The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1908-07-17
Railroad Regulation.

We assert the right OF Congress
to exercise complete control over in
terstate commerce, and the right OF
each State to exercise like control
over commerce within its borders.
we demand such enlargement OF
the powers Of the Interstate Com
merce Commission as may be neces-
sary to compel railroads to perform
their duties as common carriers and
prevent discrimination and extortion.
we favor the efficient supervision
and rate regulation of railroads en-
gagged in interstate commerce. To
this end we recommend the physical
valuation of the railroads by the In
terstate Commerce Commission. such
valuation to take into consideration
the physical value of the property, the
original cost of construction and all
elements of value that will render the
valuation made fair and just. We
favor such legislation as will prohibit
mess which brings them into COM
petition with their shippers; also leg
islation which will assure such re-
auctions in transportation rates as
conditions will permit, care being
taken to avoid reduction that would
compel a, reduction of wages, prevent
adequate service or do injustice to
Legitimate investments
1--WE heartily approve the laws pro-
hibiting the pass and the rebate, and
we favor any further necessary legis-
lation to restrain, control and pre-
vent such abuses"
I'VE favor such legislation as will
increase the power of the Interstate
| Commerce Commission. giving to it
| the initiative with reference to rates
and transportation charges put into
effect by the railroad companies, and
permitting the Interstate Commerce
Commission, on its own initiative, to
| declare a rate illegal and as being
more than should be charged for such
service; that the present law relating
thereto is inadequate by reason of
| the fact that the Interstate Com
merce Commission is without power
to fix or investigate a rate until COM
plant has been made to it by the
shipper.
I'VE further declare that all agree
ments of traffic or other associations
of railway agents effecting interstate
rates service or classification shall be
unlawful unless filed with and APP
proved by the Interstate Commerce
Commission. We favor the enactment
of law giving to the Interstate Com
MERGE Commission the power to in
spect proposed railroad tariff rates or
schedules before they shall take eff
feet, and if they be found to be I'M
reasonable to initiate an adjustment
thereof.
Banking.
"The panic of 1907, coming without
any legitimate excuse when the Re-
publican party had for a decade been
in complete control of the Federal
Government, furnishes additional
proof that it is either unwilling or
incompetent to protect the interests
of the general public. 1t has so linked
the country to Wall street that the
sins of the spectators are visited
ing to rescue the wealth producers
from spoilation at the hands of the
stock gamblers and spectators in
farm products. It has deposited
Treasury funds without interest and
without competition in favorite banks
It has used an emergency for which
Il is largely responsible to force
through Congress a bill changing the
oasis of bank currency and inviting
market manipulation and has failed |
o give to the $4,000 600 depositors of
he country protection in their saw s
ngs. a
I'VE believe that in SO far as the t
leeds of commerce require an emerg-
ncy currency, such currency should I
re issued and controlled by the Fed C
raj Government and loaned on ade- C
uate security to National and State a
anks. "
I'VE pledge ourselves to legislation 5
nder which the National banks shall
e required to establish guarantee Il
md for the prompt payment OF the a
epositors of any insolvent National p
ank, under an equitable system which CO
hall be available to all State banking re
stitutions wishing to use it. fc
I'VE favor postal savings bank If al
le guarantee hank can NOT no So