The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1916-12-22
BRYAN AGAINST
OWNERSHIP BY
THE GOVERNMENT
Gives NoWlands Committee Ills
VlsWS on Railroad Control
COMPETITION PREFERABLE.


lowed to Exclude Exercise Of Stats
Authority, He Contsnds-Thlnks Rail-
road Stocks Should Represent Actual
Value and Do Stable 40 Government
Bonds.
Washington, Dec. II. - william J.
Bryan. who startled the country ten
years ago by advocating government
ownership OF railroads, appeared DO
fore the Newiands Joint Committee on
Interstate Commerce last week In sup.
port OF the claim that the states should
be allowed TO retain authority over the
regulation OF all transportation lines
within their borders. Mr.. Bryan ex.
planned that he had long regarded gov.
eminent ownership as inevitable, but
only because OF railroad opposition 10
effective regulation.
Against Government Ownership.
PERSONALLY I cannot say that ! do
sire government ownership" he ex'
plained. "because ! lean to the indi.
viduaI idea rather than to the collec-
live idea; that Is, believe that gov.
eminent ownership In desirable only
where competition Is impossible"
Alfred p. Thorn. counsel to the Rail
way Executives Advisory Committee.
previously had presented before the
members OF the Newlands Committee
40 one Of his reasons for urging bet
ter balanced and more systematic reg
ulation of railroads the argument that
this In the only alternative to govern
ment ownership. Calling attention 10
the restrictions imposed upon the
transportation lines by conflicting state
laws and regulations, to the practical
cessation of new construction and to the
lmpossibility under existing conditions
Of securing the new capital needed for
extensions and betterments Of railway
facilities. he warned the Congressman
that unless they provided fair and
reasonable system OF regulation that
would enable the railroads TO meet the
growing needs OF the country's bust.
ness the national government would
be compelled to take over tho owner
ship of the lines with all the evils at.
tendnnt upon such system. y
Preservation Of Composition.
Mr.. Bryan, on the other hand, holds
that the further extension Of federal
authority over the railroads would be
q step In the direction OF government
ownership. He advanced the view that
the Capitalization Of control in the
hands Of the national government
would impose too great burden upon
the regulating body, would offer strong
temptation to railroads to interfere In
politics and would encourage the gen.
raj movement toward Capitalization
u power In the federal government at
he expense Of the states. He said that
he did not object to consultations Of
railroad lines SO long as they did not
destroy competition, that he knew Of
no complaint against great railway
systems because of their size and that
he believed that the preservation Of
competition was the test 10 be applied
10 all consultations.
Regulation OF Securities.
Mr.. Bryan declared himself in favor
OF national regulation Of railway stock
and bond issues, but added that he saw
no reason why that should exclude the
states from acting on the same sub.
ject rs to state corporations. u would
Ike to see the stock OF raiiroau' az
long as II IL In private hanus' maoe us
substantial ana NJ unVaryihg as the
value Oh government pohu' ne a''
ser'eu'
ne susees,eu .nat ra''roau eap''sn
haion oe ,e"uJus'e. W cdeaAo WIN
ec'uA, sa'ua,,vn Vi INV p,opev ~
s."'eu' n"As uue ~, W.
u -. a.u ma w. .,a 10. 40 a.n''
sns NV. ,'ao =. ~ 49, .,aan
80 ~ $50 s,r,,,. TN
,..,ar h. ,on,.,,ya,s nronosaS m,.h,
10 ai,aa.a 20 amon,. 30 OK n.r con,
=, ,ha can,tsI
Ha""ay Earnings low
THIS sublect OF railroad CONTAMINATION
ana the amount OF railroad earnings
received turther attenuoh from the