The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1918-02-02

should be interfered with and dis
turbed as little as possible, anu the
1 public may rest assured that the inter-
I est and convenience Of the private
shipper will be rs carefully served ana
safeguarded as it is possible to serve
and safeguard II In the present ex-
traordinary circumstances.
To Keep Lines In Good Repair.
"While the present authority Of the
| executive sufiices for all purposes OF
| administration and while, of course, oil
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
creditors of the railways, the holders
Of their stocks and bonds, should re-
ceive from the government an unqual-
flied guaranty that their properties Will
be maintained throughout the period OF
federal control In as good repair and
as complete equipment as at present.
ando that the several roads will receive
under federal management such COM
pensation as Is equitable and just alike
to their owners and to the general
public.
II would suggest the average net
railway operating income of the three
years ending June 30, 1917. earnest
ly recommend that these guarantees
be given by appropriate legislation and
given as promptly as circumstances
permit"
"Deai Justly With Securities"
81 need not point out the essential JUS
tice Of such guarantees and their great
influence and significance as elements
in the present financial and industrial
situation of the country. Indeed, one OF
the strong arguments for assuming con-
| troll of the railroads at this time is the
! financial argument. 1t Is necessary
/ that the values of railway securities
should be justly and fairly paid and
| that the large financial operations e1-
cry year necessary in connection with
the maintenance, operation and deyel-
| opment OF the roads should, during the
| period of the war, be wisely related TO
| the financial operations of the govern
ment.
Our first duty is, OF course, to con
serve the common interest and the
common safety and TO make certain
that nothing stands in the way Of the
successful prosecution of the great war
for liberty and justice, but II is an
obligation Of public conscience and OF
public honor that the private interests
we disturb should be kept safe from
unjust injury, and 1t is of the utmost
| consequence TO the government itself
that ali great financial operations
should be stabilized and co-ordinated
with the financial operations Of the
| government. No borrowing should run
athwart the borrowings Of the federal
treasury and no fundamental indus
trial values should anywhere be I'M
necessarily impaired. In the hands Of
many small investors In the country, as
well rs In national banks. In Insurance
companies, in savings banks, In trust
| companies. in financial agencies Of ev.
cry kind, railway securities, the sum
! total of which runs up to some $40.
O00,0o0,0C0 or s11 ,0O0.000,0O0, censti.
tute vital part of the structure OF
credit. and the unquestioned solidity
OF that structure must he maintained.
1.-THE secretary of war and easily
agreed that, I'm view OF the many com.
pick interests which must be safe
guarded and harmonlzed. ms well rs
because of his exceptional experience
and ability in this new .field Of govern
mental action, Hon. william G. Nc
Adoo was the right man TO as
sumo direct administrative control Of
! this new executive task. At our re-
quest he consented to assume the au-
thority and duties of organizer and d.
rector general of the new railway nd
mipistration. He has assumed those
duties and his work is In active prog
| ress.