Omaha daily bee., 1909-11-07

the fight until they win the victory, and
1 warn the men who are so vociferous in
their DEGREES Of expulsion that they had
better conserve their strength for self
defense. They will need all they have and
more.
Let us silence at once and forever the
discordant cry that these republicans must
be driven from the party ranks. There
is no power on earth that can drive them
out, and no power on earth that can pre-
vent them eventually from faithfully APP
plying the doctrine which won the conf
dence and secured the support of the
voters of the United States in the last ma
tional campaign. The puny efforts of the
few men who are now amusing themselves
revising the republican roster remind
me Of that famous convention held by
three tailors of London. in which resolu-
tions OF grave import were preceded with
a preamble which began, We, the people
OF England The convention adjourned
and the people laughed. The triumvirate
will dissolve and the people will smile.
Hitherto, although there have been
some irreclaimable and hopeless obstruc-
tionists who have been and are repub-
licans, the party as a whole has been
progressive. There are some signs now
that a number Of our distinguished leaders
think that we have gone far enough, and
tina we should settle down, for a period
at least, into the quiet and peace OF in
action. I hazard the prediction that II
we do, the camp we pitch will be our
burial ground
Discusses Currency Question.
Senator Cummins then took up the cur
rency question. He alluded to the fact
that Senator Aldrich was in the city dis
cussing this subject. He said he was I'M
familiar with the views or plans of Sena-
tor Aldrich regarding the matter, but
earnestly hoped to be able to give Senator
Aldrich's plan the support Of his vote in
the senate.
81 fear, however," continued Mr.. Cum
Minis, that it will involve one of two
things, both Of which 1 look upon as hos
tile TO the welfare Of the American people.
Any plan which subjects the volume OF
our currency to the power and judgment
Of a few men who may become selfishly
interested in either expanding 1t or re-
ducing It, is bad. and If carried into exc
cution would enslave the financial world
as completely as some parts Of the indus
trial field are now held in bondage. Such
a scheme. whether called a central bank
or any other name, is intolerable. Like
wise, we must avoid a financial institu-
ton with the power to control the money
Of the country, the possession or man
agement OF which would be an issue be-
tween political parties. Any system which
takes away from a commercial community
the power to easurably take care Of itself
during periods OF stress and storm will be
reactionary rather than progressive.
There are some very good men who
/ fbfpl that yua haNa pOmn1afpd all that
ought to be done in the way OF regulation
Of railways and other common carriers.
These are the conservatives OF whom l
have spoken. AS / view the subject, we
have scarcely made a fair beginning. There
S one fundamental phase OF the subject
which has not been touched, and one OF
the most fragrant wrongs which is yet to
be rlghted. The fundamenta commission
,elates to the capitalization Of railway
corporations, and the other concerns fair
ness in railway rates as between com
munities and localities.
Question of Railroad Rates.
me It seems absurd to attempt to
regulate the rates Of common carriers
until It is determined upon what capital
the railway companies can lawfully de
mand a reward. 1t is at this point thai
congress has been unjust to the rail-
ways. II Is pam Aldl one OF lhe IllAl
things we ought to do as a government
is TO fix a basis upon which carriers may
earn interest and dividends. There are
some things which having been done can
not be undone, and, therefore, we MAJ
be compelled to accept the present capital
~ization; but we ought to Immediately pro-
vide that hereafter there shall be no cap
( italizatOn that does not represent indie
/ pendent investment; and by that 1 meal
! that neither surplus earnings nor increas,
in the value OF property should be cap
italized. When these provisions are made
and rates are under consideration Their,
8 can be an intelligent opinion with re.
! spect 10 their adequacy.
Altogether. the most important phas,
} Of the regulation Of railway rates is II
hopeless confusion. II is everywhere ad
4 mitted that the railways In order 20 serve
! what hey believe TO be their oVn in.
/ terests nave through a false and uniusI
relation OF rates built up some commu
/ mites and destroyed others. This prae.
uee has continued so long and effectualL