The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-04-09
Noted Washington Writer
Makes a Startling
Prediction.
THE OLD THEORY OF cOMPE-
TITION MUST BE REPLACED BY
ONE OF TWO THiNGS-EITHER
ONE RAILROAD SYSTEM OR Gov
EMINENT OWNERSHIP OF THEM
ALL.

Sayoyard, the well known Washing
ten writer whose letters have for
years been the most widely read and
generally interesting literature sent
out from the national capital, recently
wrote a startling letter on the subject
Of railroads. His letter follows:
President Taft's Recommendation.
1t seems that Roosevelt did not quite
finish the octopus chase, and that Taft
is called on to complete it. At least
in his elaborate special message on
January Z, the president recommends
amendment of the Hepburn law that
Roosevelt had such a time bullying
through congress, the session when
Bill Chandler was the medium of COM
munication between the president and
Ben Tillman, and, believe, Joe Bailey
also. 1t had a rather unfortunate
ending when Roosevelt was reduced
to the necessity of quaffing the cup
Nelson w. Aldrich brewed for him,
and the president ,smoOthed his ruff
fed feelings by nominating Chandler,
Tillman and Bailey to membership in
the Ananias club.
Like everything else of a reform ma
ture he ever undertook, Roosevelt in
that affair, merely initiated the King
of France, who marched up the hill
with 10000 men and then marched
down again. On the 'trappings,' the
pride, pomp and circumstance" of re-
form, Roosevelt never had his match
in this or any other country, in this
or any other age. But that is all. In
reality he is, in a political sense, the
most vicious character our country has
produced, and the one president we
have had who was utterly and defiant
ly contemptuOus of the law. That is
the great difference between him and
Taft, who, in the first place. knows
the law, and who not only will not
violate it himself. but will allow no.
| body else to break it if it comes to
his knowledge. Then I applaud Taft,
the one republican president whose
act has not, and will not, belle his
| tongue in his professions of friendship
for the south. He is the one repub-
lican president who at the same tima
is friend of our people.
"Tinkering" is Foolish.
AS for the railroad problem, all this
tinkering with it is worse than foolish
One of two things will happen. Either
there will be government ownership
or there will be one gigantic corpora.
ton owning every mile of steam road
between the two ocans. The govern.
ment can regulate one railroad with.
out harm to anybody; but it cannot
regulate number OF railroads with.
out harm to somebody. Some of the
roads are strong, others are weak. A
regulation that the Pennsylvania road
can stand without injury would pul
| the t'FlP into tho bonds Of
! Every time a railroad goes into in
solvency it injuriously affects every
community it supplies. A railroad is
an enormous buyer; but in the hands
OF receiver that road buys nothing
| except what it is bound to have. then
and there on the spot.
| Again there are thousands of miles
! OF road in this country built on the
! idea of competition that ought NOT tr
have been built at all. There is a rail
road connecting directly Louisville
Ky. and Nashville, Tenn. 1t can han
without embarrassment every pounC
OF freight that can possibly mass he
tween these two towns. Then wher
waste it would be to construct another
line between Louisville and Nashville
1t would be like the farmer who Womb
send two plows to turn one furrow q,
two men to feed one steer. It woult
De mat bane Of all business-waste
One Big Company.
All Such folly as that would he i'm
possible if there We're but one rail
road. 1t would be operated bv me,
whose chief intent would be to builr
up every community, for it would h,
10 tnelr interest to do so. and if the,
tailed, then the government could stei
IfS Ia
them to do So
The law ought to provide that III,
holding company should not go inf
effect until there were at least 5o0 M
stockholders, and the states shouId on
act laws to encourage savings hank
to invest in the stock. Thrifty farn,
ers should be asked to take enong1
. STOCK, the dividends on which wonI,
pay the treights on grain, live stock
tobacco or cotton they Sell off n,
farm. Country storekeepers and 81
other merchants ought to be indnce,
TO take stock enough to nav 81
trelghts charged against them from, N,
dividends. The stock, HAVING No
than 100000 miles of road and the IN,
menSe equipment, would afford invost
ments for trust funds OF widows on,
orphans. indeed, the concern ougb
to have at least 100000 stockholdeT.
at the end of ten years.
mat road would belong to the nee
, pie, and that Is solution of the maj
ter a heap better than we are IikeI
10 get. Inc stock should be made RI
basis OF national bank circulation. an
, by operation of law il could be MAJ
to yield a dividend of not less than
, per cent. I say by operation of Law
: which should so regulate the sum Sc
; apart for extensions as to insure a
! per cent dividend.
1t is either one big contract, owne
in the main by small capitalists. or
: is government ownership. We wi
have government ownership wheneve
| the railroad magnates get tired c