The Washington herald., 1911-12-30

/
is the only civilized country in the world
which keeps the funds OF the nation in
a national treasury. The first Is result
of which the second and third are prime
causes.
Here let us distinguish between a
| financial panic and a business depression.
They are alike in being very troublesome
business experiences; otherwise they are
| fundamentally unlike. To point out one
distinction, in financial panic business
men are% anxious to get money or Its
equivalent, but, however solvent, they are
unable to do so except possibly in very
! limited quantities and with extreme diff
| riculty; in a business depression, on the
| other hand, money IS easily obtainable
\ but men are tiuid about accepting and
using it. In a financial panic men are seek
| ing money; in business depression money
| is seeking men. From business depres-
sions we probably suffer less than any
other country; on the other hand, from
| financial panics we are the only country
| that suffers seriously at all. 1t is entirely
practicable for US - Danish our financial
panics and to reduce very greatly the ex-
tent and severity of our business depres-
sions."
Way to Nab Trusts.
Prof. T. N. Carver, Of Harvard Uni
versity, secretary Of the American Eco
nomic Association, speaking on Prob
lens of Industrial corporations" said:
This government has simply got to
learn to make "a short jump If 1t wants
to catch the big trusts that have been
evading the law
Assistant Secretary of the Treasury
Andrew devoted a half hour to outlin-
ing the Aldrich currency plan and the
method Of it's operation.
Samuel Untermeyer, Of New York, sug-
gested that a rapid advance in thought
was now being made IN the direction OF
price regulation.
He described the holding company as
an "abomination, and said there was
urgent necessity for laws that would
protect the minority stockholder, who at
the present time was often outraged"
These outrages," he said, "are perpe-
trated in the name of the law and ap-
parently without regret"
In the absence of Francis B. James. OF
Cincinnati, counsel for the shippers be-
fore the Interstate Commerce Commits
sion, John B. Daish, of Washington, de-
livered an address on Problems Of rail-
way corporations" He said, in part:
Problems for Public.
"All railway problems are by reason of
the calling of the Carriers public prob
lens to a greater or less degree. By rea-
son off changing commercial conditions
they will never become crystallized. For
convenience these problems may be di-
vided into internal, problems peculiarly
affecting shippers, and governmental In
the solution of all the public is deeply
concerned.
''Of the first class the more important
are: The securing of funds for extension |
and improvements; to keep down eX-
penses and at the same time maintaiA |
high efficiency; the ever recurring labor |
problem in its manifold phases; the car |
riage of sufficient tonnage to keep up |
revenues: to avoid wrecks and accidents |
and reduce the number killed and |
manned, and to have the several depart |
ments of the carriers work in harmony |
"Of the problems affecting largely the |
users of transportation facilities the |
more important are: The question of |
what is a reasonable rate OF practice; !
the status of tap lines;" the correct |
long and short haul provisions of the |
law; the legality of transit privileges; |
whether or not Fictitious rates, such as |
"proportionals" and "reshipping" rates, |
are permissible.
Problems concerning chiefly the pub
lie as a whole are: The domination of |
the financial interests over the carriers |
rates; the proposed valuation of the car
riers: the relation of State and Federal |
regulation of rates; the prevention of |
losses due to unnecessary circuitous
routes, including 'differentiaF' routes |
and back hauls; the relation Of the rail
carriers to proposed improvements of
water ways; the proposed abolition of
the Commerce Court, and the possibility
Of government ownership.
"All of the problems and others as
they arise will be wisely and judiciously
determined by intelligent cooperation of
the carriers and the public, and a better
Of the rights of each"
study Living Cost.
President Taft will be asked to invite
the powers of the world to join in the
creation of an international commission
to study the question involved in the
high cost of living. A decision to this
effect was reached at the afternoon meet
ing of the American Economic Assucia-
ton. The proposal for the establishment
Of such a commission was made by Prof |
Irving Fisher, OF Yale University, and
approved by Senator Lodge, of Massa-
Smoot, of Utah, and Crawford,
Of South Dakota, all of whom expressed
the belief that Congress would undoubt-
edly concur in any recommendation that
the President might make looking to the
creation of such a body.
A resolution was passed instructing
Prof. Fisher formally to bring to the