Bisbee daily review., 1918-01-05

equitable and Just alike to their own
ers and TO the general public.
would Sugsest the average net rail
way operating income Of the three
pears ending June 50. 1917. I earnest
" recommend that these guarantees
be given by appropriate legislation
s"d given as promptly as circumstances
permit.
need not point out that essential
justice of such guarantees and their
great influence as element in the pre-
sent 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. II is neceS-
sary that the values Of railway Secur-
tiles should be justly and fairly pro
tectcd and that the large financial
operations every year necessary in
connection with the maintenance
spe-ation and development OF the
roads should. during the period Of
he war. De wisely related 10 the fin
ancisl operations OF the government
cur first duty is. Of course. TO con-
serve the common interest and the
common safety and 70 make certain
that nothing stands in the way of the
successful prosecution Of the great
war for liberty and justice. but it is
IN obligation Of public conscience and
Of public honor that the private inter
ests we disturb should be kept safe
from unjust injury. and il is OF the ut
most consequence TO the government
itself that all great financial opera
tiOns should be stabilized and oOoor-
dinated with the financial operations
OF the government No borrowing
should run athwart the borrowings OF
the federal treasury and no funda-
mental values should anywhere be I'M
necessarily impaired. In the hands OF
small investors in the country as well
as in national banks, in insurance
companies. in savings banks. in trust
companies, in financial agencies OF
every kind. railway securities. the sum
total of which runs up 10 some ten or
Y eleven thousand millions. constitute q
vital part of the structure OF credit
and the unQuestioned solidity OF that
structure must be maintained. The
| secretary OF war and I easily agreed
that. in view Of the many complex
interests which must be safeguSrded
I and harmOnized as well as because Of
his exceptional experience and ability
in this new field OF governmental &C
ton. the Hon. William G. McAdoo wa:
the right man to assume direct ad
illustrative control OF this new exc
cutive task. At our request. he con
= scented TO assume the authority anC
duties Of organizer and director sen
eral of the new railway administsa
ton. He has assumed those duties
and his work is in active progress. II
is probably too much 10 expect that
even under the unified railway ad
ministrstiOn which viii now be pas
sibie sufficient economies can be ST
fected in the operation of the rais
ways to make il possible to add L
their equipment and extend theil
operative facilities as much as The
present extraordinary demands upOT
their use will render desirable with
ont resOrtins to the national treasury
for the funds. II il is not possible. il
will. of course be necessary 20 re
sort TO congress for srants OF money
for that purpose. The secretary 81
ire treasury viii edvise with YOU
committees With regard 70 this very
practical aspect of the matter. Fol
the present. | suggest the only guar
antees have indicated and such ap
preparations as are necessary at thC
outset OF this task, take the liberty
Of expressing the hope that the con
gress may grant these promptly anS
unSrudgingly. We are dealing witt
great matters and will. am sure. dea
with them greatly.