Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-12-06
TAFTS ANNUAL MESSAGE SENT TO THE CONGRESS

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make it virtually q contributory plan
with provision for refund OF their the
oretical contributions.
Experience in England.
The experience Of England and other
countries shows that neither can con-
tributory plan be successful. human ma
ture being what 1t IL. which does not
make provision for the return Of contri-
buttons, with interest, in case OF death or
resignation before pensionable age. Fol-
lowed to its logical conclusion this means
that the simplest and most Independent
solution of the problem for both employee
and the government Is compulsory saw
ings arrangement, the employee to set
aside from his salary sum sufhcfent,
with the help Of liberal rate of interest
from the government, to purchase an
adequate annuity for him on retirement.
this accumulation to be inalienably his
and claimable IL he leaves the service be-
fore reaching the retirement age or by
his heirs in case of his death. This is
the principle upon which the Gillett bill
now pending is drawn.
The Gillett bill. however, goes further
and provides that the government shall
contribute to the pension fund OF those
employees who are now so advanced IN
age that their personal contributions will
not be sufficient to create their annuit s
before reaching the retirement age. In
my Judgment this provision should be
amended SO that the annuities Of those
employees shall be paid out of the salaries
appropriated for the positions vacated by
retirement. and that the difference be-
tween the annuities thus granted and the
salaries may be used for the employment
of efficient clerks at the lower grades.
If the bill can be thus amended l recon-
mend its passage as it will initiate a
valuable system and ultimately result In
a great saving in the public expenditures.
Interstate Commerce Commission.
There has not been time to test the
benefit and utility Of the amendments to
the interstate commerce law contained IN
the act approved June Is. 1910. The law
as enacted did not contain all the fea-
lures which recommended. 1t did not
specifically denounce as unlawful the pur-
chase by one Of two parallel and COM
peting roads Of the stock of the other.
Nor did il subject to the restraining IN
f1uence Of the interstate commerce COM
mission the power of corporations en-
gagged in operating interstate railroads to
issue new stock and bonds; nor did II
authorize the making Of temporary agree
ments between railroads. limited to thirty
days, fixing the same rates Tor tramc De-
tween the same places.
of these objects upon Congress at TINS
session. The object Of the first provision
is probably generally covered by the anu
trust law. The second provision was IN
the act referred to the consideration or
commission to be appointed by the Elk
ecutive and to report upon the matter 70
Congress- That commission has been ap-
pointed and is engaged In the investiea-
ton and consideration Of the question
submitted under the law. 1t consists OF
President Arthur T. Hadley of L ale Uni
versity, as chairman: Frederick Y.
Strauss. Frederick N. Judson. Prof. b. h.
Meyer and Walter l.. Fisher. with WILL
liam e. S. Griswold as secretary.
The third proposal led to so much ms
construction of it's object. as being that
of weakening the effectiveness OF the
antitrust law. that 1 am not disposed
TO press It for further consideration II
was intended to permit railroad CON-
NAMES to avoid useless rate cutting py
mere temporary acquiescence IN the same
rates for the same service over COIL
netting railroads, with no obligation What-
ever to maintain those rates for any
time.
Safety Appliances and Provisions.
The protection of railroad employees
from personal injury is a subject OF the
highest Importance and demands continu-
ing attention. There have been two meas
ures pending in Congress. one for the
supervision Of boilers and the other for
r1oop 0y n a
Certainly some measures ought to be
adopted looking to q prevention OF acct
dents from these causes. It seems to me
that with respect to boilers q bill might
well be drawn requiring and enforcing by
penalty q proper system OF Inspection Dy
the railway companies themselves whlch
would accomplish our purpose. The en-
tire removal of outside clearances would
be attended by such enormous expense
that some other remedy must be adopted.
BY act Of May 6. 1910. the Interstate COM
merce commission Is authorized and d.
rected to investigate accidents. to report
their causes and its recommendations.
suggest that the commission be requested
to make q special report as to injuries
from outside clearances and the best
method. Of reducing them.
Valuation Of Railroads.
The interstate commerce commission
has recommended appropriations FOR the
purpose of enabling it to enter upon a
valuation of all railroads. This has al
ways been within the jurisdiction OF the
commission, but the requisite funds have
been wanting. Statistics Of the value OF
each railroad would be valuable for many
purposes, especially II we ultimately en-
act any limitations upon the power OF the
interstate railroads to issue stocks and
bonds, as hope we may. think. there
fore. that in order to permit correct
understanding of the facts, 1t would be
wise to make q reasonable appropriation
to enable the interstate commerce COM
mission to proceed with due dispatch to
the valuation of all railroads. I have no
doubt that railroad companies them
selves can and will greatly facilitate this
valuation and make it much less costly
in time and money than has been sup
posed.
Fraudulent Bills Of Lading.
Forged and fraudulent bills Of lading
purporting to be issued against cotton.
some months since, resulted In. losses of
several millions Of dollars to American
and foreign banking and cotton interests.
Foreign bankers then notified American
bankers that, after October 81. 1910, they
would not accept bills Of exchange drawn
against bills Of lading for cotton issued
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