The Washington herald., 1909-03-07

more cre6itable. We find an increase in
the number Of passengers carried one
mile OF SCI per cent and an Increase in
the tons Of freight carried one mile OF
1854 per cent In other words, the in
crease in facilities has been materially
greater than the increase in capitaliZa-
tion. and the increase in service per-
formed has been largely in excess either
Of the increase in capital or OF facilities.
Let US now look 10 the future. Every
man here this evening. and every citizen
Of the South. hopes that our rate Of
progress during the next ten years shall
be as great during the past ten years.
Do you realize the task such an increase
in traffic will put upon our railways? AS
you know, prior to the beginning Of the
business depression IN 1907, the facilities
were taxed 10 their utmost. How are
they to handle a still further Increase OF
S6 per cent in passenger travel and a
145 per cent increase in freight traihc? Il
il not apparent that trackage and Other
facilities must be provided on a large
scale, and that additional capital must be
attracted 10 railway Investments
The provision OF these facilities IS q
matter that concerns the farmer. The
manufacturer. the banker, and the mer-
chant. as well as the owner OF railway
securities. the railway manager. and the
railway employe Whether they can bt
provided depends in large measure upor
the regulatory policies that are adopted
by the State and nation The proper field
Of regulation is the prevention OF wronG
and the safeguarding Of the rights botf
Of the buyer Of transportation and Of tht
railway.
Hold to Basic Truths.
If regulation is 70 be beneficial. certain
fundamental truths must be kept IN mind
II must be recognized that transportation
is essential TO profitable production; tha
the railways OF a community are an IN
dispensible factor in its development; tha'
they are built by private capital and
operated by private individuals, and tha
they have property rights in whatevel
remains TO them as the net result Of theil
operation. It is their property. In the US
and enjoyment of which their owners arr
protected by the fundamental laws OF th'
land. and should be protected by public
opinion TO the same extent 20 which th'
citizen Is protected IN the posses
sion and enjoyment Of his home, hi
| farm. or his factory. Il must be recog
nized that when public regulation ha.
/ been carried 10 the extent Of preventing
unreasonable charges and unjust dis
/ elimination, the owners Of a railway ar
entitled 70 have the same liberty in III
management as IS enjoyed by the owne
Of any other business. You cannot put
business such as this. on the success an'
prosperity Of which all other lines o
business depend. IN a strait-Jacket o
LEGISLATIVE and administrative restriction
and regulations. and expect IL to thrivl
and keep pace with the demands OF tn
country for increased transportation IA
cilities.
This applies with particular force q
railways, for, on account OF the charac
/ ter and location OF the property Of
railway company and the nature Of Il
business, II must depend. probably NOR
than other business enterprise, upOl
public opinion for the protection Of IL
/ property and its rights, and for its abilit,
efficiently to perform its service for tn
public