and those
/ which have been advocated by the
Al Democratic candidate. Mr.. Bryan. Mr.
Is ROOseveIt's policies have been pro
p gressive and regUlative; Mr. Bryan
destructive Mr.. Roosevelt has "a
yored regulation of the business Il
J. which evils have grown up so as Il
: stamp out the evils and permit thu
p business to continue The tendenc!
? of Mr. Bryan'S proposals have geneT
Ie ally been destructive of the business
A. with respect to which he is demand
10 ing reform. Mr.. Roosevelt wOult
Is compel the trusts TO conduct thei
v business in a lawful manner and Sc
a cure the benefits of their operation
r. and the maintenance of the prosper
s. ity Of the country of which they ar
te an important part. while Mr.. Brya1
would extirpate and destroy the en-
tire business n order 10 stamp on
al the evils which they have pTaCtiCed.
Is Advantages of Combina,'on.
Of The combination of capital in laTG
Il plants TO manufacture goods vita IN
n greatest economy IS just as neCeSsaT
a as the assem- blinS Of the parts or
of machine to the economical and NOR
e rapid manufacture OF what in oil
a times was made by hand. The gov
n eminent should not interfere with on
1T any more than the other when sue
le agCregatious of capital are legltlmatt
n and are properly controlled Tor the
C are the natural results of modern eI
n, teTpTise. and are beneficial TO IN
IN public In the proper operation c
: ill 900, -Ha-