The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1918-01-04
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dereliction or failure on their part
but only because there We're some
| things which the government can do
and present management cannot.
We shall continue to value most
highly the advice and assistance OF
these gentlemen n am sure we
shall not find them Withholding it. 1t
had become Enthusiastically plain that
only under government administration
can the entire equipment of the sew
eral systems of transportation be fully
and unreseryedly thrown into a COM
mon service without injurious dis
elimination against particular proper
ties. Only under government admin
%istration can an absolutely unrestrict-
ed and unembarrassed common use be
made of all tracks, terminals, terminal
Facilities and equipment of every kind.
lOnly under that authority can new
terminals be constructed and develop
ed without regard to the requirements
or limitations of particular roads. But
under government administration all
these things will be possible-not in
stantly, but as fast as practical diff
culties, which cannot be merely con-
jured away, give way before the new
management. The common admins
~tration will be carried out with as lit
tie disturbance Of the present operat-
Ing organizations and personnel of the
railways as possible. Nothing will be
altered or disturbed which it is not
necessary to disturb. We are serving
the public interests and safeguarding
the public safety; but We are also re-
gardful of the interests of those by
whom these great properties are own
ed and glad to avail ourselves of the
experience and trained ability of o
who have been managing them. 1t is
necessary that the transportation of
troops and of war materials, of food
and of fuel and of everything that is
necessary for the full mobilization of
the energies and resources of the coun-
try 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 dislocated as little as pos
sible and the public may rest assured'
that the interest and convenience of
the private shipper will be as careful
ly served and ~safeguarded as it is
possible to serve and safeguard it in
the present extraordinary circumstan-
ICES.
IT. Lie NoS " liC
executive sutfices for all purposes of
administration and while, Of course,
all private interests must for the pres
lent give way to the public necessity,
it is. 1 am sure you will agree with
me, right and necessary that the own
ers, that the creditors of the railways,
the holders of their stocks and bonds
should receive from the government
an unqualified guarantee hat their
properties will be maintained through
out the period Of federal control in
as good repair and as complete equip
ment as at present and that the sever
al roads will received under federal
management such compensation as is
equitable and Just alike to their own.
ers and to the general public. would
suggest the average net operating in.
come of the three years ending June
so, 1917.
/ earnestly recommend that these
guarantees be given by appropriate
legislation and given as promptly as
circumstances permit.
/ need not point out the essential
Justice of such guarantees and their
great Influence and significance as ele-
ments in the present financial and
industrial situation of the country. In
deed, one of the strong arguments for
assuming control Of the railroads at
this time Is the financial argument. It
is necessary that the values of railway
securities should be justly and fairly
protected n that the large financial
operations every veal necessary in
connection with the maintenance, oper-
alton and development of the roads
should, during the period of the war,
be wisely related to the financial OF
erations of the government. Our first
duty, is of course, to conserve the
common interests and the common
safety and. to make certain that moth
ing stands in the way Of the success
ful prosecution of the great war for
liberty and justice, but it is also an
Of public conscience and of
public honor that the private interests |
We disturb should be kept safe from
unjust injury n 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 run
athwart the borrowings of the federal
treasury and no fundamental indus
trial values should anywhere be un.
necessarily impaired. In the hands of
many thousands OF small investors in
the country as we'll as in national
banks, in trust companies, in financial
agencies of every kind, railway securi-
ties, the sum total Of which runs I'D to
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 | easily
that in view of the many com
pick interests which must be safe
guarded and ~harmonized, as well as
because of his exceptional experience
and ability in this new field of govern
action, the Hon. VIM. G.. Nc
Adoo was the right man to assume d.
control of this new task. At our
request he consented to assume the
authority and duties of organizer and
general of the new railway adj
ministration. He has assumed those
duties and his work is in active pro-
prpcs IF lie proba b1u too p,uob - ~