The weekly tribune and the Cape County herald. (Cape Girardeau, Mo.) 1914-1918, 1915-10-22

ing with the proposition that all re-
gulation should be wise and Just, the
question may well be asked-Why
should business not be subject to wise
regulation? We undertake to regulate
the individual to provide that which is
legal and Illegal. The whole body of
our law is nothing more or less than
"a system Of regulation. Why then
should business alone be exempted.
| frankly admit that many attempts
to regulate business have resulted in
great injury. So too many attempts
to pass general statutes have resulted
in injustice. 1t is frequently the case,
nay, it may be said to be almost the
rule, that initial attempts to prevent
wrong or to provide a remedy are eth
er partially or totally abortive. This
results often from the natural diff
culties of the problem involved, it has
resulted more often from the ignor-
ance and incapacity of those seeking to
provide Legislative remedy.
Let a wrong be developed and
shortly thereafter will come flock of
Legislative quacks, who bring forward
every kind of fantastic remedy. SO
that it often happens taht the wrongs
Of legislation exceed the evils sought
to be met.
Yet for this reason we do not alb
andon all attempt, and in the long run
good has been accomplished. A great
field lies before US which must be en-
tered upon, let us hope by those who
are careful, prudent, patriotic and
wise
For n moment let t,s carefully ana
lySos Of the cry-"Let business alone"
1t is now asserted that railroad are in
the hands of receivers only because
laws have been passed regulating
rates Is this a sound assertion? Can
it nOt-on the other hand-bc demon
Stratcd that the evils from which our
transportation companies are now suf-
fcring largely lie back of The question
Of rate regulation?
Can il not be proven that wise res
trictions upon the management of
these great corporations would have
prevented the conditions now confront
ing us?
Is II not a fact that nearly every
railroad in the United States was for
wears the pIavthing Of skilIful nanipu-
Iators who inflated its bonds. watered
its stocks, hcapcd I'D its capitaliza-
ton until the burden became so great
# coujd not he met bv the income re-
suItant from reasonable traffic
charges?
Is if not 2 fact that it was the bur
den Of this enormous Capitalization |
which. when rate regulation came, !
forced those companios into the hands !
Of receivers? Is it not. fact that if |
laws had hPCn enacted preventing the |
decentralization Of great transpor-
+ation companies. compelling an he'll |
est management and a conservation of |
their earnings. that they might have |
survived all rate regulation
7 am Speaking of tbs in the large |
way-I do not mean to apply = to
every single railroad or to all indivi-
dual corporations. Let me give few
EXAMPLES:
The New York AMI New Haven wac
wrecked bv bad managr,nrrt-not nv
laws. No sane man will ieny the truth
If that propositior.
The Chicago and Alton was earning
dividends of 10 per cent. It's stock and
bonds were above par in the market.
It fell into the hands Of cXploiters who
enormously increased its capitaliza-
ion, thereby came evil days.
The Rock Island Railroad primarily
capitalized for all it was worth. had
placed upon 1t the burden of several