Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-04-23
Chief Executive Declares Prop
osition Of Railway Magnate
Is Striking Example Of How
Foreign Capital Gould In
jure State.
"TO WHAT LAW DOES HE
OBJECT9Y SAYS GOVERNOR;
PROPERTY STILL HIS
1--WE Desire Investment of Foreign
Capital" Says Governor, But We
Especially Welcome 1t When Own
ers Come With 1t to Live.'
fsnscia1 piEpatch 70 The JournaI.l

CSpecial Dispatch to The Journal,
AMERICUs, Ca, April n.-Governor
Hoke Smith spoke before the Americas
board of trade Wednesday night HIS
speech was received with great applause
Speech of Governor Hoke Smith before
the Americas Board Of Trade, TO be de-
livered Wednesday night.
Governor Smiths Speech
Governor Smith said in part:
'Georgians are proud Of their state.
They long to see II grow materially, ana
reach a position in point Of wealth eouaa
to the most favored Of states
I've would have the wealth accumuias-
ed not in the hands of a few, but distri-
bntsd so that all OF our people might
enjoy the best of advantages Tor them
selves and for their children.
mo section offers greater opportunity
for industry and thrift, and in many re-
spects there are advantages in Georgia
found nowhere else.
ct will not stop to describe them further
than to say that In agriculture Georgia
Heads. Our mineral resources are great.
our water powers excel those found in
any other state east of the Mississippi
The opportunities for diversified agffcul-
ture and diversified manufacturing win
stand comparison with any state I'M the
union.
| must fb6ly Oh OuE
For the development of these resources
we must rely chiefly upon the irtelli-
fence, the industry and economy, OF our
people.
I'VE INVITE AND DESIRE THE IN
INVESTMENT OF FOREIGN CAPITAL In
no state is 1t more fully protected, but we
should especially welcome 1t when the
Jlewuers come with II, TO live among u.s.,
and TO reinvest in the state the profits
tthey make.
Nothing is so sure TO draw foreign
capital for permanent investment as the
/ knowledge that transportation rates are
reasonable, and that transportation facili-
ties are adequate.
"The most noted example of the effect
of low transportation rates is found in
the state and city OF New York. The Erie
canal affords reasonable transportation
through New York state to the city Of
New York and cheap transportation more
than anything else helped TO make New
York city the metropolis and New York
state the Empire state of the Union.
I'VE desire the investment of foreign
capital in Georgia, but 1t must not take
from the state excessive rates of inter-
est In that event Il would iinpoVerish
rather than enrich the state.
Harriman's Proposition
"a striking illustration of how foreign
the recent proposition OF Mr.. Hartman.
He has stated that perhaps he viii put
SO. 900 Of improvements upon the Cen
trail of Georgia railroad, II the people Of
Georgia will be good, and repeal some
Of the legislation OF the last two years.
THE Hartman interests own the stock
Of the Central Of Georgia railroad. Dur
ing the year of the panic this company
made net profit Of over 8, 400 900 On its
Georgia lines. The net profits of this road
were per cent on $50. 600. It will make
l much mora normal times
Money in New York city is worth from
three and one-half to four per cent. Coed
hundred thousand dollars a year would
soon pay for the 100000 Mr.. Hartman
talks about investing in Georgia.
/ Does anybody doubt for moment that
the net profits of this road would Increase
more than that much IL the $40, O00,0 900 were
spent upon It?
"To What Law Does He Object?''
THE property will still belong to him
and his associates, the improvements as
well as the original property To what
Legislation does he refer when he demands
a repeal by the people of the slater
Does he wish to tear the railroad COM
mission bill to pieces, and to reduce the
number of the commissioners? 1t has been
| suggested that the expenses OF the raii-
road commission were increased two
years ago. and that the increased expense
should be stopped.
| me. railroad commission costs about
900 a year. The railroads of Georgia
collect from the people of the state &c.
900 a year.
Benefit Is Worth the. Cost
what is an expenditure of $4,000 an
nually for the expense OF a commission
charged with the duty of watching the
rights of the people who deal with the
railroad companies, compared to the mon
ey which the people spend Thirty-avs
thousand dollars to give the public fun
value for s4OOOo.OO0 they pay out
| Instead of reducing the expense Of the
commission it should be increased The
salary of each commissioner should be
made sufficient to require his entire time.
and money should be appropriated to
make 1t possible for the commission eff
GENTLY to conduct every investigation and
discharge every duty which the law
i places upon it,
The recent act has greatly increased
/ the duties Of the commission. Street car
companies. telegraph and telephone COM
/ panies, gas, electric light and power
companies and all public service compa-
mics are nov 70 be supervised and regd-
L lated by the commission.
the commission should nor be crfu-
pied. Its work should increase In impor-
lance There is much it can do 10 tighten
/ public burdens, without injustice to the
companies subject to its supervision.
Would He Raise Passenger Rates?
Does Mr.. Hartman mean that we
| must abandon the reduction in passenger
| rates made in the fall of 1907? BY the
| reduction the people of Georgia are saw
/ ing a million dollars a year. Mr.. Harri-
| man will get from his $4,000. 600 a fair
/ interest If he should invest that money in
the Central II we abandon our redue-
ton of passenger rates to meet his wishes
J Continued from Page Three