New-York tribune., 1910-12-07

several millions of dollars to American and
eign bankers then notified American bank
not accept bills of exchange drawn against
bills of lading for cotton issued by Ameri-
can railroad companies unless American
bankers would guarantee the integrity OF
the bills of lading. The American bankers
rightly maintained that they were not JUS
tired in giving such guarantees and that.
If they did so. the United States would De
the only country in the world whose bills
were so discredited and whose foreign
trade was carried on under such guaran-
tees.
The foreign bankers extended the time
at which these guarantees were demanded
until December 81. 1870 relying upon US Tor
protection in the mean time. as the money
which they furnish 10 move our cotton crop
is of great value 10 this country
For the protection of our own people ana
the preservation Of our credit In foreign
trade urge upon Congress the irlInedia'e
enactment of law under which one "ho'
in COED faith advances money or credit
upon a bill of Iading issued by common
carrier upon an interstate foreign snip
1l1ent can hold the carrier liable for 1he
value of the goods described in the bill at
the valuation specified in the bill, at least
to tIle extent Of the advances made III re-
lance upon il Such liability exists unoer
the laws Of many OF the states see no
objection to permitting TWO classes OF nilis
OF Iading TO be issued: o. Those unoeT
which carrier shall be absolutely name
as above suggested. and 2l those with re-
spect 10 which the carrier shall assume no
liability except for the goods actually os-
livered to the agent issuing the bill. The
carrier might ne permitted to make Snlaii
saDarate specific charge in addition 10 the
rate Of transportation for such guaralteeo
bill. as an insurance premium against loss
from the added risk. thus removing the
principal objection which 1 understand is
made by the railroad companies 10 the I'M
position of the liability suggested. viz. that
the ordinary transportation rate would not
COMPENSATE them for the liability assumed
bv the absolute guaranty of the accuracy
OF the bills of Iading.
I further recommend that punishment
of fine and imprisonment no imposed upon
railroad agents and shippers for fraud or
MISREPRESENTATION in connection with the
issue of bills of lading issued upon inter
state and foreign shipments.
improvements tT hebf'OISs
F-xcent as above. do not recommend
arv amendment to the interstate commerce
law as it stands. do not now recommend
any amendment 10 the antitrust law IN
other words, It seems to me that the eX-
listing legislation with reference TO the reg
ulation of corporations and the restraint
of their business has reached Il point where
we car stop for d while 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 need for further lesls-
Iation. well and good. but until then let
Us execute what We have. Due TO the re-
form movements Of the present decade,
there has undoubtedly been q great i'm
proveueut in business methods and stand
ards. The great body Of business men Of
this country. those who are responsible for
its commercial development, now have an
earnest desire to obey the law and to
square their conduct of business TO its re-
quirements and limitations. These viii
doubtless be made clearer by the decisions
OF the Supreme Court IN cases pending be
fore il.
believe it tn he in the interest of all
the people Of the country that for the time
being the activities Of government. in addi-
ton 70 enforcing the existing law, he
directed toward the economy of adrninistra-
ton and the enlargement of opportunities
for foreign trade. the conservation and
building UP OF home industries and the
strengthening of confidence of capital in
domestic investment
he White