Free trader-journal. (Ottawa, Ill.) 1916-1920, 1919-11-15
PEORIA MAN SPEAKS
OF PLUMB PLAN
TO OTTAWA PEOPLE
Continued from page ID

/
and operation of railroads This plan
finds favers with only limited num-
Der of the people. because of the fear
that political management will be
worse than private management.
| The fourth: Is the Plumb plan,
with its just and equitable safeguard.
, ing Of all interests. 1t removes from
discussion all argument as to govern.
mental subsidies, higher rates and po-
litical manipulation, also all chance OF
/ manipulation by large financial inter.
ests.
ats adoption will insure industrial
! stability. assure prosperity. will alas
suspicion in the minds Of the worker
and son contribute to The welfare o.
every individual citizen.
| What is the Plumb plan?
"Ex-President William Taft, in a
recent public statement says it is d
socialistic idea ana as such condemns
it. | will say this in regard to the
opinion OF that honorable gentleman
of great judicial training and limited
executive ability, that have never
been accused of being a socialist. but
If the Plumb plan is socialistic idea
then the socialists sure have some
good ideas at least
THE Plumb plan is a plan for the
public ownership and democracy in
the control of the railroads and pro.
vides:
u, That the government shall a.,
quire all existing railroad properties,
paying therefor the price to be judi
aia l1,- LOT M oil n, nrnoonI in nc.
prescribed in the act providing for
government ownership.
- That the government shall be
authorized, as a means of paying for
the properties 50 acquired, to issue
its securities at the lowest obtainablo
rate of interest. IN amounts sufficient
to pay for the cost OF acquisition and
to furnish the required amour: of
working capital.
3, That the properties shall be- OPP
Grated by private operation ,Or
ganized under a federal charter. which
shall have no financial investment ir
the industry, its sole capital being OPP
Grating skill and ability, I. shall have
nominal capital stock. all of which
shall be trusteed for the benefit of its
employees. All OF its employees shall
be divided into two classes: A. Those
employees exercising executive and
managerial powers, and B, the wate
earning employees who carry into ex.
ecution the direction Of the executive
employe.
4. The government shall lease to
this corporation all of it's lines OF rail
ways for operating purposes.
-, Automatic protection against
excessive rates and profits. TO pre-
vent the public from paying in rates
excessive lrOlltS to the corporation
or to the government we provide that
WI encver in one year the amount Of
net profits received by the govern.
ment shall equal or exceed . per cent
of the gross operating revenues the
interstate commerce commission shall
reduce the level of rates
by an amount sufficient to absorb
these profits.
IS. Extensions. We provide that ex.
tensions shall be financed in whole |
or in part by special assessments |
levied against the property benefited. |
Only so much of the cost of the ex.
tension as may be adjudged by the
proper tribunal to be properly charge.
able to tho public benefit and paid for
out of public funds shall be charged |
into capital account with a correronG.
ing increase in fixed charges
u. Sinking fund We would pro.
vide for the payment annually into Il
sinking fund of "a sum equal to " per
cent of the outstanding capital &C.
count, this fund to be used in acquir.
ng and extingutshing the outstanding
bonds issued by the government,
either at current market prices or at
! par, ut fixed intervals Of redemption.
IS. Distinguishing between wage
farming employees and employees exer.
Using executive and managerial