The sun., 1912-08-10
CANAL BILL BARS
R. R. OWNED ships
Continued from First Page.

Bankhead. Burton, Catron, Crane. Fall,
Gallinger, Hepburn, Lodge. McCumber,
Oliver. Penrose. Root, Sanders, Shively
and Wetmore.
The bill as IL leaves the Senate Ia sub
| stanti tally the one which came from the
House with the exception Of the modifi-
cat ion Of tho prohibit ion against railroads
owning steamship lines. The House will
probably accept the Senate amendments
and the President will approve the bill.
United States officials have no idea what
Great Britains ne xt move will H now
that her protest has been disre garied.
There is talk that Great Britain may AZ
tempt trade reprisals or may seek to dis
criminate against the passage of Ameri-
can vessels through British canals on the
great lakes.
In the afternoon debate. Senator
Lodge came to the defence of business.
and especially the railroads, In an
earnest speech on the proposition to
divorce rail and water transportation.
something which. he said. had no place
In the Panama canal bill.
Senator Lodge called attention to
what hcs termed the grave financial
condition of the railroads of the Coun-
try. lie said that while tho gross earn
ings Of the carriers were increasing
owing to tho growth of the country.
the net earnings were decreasing.
THAT IL a condition" said nc, (which
cannot long continue. Very soon we
will reach the point at which II will
bc impossible to conduct the business
without q loss"
The carriers within recent years had
granted substantial increases In wages
to their employees and their expenses
had increased in other directions. said
tho Senator.
THE Interstate Commerce Commits
slon." said Senator Lodge. "cuts their
rates or prevents them from increasing
them. That is n condition that cannot
possibly continue. The only body in
existence that Will run "A railroad at a
loss is the Government. The Govern
mont HAY run " at a loss and charge
IL to the taxpayers"
Senator Lodge read series of figures
showing the decreasing net earnings of
railroads. and continued:
These figures are of the most serious
character. ard yet this pursuit. this
bounding down Of tho railroads, which
has gone far beyond sufficient punish
mcnt for errors or sins of the rail-
roads OF the past goes on with incrcas-
ing force from day to day.
THE railroads arc not Ow.led by the
men who operate them or manage
them. Take the great railroad organi-
zation in my own State. which has been
attacked here to-day. That railro ad
IL owned very largely by the people of
New England. Millionaires own a COM
parativcly small part Of 1t. The stocks
and bonds are held in savings banks in
New England savings banks which
represent the accumulated earnings OF
the people, by trustees and by Charita-
ble institutions.
This blind assault on everything
American that has "A flavor Of business
success about II can do no good to the
public. You cannot mako the people
prosperous by attacking succcs cssful bus
iness. We have reached that frame of
mind where II man has a dollar In
his pocket the assumption is that he
got 1t dishonesty. To be considered
honest these days one must be without
a dollar.
"The material prosperity of this
country Is due to big business enter
prises. Most business zen are honest
have contempt for men who have
enriched themselves by stock specula-
tlon. They should be cxecrated and
punished. But this ,indiscriminate as
sault on all business men for the sins
Of the few can end in nothing but stag
nation and popular distress. Here we
are passing the Panama Canal bill with
the chief ain, apparently to ruin some
American business enterprises. a rail-
road or steamship line. 1t matters
not. apparently, how many foreign
ships owned by railroads pass through
the canal, an American ship so owned
shall not pass