The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1918-01-11

/ N'ti'FN " ilif COUNTY, HNVt4lN ne UTEr
considered but ~ b. clearly in the
public Interest also THAT the ordinary
activities and fbe normal Industrial
ana commercial life ~ the country
should De infrrfrred with and dIslO-
Gated ms little aa possible and me pub
lic may rest assured that tbe interest
and convenience Of the private shipper
viii be- az carefully served and safe.
guarded a. St Is possible a. serve and
safeguard h lu me present aEtrayr-
binary circumstances
While tie present authority 81 rhe
executive sufnces for Oh purposes NJ
administration aHI while. ~ course. alf
private Interests must for the present
give was 10 the public necessity. T.
is, ] am sure you viii agree with ur.
right and necessary th8' the owners
ahd creditors of the ruIt#Hs-. fHr holt
"rs ~ their stocks lud bonds should
receive from the government an u4-
qualified guarantee that their proper
Hes viii be- maintained throughout the
period IT federal control iu ~ good
repair and complete equipment o. ~
present and fhat the several roads will
receive under federal management such
compensation as r.. equitable and juar
alike 70 their owners md tD the gen
crul public / would suggest the aver
"gc nrt railway operating Income Ot
the three years ending June ~. 1917.
Asks Guarantees.
Il earnestly recommend Tint these,
guarantees be- given by appropriate leg
lsiation and given uz promptly as cir
cnmstanccs permit
II need not point out the essential
Justice ~ such guarantees and their
great influence Hud significance as Gle
mrnts In the present financial md in
dnsirial situation 0r the country IT,.
deed. one Of the strong arguments fot
assuming control Of The railroad. at
This time * the financial argument. u
Is necessary That The values Of railway
securities should be Justly and fairly
protected ANA that the large nunnciat
operations every year necessary in con-
HectlOh with the maintenance. opera
ton and development Of The road,
'''''''f '''fi iiAA INV iFF-iltfil al Iilt WAL.
be wisely related 10 the financial oper.
ations Of the government our first
duty *, Of course, 10 conserve the
common interest and the common safe
~ ana To make certain that nothing
stands Ia the way Of the successful
prosecution Of che great war for lib
crty ana Justice, but II Is also an obli-
CATION of public conscience and Of pub.
lie honor that the private interests we
disturb should be kept safe from un.
Just injury and II Ii Of the utmost
t0 the government itself
TINT all great financial operations
should be stabilized ana CO-ordlnated
with the financial operations of tho
government
NO borrowing should run athwart
the borrowings OF the federal TREASURY.
mud no fundamental industrial values
should anywhere be unnecessarily i'm
paired. In the hands of many thou.
sands Of small investors In the country,
as well as Ia national banks. In insur-
ance companies, In savings banks, I'm |
trust companies, In financial agencies |
N every kind, railway securities. the |
sum total Of which runs up to some ten |
Or eleven thousand millions. constitute |
a Vital part OF the structure of credit |
ana the unquestiOned solldlty OF that |
structure must be- maintained
Reason for MeAdoo.
The secretary of war and | easily
agreed that, In view of the many com
pick interests which must be safe
guarded and harmonized. ms well as
because of hls exceptional experience
and ability In this new field OF govern
mental action, the Hon. William G..
hcAdoo was the right man to assume
iirect administrative control of this
iew task AT our request he consented
% assume the authority and duties of
aud director general OF tn
lew railway administration lie has
assumed those duties and his work Il
n active progress.
1T is probably too much 10 expect
hat even under the unified railway
which viii now be- pos
dble sufficient economies can be Of
eCted In the operation OF the raIIwnys
q make II possible to add to their
1ulpmcnt and extend their operative
abilities as much as the present cx.
rn"rdinary demands upon their usa
viii render desirable without resort
ng Ia the national treasury for the
unds, II II Is mo- possible. IL viii
II course. be- necessary to resort To
Congress- for grants OF money for that
purpose. The secretary ~ the treas
Try viii advise with your committees.
With regard To this very practical as.
'cct ot the matter. For the present |
uggcSt Only the guarantees have I'm.
Heated and such appropriations aS are
necessary at the outset Of the task |