New-York tribune., 1909-04-01


methods should be applied to any other business
It would speedily bankrupt it, The adrninistrs-
ton should be so regulated by the people that
it will learn to conserve it's revenue By cutting
down expenses and by taking sufficiently seri-
Gus precautions to prevent the terrible and ut
terlv useless and unecOnOmc deficits which are
occurring with altogether too much frequency-
The fnan nciaI methods of the government should
be the greatest concern of the people to-day, and
it is time they began regulating the govern
gueGt.
PROTECTIONIST.
81 am a protectionist in theory and in practics
where protection is needed But the tariff ought
to be revised. for the law now stands II -
out Of date. There are many things which are
onioving the blessings of protection which
should not be enjoying them. and there may be
many things which should be under T-otectton
that are not; but the theory OF protection is all
right.
The point wish to make is that every new
administration eagerly and Immediately begins
to devise new ways OF hIching money from the
people without knowing the first rudiments Of
economies as applied TO the expenditure OF
money.
How va,;a yor effect reduct,r Of expenses
of tS.e government
"By applying tre cost a ton mile rule
eco1ouies- Z mean by that that rTe -ailrosd
ularss semcnts know shat II costs them 70 trans
port a ton OF freight one mir a2d are Gov
er- q accordingly. T'9-thc~s-,sr. thss are con
sta ltIy striving u gsIsre thE5 unit ., cost II
this principle were 50 7PP.sss ne fiuan-
cai problems O. - co-r rrurnert -hers would To-
a marvellous mango within fev- years
DO you thinS the present administration viii
be inclined to make change in this direction -
L DO not: but this administration and all ad-
ministrations to come should be forced by the
people to make economy their arst aim or suffer
political oblivion"
Asked just what IL meant by his remarks IN
Denver the first OF the week in which he said
ne would like to consolidate all the roads under
one head II the government would permit. hs
said:
.AU my talks on that subject have been mis-
Construed I said in Denver. as have often
said before that the stronger roads ought ~
be allowed 10 help the weaker lines by taking
them ove- and effectine the improvements and
operating economies that can only DC accom-
pIished by bringing them under one manage
nent At present railway mon are prohibited
by law from making such consultations where
the roads are parallel and competing
The sherman la prohibits combination. and.
literally enforced. would even prevent many
conferences necessary for securing united ac-
ton believe the law ought 10 be amended
10 permit advantageous consultations, even IN
the case OF parallel or competing lines-of
course With the proper safeguards Of super
vision by the Interstate Commerce Commission
or other properly qualified body I believe IN
regulation"
Would that apply to regulation OF the issu-
ance OF railway securities
No Il would not. The Issuance or securities
does not concern the public provided they are
rightly used and take nothing out Of the people
that they ought not to take. If securities are
properly used 70 improve property. and If the
roads are run for the benefit Of the people and
give good service. 1t is nObOdys business how
they are issued or what price they are sold At
The price and the par value do not make 80
much difference,
AS TO SECU
I'm discussing securities do not lose sight Of
the fact that the obligations OF a company are
measured not alone by the par value selling
nrice Of its bonds but by the par value plus
the interest no matter what they sold for.
For instance if the company agrees 10 pay
per cert interest on It's obligation II can get
more money for use than II they were sold for
less on 4 per cent interest basis
o-rbev said the Alton was grossly overcapI-
taIized And vet the Alton is to-day the best
railroad physically in the State OF Illinois II
has been made 30 per cent better for twO-thtrds
of its original cost. and l might add that il .
not bankrupt even now II is stiH solvent. all
the state attorney generals and al Of the In
sbriated state Senators to the contrary notwith-
standing
ON tariff reform Mr.. Hartman said;
Eff Tie government had revised the tariff cr
given the country good currency law. OF both.
we would not have had the Landis decision, and
We would not have had all this wasteful prose-
cution of corporations, nor all Of this hostile
legislation against railroads. and the country
would to-day be going along swimninSiE-
II have been quoted he continued "as speak
ing barshlv against the government and our
former President for having prosecuted me and
th4 interests which I represent. have neve-
snoken bitterly regarding him, and | have no
criticism, to make. The prosecutions were al
right. for there is nothing about the railroads
which l represent that / desire to conceal
Every move we have made has been known n
the government. and we have tried TO obey the