Morgan County republican. (Versailles, Mo.) 1906-1914, 1910-04-14
DRAWN IN THE INTERESTS OF
THE RAILROADS, THINK THE
PRoGRESsivEs.
THEY WILL PROTECT PEOPLE
Congressman Fowler's Able Speech
on Needed Financial Legislation
Limitation Of Speakers Pow"
er Still is Subject Of
Warm Discussion.

senator Root upon the commerce
court bill II became apparent that the
railroad senators have a disposition
to improve the bill or have come to
the realization that concessions are
necessary to pass II through the SEN
ate. The surface indications are that
the railroad interests are becoming
worried over the fate Of the measure
In Its present form but that does not
mean that the struggle for additional
railroad privileges Is abated.
Senator Root was forced to admit
that traffic agreements between rail.
roads, which the administration bill
proposes to legalize, should be sub
ject to the approval Of the Interstate
Commerce commission. The bill, as
It came from the committee, did not
provide for such an approval. This
admission of u needed amendment
was the greatest concession made thus
far in the debate as to the right OF
the contention of the Progressive SEN
ators. Even Senator Depew inter
ruptcd his colleague to volunteer the
statement that the railrSsd men of
the country are agreed that the ap.
prevail of the commission should be
obtained before traffic agreements be-.
tween the railroads become opera.
tive, and that the supervisory author.
ity Of the commission over all such
agreements should be exercised and
they should be subject to control so
long as these agreements continue.
Power of the Commission.
Traffic agreements are not freight
rates. The commission is clothed
with authority to determine the rea.
condolences OF freight rates. but no.
where in the bill is the machinery
provided by which 1t can ascertain
what rates are reasonable and what
unreasonable. The reasonable rate is
one that will return an adequate divi-
dend upon the value of the property
employed in the service. In order to
determine this. the body charged with
the ascertainment of the rate must
know the value of the property. The
bill reported from the house commit.
tee provides for a valuation OF rail-.
road property in certain instances and
for the purpose of determining the
amount Of securities which should be
Issued upon that property in cases
where one railroad company buys the
property of another railroad company
The Progressive senators and repre-
scntatives are not satisfied with this
and believe hat the commission
should have authority to value all rail
road Y,rnt.rtu for thn r,,rrnun re do
~termining what are reasonable rates
For more than a quarter of a cen
fury the railroads have been fighting
for the privilege of pooling. and these
traffic agreements which the admins
! tration bill provide should go into eff
! feet without exercise of supervisory
authority on the part of the comRis
sion, and which It is now admitted
4 should be subjected to such super
this privilege for which they hav'
been fighting.
q 1t Is evident that the purpose o
the railroad senators now Is to maxi
a show OF c%Onceding everything tina
tho prOgressives demand and then b,
y cunningly wording the amendment
. by which II Is proposed to grant tn
y concessions to nullify the concession
and to put the bill into the form Il
u which the railroads desire II.
l Fowler on Finance Reform.
! Congressman Charles N. Fowler @
New Jersey always commands tn
attention If students of finance whe
he addresses the house upon his f;
voritc theme. All Progressives d,
not agree with him, but all conced
that he has made al honest study {
n the problem with a view to workin
| out a system which will make ou
h cArrency more elastic and make
serve more effectively the needs
q commerce.
His study of the subject has brougt
him In conflict with the interest
which control Big Business and 1
d open warfare with such political rel
10 resentatives of those interests a
y Speaker Cannon and Senator Aldricl
In the course Of al exhaustive speed
IA covering 70 pages OF the Congre
sional Record. in regard to the neede
financial reforms, he said:
d. The government should be take
- out of the banking business complet
~ ly and absolutely. and Its financi'
functions should be limited to tho
u Of a properly regulated municipalit
~ The government should cease by !
y operations In the collection Of rev