The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-07-24

decision will convince any thoughtful
person that the distinction is broad.
Physical valuation, means the actual,
present valuation Of the railroad lines.
1t does not take into consideration any
of the other elements of valuation as
described in the decision 1t has no
reference to rights of way, stocks and
bonds, terminals. and the original cost
of production. Physical valuation is
what the LaF'ollette amendment called
for, and what Mr.. Bristow advocates.
1t is such a plank that the Chicago
platform turned down; that was pre-
scented to the Denver convention, and
that the latter convention also turned
down, substituting a plank calling for
valuation of all kinds.
81 shall cite you an example. Take
the cases of the Atchison, Topeka &
Santa Fe, and Missouri Pacific rail-
roads. Suppose. the physical valuation
was determined. and it was found, as
might readily be the case, that the for
mer road is worth double the latter.
Suppose that the interstate commerce
commission, in consequence, should
order that the Atchison, Topeka &
| Santa Fe road was entitled to charge
double the rate of the Missouri Pacific.
What advantage would there be to the
Atchison, Topeka & Santa Fe? How
many merchants, farmers, stockmen or
shippers of any kind would use the
Atchison, Topeka & Santa Fe road?
You know that If that road between
here and Kansas City was to charge
| one cent per hundred more than the
Missouri Pacific, the latter road would
get the business.
"In the Chicago platform is plank
declaring for national legislation pro-
viding for federal supervision of fu-
| ture issue Of stocks and bonds of inter-
state railroads. A determined fight
arose over this plank, and 1 am
| pleased to state that 1 had a part in
securing its adoption. 1t would not
| be just or lawful to make such legisla-
| ton retroactive, and include outstand-
| ing issues of stocks and bonds, in the
| hands of innocent purchasers, but it
| is no more than right that future is
sues should be carefully inspected.
'Now if such a law is passed, and
1 hope to see it and shall try to Sc
cure it If I am reelected to the senate,
| it will undoubtedly be necessary to as
certain the valuation of all the prop
erty of railroads doing an Interstate
| business. This valuation must not be
physical only, but must include all the
elements I have mentioned, and those
laid down in the Smythe VS.. Ames de-
cision.
II believe with Secretary Taft that
section 90 of the Hepburn law gives
ample authority to the interstate COM
merce commission to ascertain such
valuation, physical valuation included;
but If not, then 1 emphatically favor
legislation to give the commission
such power. and shall try to assist in
securing it.
ct repeat this statement, as 1 have
made it so often heretofore. that
there may be no misunderstanding as
to where I stand on this question of
valuation. But you will see wherein
it differs from the LaFollette-Bristow
physical valuation, and think I have
made 1t clear that all the elements en-
tcring into valuation should be con-
sidered as we'll"
Senator Long is in Bourbon county
today, repeating his arduous day Of
Thursday.