Morgan County republican. (Versailles, Mo.) 1906-1914, 1909-04-22

return to ashes on our lips by evadiug
the decision Of the court and thus refus-
ing to feel and obey the mandate1 God
forbid.
Is there any reason why the people Of
our State cannot wait until the courts
finally dispose of the great constitution
al questions involved in his controversary!
General Major was reported in the press
dispatches a few days ags as stating that
Missouri had tremendous wealth and was
one of the richest States in the richest
valleys in the world. How did 1t acquire
that wealth and riches Under the opcr-
alton the largest freedom Of action for its
people and for the longest period under
no rates at all fixed by law aud then for
many years under a three cen passenger
rate and very liberal freight rates.
PANIC AFTER RATE Cur.
! presume the most strenuous advo-
cate of State regulation Of railroads will
admit that there has been no progress in
wealth in the state, but on the contrary,
a widespread panic has prevailed since
the Inauguration Of the 2-cent and maxi.
mum freight rates two years ago, and
that there has been more dissatisfaction
in the period than any other like period
in the past. Business has been depress-
ed, cores Of thousands of men have
been thrown out Of work and stocks and
bonds and property values generally
have deprecated hundreds Of millions of
dollars.
1t may be claimed that adverse legisla-
ton did not bring on this state of affairs,
but millions Of men in the country, and
among them the most eminent bust
ness men and economists. believe that the
drastic enactments, and the course Of the
administration of the law by the
States and the national government
during the last two years was the direct
cause of the panic. They destroyed the
confidence in TIE safety of invested CAPT
tai.
During the winter Of 1907, more than
800 measures of the most drastic kind
against railroad and other corporations
were enacted by the States. This was
followed by the attempts of several State
administrations to prevent the railroads
from resorting to tile federal courts for
vindication Of their constitutional rights,
and / am sorry to say that Missouri, was
one of them.
FINES CAUSE STOCK SHRiNKAGH.
About the time the national admins.
%tratiOn, by its course, indicated very
clearly that certain great corporations
had been selected not for regulation, but
destruction. In the summer of 1907,
the Standard Oil Company was fined
500, 0O0,OO0 for accepting freight rates
that had been in force for ove fifteen
years with the full knowledge of the
government, and in September the Santa
Fe road was fined $4,000 for conpro.
missing a disputed freight charge, and
upon the declaration of the President
that the policies he had inangurated
would be carried out. the bottom fell out
Of the bond and stock market, by which
the people los, 5000, 900, 900 and 1000
600 Of men lost their jobs, and The most
Of them are still! out of work.
II may he that these drastic
measures did not produce these fearful
results, but the fact that the panic and
the measures culminated at the same
tine is strong evidence that they did.
This is believed at least by millions OF
men, and wise craftsmanship demands
that we calmly and dispassionately In.
ves.igate the matter and be sure that we
have diagnosed the disease properly,
before we adopt drastic measures on
another theory.
At the beginning Of 1907 I venture to
say that the people Of Missouri as q
whole were better satisfied with the con.
d,tions under which they operated than