The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1909-01-18

every pTOpooeu ClioI ISi IL. WI
porations to see that it violates
no law, and he should be charg-
ed with the duty of enforcing
our law against all corporations.
The State has always dealt and
will continue to deal kindly with
only the man or the
that fears the right
or follows the wrong need dread
the wisdom of the people or the
action of the Legislature.
Recognizing the value of good
roads, he would have the State
in every practical way encourage
their building. He suggests that
a State highway commission may
with great advantage be created
to consider the whole matter and
report to the next Legislature.
AS to the drainage of swamp
lands, a subject of especial in
terest to the people Of this sec
ton of the State, he thinks that
the time cannot be far distant
when these lands will be drained
and become largely free from
their present ase-breeding
conditions and become the most
productive lands in the State.
He recommends some law auth
orizing private owners of swamp
lands to enter upon the lands of
others, upon just terms and un-
der proper regulations, for the
purpose of effectual drainage.
The Governor believes that
something further is needed to
encourage our people to deposit
their money in banks instead of
boarding it, to moderate the eff
fects of panic. to prevent runs on
solvent banks, to insure deposits
and to enable our banks to sur
vive the postal savings bank sys-
tenn, and in his judgment the
bank guarantee deposit policy
will benefit not only the banks
but very greatly the public.
Concerning the railroad busi-
ness of the State he said:
Every thinking man realizes
that railroads are necessary, that
they bless every community they
touch, that they must be profit
able in order to give proper SER
vice, that they deserve fair treat
ment at the hands of Legisla-
lures, and moreover that any
legislation that would deprive
them of just compensation would
be futile under the constitution.
The people are willing to be
charged such rates for travel and
freights as will pay the legiti-
mate expenses Of every kind and
character, including liberal wages
to all employees, keep up the roads
in good repair and safe condition,
and then pay fair dividends upon
the value of the property. But
the people are not willing for
companies chartered for the pub
lie benefit to exact from the pub
lie under an almost unlimited
power to extort when unrestrain-
ed by law, additional rates to pay
dividends on fictitious values OF
to enable railroad magicians by
trickery to make millions over
night, or to justify y them in sad,
ding upon the public millions OF
securities in watered stock. In
my judgment the Fundamental
wrong in the American railroad
problem is Watered stock. The
great question on most of the
railroad managers is how to make
one dollars worth Of property
earn dividends and interest OF
two dollars of stock and bonds
This tends to two great evils
overcharging the public on one
hand, and stinting the roads il
labor and equipment on the
other. This overcapitalization
together with the fact that, ex
cept in rare instances, the own
ers of railroads do not live among
and have little sympathy witt
the people they serve, are at tn
bottom Of most railroad evils
Oftentimes a manager serving
far away corporate head, no
t knowing how long he will hol
his position, endeavors to make
) record by charging the public a.
he can, and by exercising a ten
! porary economy that leads fnall
: to defective roadbed, dangerou
2 track and insufficient equipment
: for he is expected above all othe
e things from his position to max
the property earn dividends upo
e original and watered stock. It
: evident that one of the essentia
e of proper regulation of railroa
e charges is to provide by statut
d for ascertaining the value of raj
: road property in order to have
q basis upon which to conside
q rates.
J. "The last Legislature reduce
y passenger fares. The rates no
l. in force, which save thousands {
q dollars annually to the peop
:, from the old rates, have been a
IL proved by the railroads as ju
n and reasonable. The condition
u justify US in anticipating no ae
t, tation for any change in passe
ID ger fares during the term of Il
le incoming administration"
Il He condemned the discrimin
le tions in freight rates practic
n by railroads in favor of some al
ne against other cities and said tn
e. the State should do all within h
a power to abolish such discrimir
an ton and to secure for our entt
prises and business inter-Sts
a rates as fair for our citizens