Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-16

question Of national policy, to be set
tied by fair discussion, not consider
ing railway owners or railway en-
ployes alone, but the interests of all
the people.
How can the railways be most eff
GENTLY operated. so that the transporta-
ton charge which the public must pay
shall be as small as is consistent with
Just treatment of investors and just
treatment of employees? Railway in
vestors are entitled to have fair return
on their capital as compared with in
vestors in other industries and employees
are entitled to fair compensation as
compared with employees in other indus
tries. This is the general principle upon
which the railroad problem should be
solved.
Railroad Men Want Fair Return.
Il don't believe the railroad men want
any more than what they believe to be
fair, but the leaders are in the position
Of advocates and attorneys. They see
one side of the case only, and are misled
by the vast amount Of misinformation.
distorted statements and half truths
that are current
cipal railroads have nothing to fear from
any fair inquiry into the value OF the
properties. The railroad investors of
this country as a class are certainly as
clean as any other form Of investments.
Vastly more money has been made
by the people who have followed the
construction Of now railroads and land
and industrial opportunity than has
been made by investors in railroads.
The rewards on the average have not
been excessive, measured by the returns
upon other investments.
There have been interruptions pro-
motors In railroads as In other lines Of
business. but the stockholders have SUI
fered most from them. The great body
Of railroad financing has been honest
and sound on the whole, and the public
has received full value and the best
service in the world.
Government Cannot Do It.
THE idea that the government can
borrow in billions of dollars at 4 per
cent under present conditions is a
public debt, as formerly, government
bonds. free of all taxation. were in
demand by a small class Of investors
at low rates. That proves nothing as
to the ability to float great loans.
Let any one ask himself how many
people he knows who want 4 per cent
investment. 1t would be unjust and
practical reputation for the govI,rn-
ment. after ascertaining the fair lash
value Of railroad property to forc-
IDLY take it over for a government
security which would not bring it's
face value on the public market. 40
cording to the argument OF the rail-
road men In their own behalf money
has 80 deprecated that 4 per cent on
given sum is no moro than per cent
five years ago.
This is not a matter which directly
concerns commercial banks 10 much
as 1t does eavings banks, life insur-
ance companies and private invest
ments, but whoever has invested in
good faith In railroad securities
should have. just treatment. More
over. 1t 10 necessary that the present
holder shall be treated in a manner
which will not repel investments in
the future. because vast sums must
b. had continually to keep the rail-
roads ups to the present needs Of the
Questions Of THE kind cannot be
settled by ex-parte statements on
either side. They must be thrashed
out in fair candid discussion, and
settled with desire to deal Justly.
Neither side can claim the right to
be the sole Judge OF its own case. and
that is the first question to be settled.
1T IL not q time for haSty action or
for any experiments which will tend
to prevent the speedy revival Of con-
fdence and industry. The world il
short Of the common necessities Of
life, and that 10 the first situation to
be dealt with"