Fulton County tribune. (Wauseon, Ohio) 1883-1925, 1918-01-18

ability Of those wlso have been man
aging them. It is necessary that the
transportation Of trOoDS and Of war
materials, of food and OF fuel, and CO
everything that is necessary for the
full mobilization of the energies and
resources of the country, should be
first considered, but it is clearly in the
public interest also that the ordinary
activities and the normal industrial
and commercial life of the country
should be interfered with and dis
turbed as little as possible, and the
public may rest assured that the inter-
est and convenience of the private
shipper will be rs carefully served and
safeguarded as it is possible to serve
and safeguard it in the present ex-
traOrdinary circumstances.
To Keep Lines in Good Repair.
"While the present authority of the
executive suftices for all purposes of
administration and while, of course, all
private interests must for the present
give way to the public necessity, it is
am sure you will agree with ne, 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
pensatiCn as is equitable and just alike
to their owners and to the general
public.
II would suggest the average mel
railway operating income OF the three
years ending June 80, 1917. I earnest
ly recommend that these guarantees
be given by appropriate legislation ant
given as promptly as circumstances
permit"
"DeaI Justly With Securities"
"Ineed not point out the essential JUS
tice of such guarantees and their great
influence and significance as elements
in the present financial and induStria
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 ev-
| cry year necessary in connection with
the maintenance, operation and devel-
nf bo oh win nn
| 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 it is 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
| consequence to the government itself
that all great financial operations
should be stabilized and co-ordinated
with the financial operations of the
government. No borrowing should rur
athwart the borrowings of the federal
treasury and no fundamental indus
trial values should anywhere be un
necessarily impaired. In the hands Of
many small investors in the country, as
well as in national banks, In insurance
companies, in savings banks, in trus
companies, in financial agencies Of ev
cry kind, railway securities, the sun
total of which runs up to some $40,
O00,00OO00 or $11,0OO,000,000, consti
tute a vital part of the structure O
credit, and the unquestioned solidit,
of that structure must be maintained
'The secretary OF war and I easily
agreed that, in view of the many com
plex interests which must be safe
guarded and harmonized, as well al
because of his exceptional experienc,
and ability in this new field of govern
mental action. Hon. William c. Nc
Adoo was the right man to as
sumo direct administrative control O
this new executive task. At our re
quest he consented to assume the au
, thority and duties of organizer and di
rector general of the new railway ad
rinistration. He has assumed thos
duties and his work is in active prog
rpSS