The Barre daily times. (Barre, Vt.) 1897-1959, 1908-01-31

u
way and other pubicFntllliy M
kaHs ana may NOT Qgly naoaIf5 WI e.
\ Mai al charters ana lssrter ~ f6gis
! II confera. It may ~ f1f
conditions upon their o1eratfo
! pleasure OF course ID the Y.
these things 1t should aef " 4
with conservatism. proteeting
ed rights Of property and the II
Of the innocent holders Of the sectf 4
Of existing quasi public Sprporatf ~
Regulation, therefore, unon y Wise
basis of the operation Of these public
utilities companies, including the FIX
Ing Of rates and public charges, upon
complaint and subject to court review,
should be intrusted to a proper board,
as well as the right to regulate the
output OF stock and the bonded Issues
Of such corporations. II this were
done, II would inure to the benefit Of
the people and the companies. for II
would fix the value Of such securities
and act as guaranty against their
depreciation. Under such a law the
holders Of existing securities would
find them protected, and new securities
offered would have the confidence OF
the people because Of the guaranty OF
the state that they were only issued for
extensions or bettcrments and upon
some basis Of the cost Of such extern
slons or betterments. 1t is difficult to
suggest any legislation that would give
greater confidence to the public and in
yestors than a wise public utilities bill,
and The mere suggestion of Its enact
ment should cause this class Of SCI
curity holders to feel that their hold
lngs were strengthened and that the
state was about to aid the managers
Of its public utility corporations to
conserve their corporate property for
the public benefit and for the protec-
ton 81 invested capital. %*s
sThe time has come for the strict
supervision OF these great corporations
ana the limitation Of their stock and
bond issues under some proper public
offlciai. 1t win make for conservatism
and strengthen the companies doing a
legitimate business and eliminate, let
as hope. those which are merely specil'
lattve in character and organized sim.
ply to catch the unsuspectlng or credu-
lous investor Corporations have come
in our business world to remain for all
time. Corporate methods are the most
satisfactory for business purposes in
many cases. Every business or enter
prise honestly incorporated should be
protected and the public made TO feel
confidence in its corporate organiza-
ton Capital invested in corporations
must be as free from wrongful attack
as that invested by individuals, and
the state should do everything to fos-
ter and protect invested corporate cap
ital and encourage the public IN giving
to Ii support and confidence. Moth
ing will do SO much to achieve this de-
sirable result as proper supervision
and reasonable control over stock and
bond issues, so that overcapitalization
will be prevented and the people may
know when they buy share Of stock
II
the state upon It stands as a guaranty
that there is value behind It and rea
sonable safety IN its purchase. The act
must make it clear that the intent of
the supervision by the commissioner is
not for the purpose Of striking al cor
porate organizations or invested cor
porate capital, but rather to recognize
and protect existing conditions and in.
sure greater safeguards for the fu.
ture. $50
Capital does not 90 into state
where reprisais are taken or vested ID.
terests are injured. Ii comes only
where wise, conservative, safe treat
ment Is assured. and It should be our
policy to encourage and secure corpo
rate rights and the best interests OF
stock and bond holders committed to
our legal care
No Attack on Rich as Such.
Under no circumstances would we
attaclss upon law abiding I
OF do aught but condemn
those who hold up rich men as being
evil men because Of their riches. On
the contrary, our whole effort is to in.
sist upon conduct and neither wealth
nor property nor any other class dis
tlnctlon as being the proper standard
BY which to judge the actions o. men,
For the honest man Of great wealth
we have 4 hearty regard, just as we
have hearty regard for the honest
politician and honest newspaper But
part Of the movement to uphold homes
II must be movement 70 frown on
We attack only the cor.
.uBt men Of wealth. who find IN the
purchased politician the most efficient
instrument OF corruption and u the
newspaper the most eff
.ient defender of corruption. Our main
is not with these agents and
of the interests. They
ierive their chief power from the
yreat sinister offenders who stand be-
lind them. They are but puppets who
move as the strings are pulled II is
lot tie puppets. but the strong, cum
ling men and the mighty forces work
ne for evil behind and through the
puppets, with whom we have to deal.
Ne seek to control law defying wealth,
ii the first place to prevent its doing
lire evil to the republic and in the
text place to avoid the vindictive and
IreaGful radicallsm which, if left UNI
ontrolIed. it is certain In the end to
Sweeping attacks upon all
upon all men Of means, with
at regard to whether they do well OF
II, would sound the deathknell Of the
,9.set.4f.. ara .urf attacks hnrnrna In