Evening journal., 1915-09-01
The Interstate Commerce Commission
the Obstacle TO Railroad Prosperity
CFrom the New York SUM-

In the remarkable and generally
encouraging survey of business con-
ditions which The Sun printed yester-
day morning one hopeful feature vas
conspicuous only by absence There
Is little or nothing that can be called
prismatic in the outlook for the rail-
roads of the United States; for the
profitable operation and proper eN-
parsion Of their lines, for the mainte-
tcnnnce and improvement Of their
equipment in the interest Of the pub
lie And yet it has been held for
years as a truism that the prosperity
OF the railroad affords and in the ma
ture OF things ought to afford the most
accurate indication Of the prosperity
of business IN general.
For a dozen years now the rail-
roads Of the United States have been
subjected by progressive legislation to
that very process Of strangulatlon by
over-regulation against which Wood
row Wilson. when president OF Prince
ton University, warned the country
in these impressive words:
"A passion for regulative legisla-
tion seems to have taken possession
OF the country of late, but It came
upon Il so suddenly, so much more
like an impulse of impatiencc than
like a deliberate purpose, that there
Is every indication that the careful
thinking upon which it should have
been founded will succeed II after it
has spent its force, rather than ac-
company and give form and direction
to f.
I'VE have forbidden discrimination
in freight rates by railroad compa-
MICS and have tried 10 detect and pre-
vent them. We have gone further
still and endoavored to prescribe pas
seneer rates as well, undertaking 10
look inside railway business and de-
tormine through public commissions
what rates It Is equitable for them
20 charge.
Governmental control. which We
arc undertaking so extensively with
so light heart, sets un not n reign
Of law. hut q reign OF discretion and
individual judgment on the part of
governmental officials
"Such methods CT regulation, u
NAV ho safely predicted. will sooner
or later be completely d'screditod by
fANNIlNUlDi
We invite the most careful and
candid attention 10 these wise words
of President WILSON, uttered In 1908
Most Of ihoro who are anxious tC
sec our railroads earning reasonable
reirrns on the Investment of the mil.
rcna Of individuals who own stock IN
them or bold their honds; most why
1eriro that for tho sake of na;ioua
Development railroad securities shall
aeain become attractive to the citi
zen with money TO invest viii agree
with President Wilson and with The
sun that iu the case Of the Interstate
Commerce Commission the regulation
~ business has nt last beon comnlcte
~ diacro1itcd Tho time which Presi
dent Wilson predicted has come; IN,
time when tho passion for rogulativ'
legislation has sponi its force an,
when the careful thinking upou which
n should have been founded must nov
begin IN order to avert colossal dis
astor.
The main obstacle In the way D
tho prosperity OF the American rail
roads today is the attempt on thl
part of the Interstate Commerce Com
mission TO exercise minutely and spe
cifcally In the multiudinous case
before II an affirmative nowcr IN Nh
matter Of rate fixing The function
of the commission have grown grad
ually from the confines Of the legiti