The daily banner. (Cambridge, Md.) 1897-2008, 1916-05-06
|. & n. TRIED TO
SOLVE OPINION
President Says Legislatures
Are a Menace.
LOANS MADE IN STATES
Railroad Head Declares Lawmakers
Are a Calamity When in Action, and
Corporations Have Trouble Handi
Inc Them.

Are a Calamity When in Action, and
Corporations Have Trouble Handl'
ING Them.
Washington, May 6.-Saying all
legislative bodies are a menace, I'd
hitting company advances of money,
to help states and cities through which
his railroad passed, and to protect the
railroad, President Smith, of the Louis
Vile & Nashville railroad at the inter
state commerce commissions inTesll
CATION OF the roads affairs proposed
to Chairman Meyer an immediate ter
mination of the investigation, through
. compromise"
Smith said he wanted to make his
proposal on his own responsibility
without submitting it to his counsel
He was not allowed to make it.
Smith testified the Louisville &
Nashville had given financial aid to
the state of Alabama in 1912, and fire
quently had aided other common
wealths.
I'VE leaned money recently to the
city of Lexington, KY" he said. also
to the city of Birmingham, Ala, and
not long ago to the city of Columbia
Tenn"
Who asked you to help ont the
state Of Alabama in 1922" asked Mr.
Folk, counsel for the commission.
Eve don't lend money directly te
the state" the witness replied, eve
loaned SPAS, 900 in 1912 and about the
same amount in 1913 to the First Ma
tional bank of Birmingham. Its pres
ident, w. P G. Harding, now mem
Der OF the federal reserve board, came
to the Louisville & Nashville ami ask
ed it to join with other interests, rail
road and hanks, suppose, in buying
up state warrants, there being nc
money in the state treasury to pa!
them at the time.
"Why shouldn't the Louisville &
Nashville help the state of Alabama
We have millions invested in that
state. We are more interested in its
prosperity than anybody else, except
perhaps, the people themselves. Ism!
It fit, proper and natural that we
should try to aid it to be prosperous:
e IL an exceedingly difficult mat
te Smith continued, TO protect the
p6operty 81 Z large corporation in
states ron confiscation by the PEG
Die"
"By What people?" asked Folk.
by the PEOPLE Of those states, act
ing through their lawmaking bodies
You know all men are free and equal,
but We couldn't get along without our
plutocrats. Under our form of gov
eminent it Is permissible to do any,
thing necessary to get another mans
properly, providing you can keep out
Of fail.
"An legislative bodies are menace
In action they are a calamity. They
are many and numerous and we have
trouble at times with all of them, be
ginning with congress and going down
the line to the town council. We must
do what we can to conciliate them all
Wo have to protect ourselves"
0AsAAIAA SOAAPA0 AAAoO PAOpOoo0 "~S
made ct the end of a long argument
among counsel as to admission to the
record of a paper ON Tennessee poll.
tics containing reference to Senator
Lea, author Of the investigation reso
luton. Lea, sitting nearby, objected
wnen Smith started to read the paper
Folk read into the record a letter
from Smith to H. F. Lea, secretary OF
the American Anti-Boyeott society in
New York, In which Smith said that
due to the activities OF the interstate
commerce commission, who want to
examine even our correspondence" 9
further contribution seemed unwise.
"Yes," Smith said, Il wrote it. After
the Introduction here of confidential
letters and memorandum | have come
to the conclusion that hereafter we
would better write no letters at all
but do all our business by telephone
And when we do have to write letter
add on the bottom a postscrip, burn
this"
Have you burned any letters Of
the L. & NJ" asked Folk
mo, l haven't" Smith replied, EN-
phasizing the pronoun.