The Birmingham age-herald., 1910-12-07


 must be adopted. By act Of May 6, 1910. the interstate commerce, commission is authorized and directed to investigate accidents. to report their causes and it's recommendations. l suggest that the commission be requested to make a spe cial report as to inquiries from outside clearances and the best method of reduc- ing them.
 Valuations of Railroads
 The interstate commerce commission has recommended appropriations for the purpose of enabling 1t 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 if we ultimately en- act any limitations upon the power of the interstate railroads to issue stocks and bonds, as 1 hope we may think, there fore, that in order to permit a correct understanding of the facts, 1t would be wise to make a 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 themselves can and will greatly facilitate this val uation and make 1t much less costly in
 
 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 3l, 1910, they would not accept bills of exchange drawn against bills of lading for cotton issued by American railroad companies, unless the American bankers would guarantee the integrity of the bills of ladings Isie American bankers rightly maintained that they were not justified in giving such guaranties, and that if they did so the United States would be the only coun- try in the world whose bills were so dis credited, and whose foreign trade was carried on under such guaranties.
 The foreign bankers extended the time at which these guaranties were demanded until December 31, 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 coun- try.
 For the protection of our own people and the preservation of our credit in for eign trade, I urge upon Congress- the i'm mediate enactment of a 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 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. l see no objection to permit ting two classes of bills of lading to be issued: q) Those under which carrier shall be absolutely liable, as above sug- lxrrtfh which the carrier shall assume no liabil- ity except for the goods actually deliv- cred to the agent issuing the bill The carrier might be permitted to make small separate specific charge in addition to the rate of transportation for such guaranteed bill, as an insurance pre- mium against loss from the added risk, thus removing the principal objection which I understand is made by the rall- road companies to the imposition of the liability suggested, viz, that the sord- nary transportation rate would not com pensate them for the liability assumed by the absolute guaranty of the accuracy of the bills of lading
 | I further recommend that a punishment | of fine and Imprisonment be imposed upon | railroad agents and shippers for fraud or l misrepresentation in connection With the | issue of bills of lading issued upon Inter state and foreign shipments. ' l Except as above, lido not recommend any amendment to the interstate. com merce law as it stands I do not rec 1 ommend any amendment to the antitrust law In other words, it seems to me thai the existing legislation with reference to | the regulation of corporations and the re- straint of their business has reached a point where we can stop for while and witness the effect of the vigorous exeeu- ton of the laws on the statute books in | 1estra ming the abuses which certainly did exist and which reused the public to 'der nand reform If this test develops a need for further, legislation, well and l good bat until then let us execute What we have Due to the reform movements of the present decade, there has undoupt- ] edly been a great improvement in busi- | ross methods and standards and in the earnestness of effort on the part of busi- ness men to comply with the law. They are now seeking to know the exact lirnita- | tions upon business methods imposed by ] the law, and these will doubtless be made l clearer bv the decisions of the supreme court in cases pending before it.
 believe 1t to be in the interest of all the people of the country that for the time being the activities of government, in addition to enforcing the existing law, be directed toward the. economy of ad- rnnistartion and the enlargement of op- portrnties for foreign trade, the conserva- tion and improvement of our agricultural lands, the building up of home industries, and the strengthening of confidence of | capital in domestic investment.