The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-12-06

nous expense that some other remed,
must be adopted. By act Of May {.
1910. the interstate commerce commits
sion is authorized and directed to in
vestigate accidents, to report their
causes and its recommendations.
suggest that the commission be re-
quested to make a 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 Ter
the purpose Of enabling II to enter upon
valuation Of all railroads. This hs.
always been within the Jurisdiction Of
the commission. but the requisite funds
have been wanting. Statistics Of the
value Of each railroad would be valu-
able for many purposes. especially II
We ultimately enact any limitations
upon the power Of the interstate rail-
roads to issue stocks and bonds, as I
hope we may.
l think. therefore. that In order 20
| permit q correct understanding Of tho
/ facts II would be wise to make a rea-
sonable appropriation to enable the IT,
! terstate commerce commission to pre-.
coed with due dispatch to the valu.-
ton Of all railroads. I have no doubt
that railroad companies Themselves
can and WILL greatly facilitate this val
uation and make 1t much less costly IL
| time and money than has been sup
posed.
Fraudulent Bills Of ladine.
Forged and fraudulent bills Of lad,
! ing purporting to be issued agains;
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
Oct 81, 1910, they would not accept
bills Of exchange drawn against bills
Of lading for cotton issued by Ameri
can railroad companies unless Ameri-
| can bankers would guarantee the IN
tegrity of the bills Of lading.
The American bankers rightly main
tanned that they were not justified in
giving such guarantees and that II they
did so the United States would be the
only country in the world whose bills
were so discredited and whose for
eign trade was carried on under such
| guarantees.
The foreign bankers extended the
time at which these guarantees were
demanded until Dec. 81, 1910, relying
upon us for protection in the mean
time, as the money which they fur
nish to move our cotton crop Is Of
great value to this country.
For the protection Of our own people
and the preservation Of our credit in
foreign trade urge upon congress the
immediate enactment Of a law under
which one who in good faith aI.
vances money or credit upon a bill If
lading issued by common carrier
upon an interstate or foreign shipment
can hold the carrier liable for the
value of the goods described in the
bill at the valuation specified in the
bill, at least to the extent Of the ad.
vances made in reliance upon 1t.
Such liability exists under the laws
Of many Of the states. see no Oh
! lection to permitting two classes Of
bills Of lading to be issued: a. Those
| under which n carrier shall be abso-
lutely liable. as above suggested. and
| (2) those with respect to which the
carrier shall assume no liability except
for the goods actually delivered to
i the agent issuing the bill. The carrier
might be permitted to make small
separate specific charge in addition
to the rate Of transportation for
4
ance premium against loss from the
added risk. thus removing the princi-
pal objection which understand 10
made by the railroad companies to the
imposition Of the liability suggested
viz, that the ordinary transportation
rate would not compensate them for
the liability assumed by the absolute
guaranty Of the accuracy Of the bills
of lading.
further recommend that a punish
ment Of fine and Imprisonment be i'm
posed upon railroad agents and ship
pers for fraud or Misrepresentation in
connection with the issue of bills Of
lading issued upon interstate and for
eign shipments.
Except AZ above. do not recommend
merce law as 1t stands. l do not now
recommend any amendment to the
antitrust law.
In other words, 1t seems to me that
the existing legislation with reference
to the regulation Of corporations and
the restraint of their business has
reached a point where we can stop for
awhile and witness the effect Of the
vigorous execution Of the laws on the
statute books in restraining the abuses
which certainly did exist and which
reused the public to demand reform.
If this test develops a need for fuc-
Their legislation. we'll and good. but un
til then let us execute what we have
Due to the reform movements of the
present decade. there has undoubtedly
been a great improvement in bushes.
methods and standards and in the
earnestness Of effort on the part OF
business men to comply with the law
They are now seeking to know the ex
act limitations upon business methods
imposed by the law. and these will
doubtless be made clearer by the de
cisions Of the supreme court in case.
pending before It.
/ believe 1t to be in the interest Of al
the people Of the country that for the
1