Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1918-01-10

great lnuuonCe anu Slgnlucduc0 DIS eIc-
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 rail-
way securities should be justly and
fairly protected and that the large fl
nancial operations every year neces'
sary in connection with the mainte-
nance, operation and development of
the roads, should, during the period of
the war, be wisely related to the finan-
cial operations of the government.
'sOur 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
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 consequence to the gov
eminent itself that all 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 funda-
mental industrial values should any,
where he unnecessarily impaired. In
the hands of many thousands of small
investors in the country, as we'll as in
national banks, in insurance compan-
les, in savings banks, in trust campan-
les, in financial agencies of every kind,
railway securities, the sum total of
Which run up in some ten or eleven
thousand millions, constitute a vital
part of the structure Of credit and the
unquestioned solidity of that structure
must be maintained.
"The secretary of war and l easily
agree that, in view of the many COM
pick interests which must be safe
guarded and harmonized, as we'll as
because of his exceptional experience
and ability in this new field of govern
mental action, the Honorable William
J. McAdoo 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 di-
rector general of the new railway ad-
ministration. He has assumed those
duties and his work is in active prog
ress.
May Need Money.
'It is probably too much to expect
that even under the unified railway
administration which will now be pos
sible sufficient economies cain be eff
fected in the operation Of the railways
to make it possible to Md to their
equipment and extend their operative
facilities as much as the present ex-
traordinary demands upon their use
will render desirable without resorting
to the national treasury for the funds.
If it is not possible, it will, of course,
be necessary to resort to the congress
for grants of money for that purpose.
"The secretary of the treasury will
advise with your committees with re-
gard to this very practical aspect of
the matter. For the present, suggest
only the guarantees I have indicated
and such appropriations as are neces-
sary at the outset of this task. 1 take
the liberty of expressing the hope that
the congress may grant these promptly
and ungrudgingly. We are dealing with
great matters and will, am sure, deal
with them greatly"