The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1910-12-08


tanned that they were not justified in
giving such guarantees, and that If
they did so, the United, States would
be the only country in the world
whose bills were so discredited, and
whose foreign trade was carried on
under such guarantees.
The foreign bankers extended the
time at which these guarantees were
demanded until December 81, 1910.
relying upon us for protection in the
meantime, as the money which they
furnish 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 q law
under which one who, in good faith.
advances money or credit upon a bill
of lading issued by a common carrier
upon an interstate or foreign ship
ment 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
] L.
Such liability exists under the laws of
many Of the States. / see no objec-
ton to permitting two classes of bills
of lading to be issued: ~ Those I'M
der which carrier shall be absolute
ly liable, as above suggested, and
(2) those with respect to which the
carrier shall assume no liability ex-
cept for the goods actually delivered
to the agent issuing the bill. The
carrier might be permitted to make a
smHll separate specific charge in ad-
diti0l to the rate of transportation for
such guaranteed bill, as an insurance
premium against loss from the added
risk. thus removing the principal OBJ
lection which ! understand is made
by the railroad companies to the i'm
position 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 ladng.
] fu Their recommend that a punish
mcnt of fine and Imprisonment be I'M
posed upon railroad agents and ship
Ipers for fraud or misrepresentation in
lading issued upon interstate and for
eign shipments.
Except as above, | do not recommend
any amendment to the interstate-com-
merce law as it stands. | do not now
recommend any amendment to the an
ti-tr CT 1a. al dc
to me that the existing legislation with
reference to the regulation Of corpor-
ations and the restraint of their bust
ness has reached point where we
can stop fer while and witness the
effect of the vigorous execution of the
laws on the statute books in restrain
ing the abuses which certainly did
exist and which reused the public to
demand reform. If this test develops
a need for further legislation, well
and coed, but until then let us exc
cute what we have. Due to the re-
form movements OF the present de-
cade. there has undoubtedly been a
great Improvement in business meth
DDS and standards and in the earnest
men to comply with the law. They
are now seeking to know the exact
limitations upon business methods i'm
posed by the law, and these will
doubtless be made clearer by the de-
cisons of the Supreme Court in cases
pending before it.
I believe it to be in the interest OF
all the people of the country that for
the time being the activities of gov
eminent, in addition to enforcing the
existing laws, be directed toward the
economy of administration and the
enlargement of opportunities for for
eign trade, the conservation and i'm
provement of our agricultural lands,
the building up of home industries,
and the strengthening of confidence OF
capital in domestic investment.
The White House, Dec. 6, 1919.