The Barre daily times. (Barre, Vt.) 1897-1959, 1918-01-05

experience and trained ability OF thos
who have been managing them. 1t
necessary that transportation OF troop
land war material, of food and of fue
and of everything that is necessary TO
the full mobilization of the energies ant
resources of the country should be frs
considered, but il il clearly in the pub
lie interest also that the ordinary actiyi
ties and the normal industrial and com
mercial life of the country should be IN
terefered with and dislocated as little a.
possible and the public may rest assured
that the interest and convenience OF the
private shipper will be as carefully
served and safeguarded as it is possible
to serve and safeguard il in the present
extraordinary circumstances.
While the present authority of the
executive suiiices for all purposes of ad
ministration, and while, of course, all
private interests must for the present
give way TO the public necessity, 1t is, |
am sure you will agree with me, right
and necessary that the owners and cred
tors of the railroads, the holders of
their stocks and bonds, should receive
from the government an unqualified
guarantee that their properties will be
maintained throughout the period of fed
eral control in as good repair and as
complete equipment as at present and
that the several roads will receive under
federal management such compensation
as is equitable and just alike to their
owners and to the general public. ]
would suggest the average net railway
operating income of the three years end
ing June 30, 1917 / earnestly recon-
mend that these guarantees be given by
appropriate legislation and given as
promptly as circumstances permit.
need not point out the essential
necessity of continuance of such guar
antees and their great influence eie
ments in the present financial and in
dustrial situation of the country. In
deed, one of the strong arguments for
assuming control of the railroads at this
time is the financial argument. 1t is |
necessary that the values of railway Sc
curities be Justly and fairly protected
and that the large financial operations |
every year necessary in connection with |
The maintenance. operation and develop |
ment of the roads should, during the pc |
rod of the war, be wisely related to the |
financial operations of the government |
Dur first duty is, of course, to conserve |
he common safety, and to make certain
hat nothing stands in the way of the
successful prosecution of the great war
or liberty and justice, but it is also an
obligation of public conscience and of
public honor that the private interests
We disturb should be kept safe from
Unjust injury and it is of the utmost
to the government itself
hat all great financial operations should
,e stabilized and co-ordinated with the
financial operations of the government.
10 borrowing should run athwart any
borrowings OF the federal treasury and
10 fundamental industrial values should
anywhere be unnecessarily impaired. In
he hands of many thousands Of small in
estors in the country as well as in ma
ional banks, in insurance companies, in {
avings banks, in trust companies, in {
nancial agencies of every kind, rail
ray securities, the sum total of which {
uns up to some 10 or IL thousand mill ,
ons, constitute vital part of the strue- :
IRE of credit and the unquestioned sol y
lity of that structure must be main
lined. 4
The secretary of war and ! easily | r
greed that in view of the many com ,
lex interests which must be safeguardad :
adj harmoized, az we'll as because of his
,perience and ability in this new field h
governmental action, the Hon. William !
McAdoo was the right man TO assume !,
rect administrative control of this new =
ecutive task. :,
AT our request. he consented to as
me the authority and duties of or !,
nizer and director general of the new !,
ilway administration. He has assumed 81
ose duties and his work is in active =
ogress. l.
1t is probably too much to expect i
at even under the unified railway ad :,
which will now be possible =
fficient economies can be effected in the :,
Grafton of the railways to make it pos =
Die to add to their equipment and ex- o. :.
nd their operative facilities as much as - -
e present extraordinary demands -
on their use will render desirable with. p
{ resorting to the national treasury :
r the funds. If it is not possible, It z
II, of course, be necessary to resort to -
E Congress for grants of money for
at purpose. 81
The secretary of the treasury will ad- "
'e with your committees with regard 81
this very practical aspect of the mat %
:. For the present I suggest only the pa
grantees | have indicated and such ap- ee
)priations as are necessary at the out. ~
of this task take the liberty Of w v
pressing the hope that the Congress eli
y grant these promptly and ungrudg-
,ly. Gu
1 -.