The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-08-29

be Of benefit to all. Generally speak
ing. a full measure of Industrial ac-
tvity in production, transportation and
distribution has accompanied the oper-
alton Of the new law. Under the maxi
mum and minimum provisions we
nave concluded treaties with all for
eign nations. gaining the best possible
terms for entrance TO their markets
without sacrificing Ii why the
Payne tariff Law we have at last done
justice to the Philippines by allowing
the producers OF those islands the
benefit of our markets with such limi-
tations as to prevent injury to our
home industries
Again. the present law I'm its cor
poratton tax imposes a new kin of
tax which has many OF the merits of
an income tax. Il taxes success, not
failure. Unlike a personal income
tax. II is easily and exactly collected
and by an Increase or decrease in
the rate enables congress with exact-
ness to regulate it's income to its neces-
sary expenditures. More than this. ii
furnishes a indirect but effective
method of keeping the government
advised az to the kind of business
done by all corporations. II is one of
the most useful and important changes
In our revenue laws. as the future
Will show. in spite of the criticisms
heaped upon II at its passage. no party
responsible for revenue or anxious to
retain every means OF legitimate
supervision Of corporations Will repeal
il.
Increased Commissions Power.
The next most important work of
the present congress was n passage
of the. amendment to the interstate
/ commerce bill. The republican plat
form favored amendment TO the inter-
state commerce act with a view to
giving greater power to the interstate
commerce commission in regulating
the operation OF railroads and the
fixing of rafic rates, and also favor
ed such national legislation and super-
vision as would prevent the future
over-issue OF stocks and bonds by in
terstate carriers. After the adjourn
nent of the congress at It's extra ses-
sion, / invited two OF my cahinet and
a member OF the interstate
commission and q member of con-
gress. to make recommendations as
to the needed amendments to the in
terstate aer. These gentle
men reported TO me, and in Septembe
last in a speech in Des Moines. / fore
Swallowed their recommendations as I
intended to make them to the con-
gress for the amendment of the in
terstate act:
First. by the estah iishment OF a
commerce court: second, by empower
ing the commission to classify mer-
chandise as we'll as to fix rates for
classes: third. by giving the right to
q shipper 70 designate the route by
which his goods shall be transported
beyond the line of the initial carrier;
fourth, by empowering the commits
sion to consider the justice or injus-
tice OF any rate wisnout the com-
plant or initiation of a shipper: fifth,
by empowering the commission to
suspend proposed increases or rates
by carriers until the commission shall
have a chance to pass upon the
reasonahieness OF the increase. sixth.
by provisions for the Federal regula-
ton OF the issue of stocks and bonds
by interstate railways: sevnth, by a
clause forhidding an interstate com
merce railway company from acquir-
Ing stock in a competing road: eighth.
by a section permitting the making OF
traffic agreements between compes-
I'M railroads limited In point of time
and subject matter. and subject to the
approval of the interstate commerce
commission.
Thes amendments were In accord
IN ~ kAG AtAA NJ AkG
platform. subsequently bills were
drawn embodytng this recommended
legislation. In which. while the prin-
cipie was maintained. there were linn
itations introduced, as justice sug-
gested. after a conference with all the
parties interested. The bill was SUBJ
mitted to the Congress, and after a
great deal of discussion. both in the
House and the Senate, 1t was enacted
s-A~ l..w< nrsA
which did not materially change the
effect of the recommendations except
TO strike out certain provisions prom
ised In the Republican platform, TO
permit traffic agreements between
railways In spite of the antitrust law,
to forbid one railway company to ac-
Guire stock In a competing company.
and to secure supervision by the In
terstate Comerce Commission of the
Issue of stocks and bonds by inter-
state railways.
For his last was submitted a pro-
vision authorizing the appointment of
a commission to consider the evils
arising from the over-issue Of stocks
and bonds. and the methods of pre-
venting such evils by congressional
regulation. In addition TO the pur-
poses already cited accomplished by
the bill. the so-called long and short
haul clause OF the existing law-the
one forbfddtng the charging of a
greater rate for a less distance tnclud-
ed in the greater distance. than. for
the great distance-was amended so
as TO vest In the commission some
what wider discretion in enforcing the
clause than has been permitted by
the Supreme Court decisions, under
existing law. Moreover, interstate
t~elegraphs and telephones. AZ instru-