The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-03-22
the loan which is to be made, the time, not ex-

the loan which Is TO be made, the time, not eX
ceeding five years from the making thereof
within which it is to be repaid, the character o
the security offered, and the terms and condi
tons Of the loan. The secretary of the treas
ury is authorized at any time before the expi
nation of twenty-six months after the termi
nation of federal control to make loan not ex
ceeding the maximum amount recommended il
the certificate, out of any moneys in the revolv
| ing fund Of three hundred million dollars pro
lvided by the section. Such loans shall bear in
terest at the rate of,six per cent. per annum ane
be placed to the credit of the revolving fund
The secretary of the treasury shall prescribe the
time, not exceeding FIVE years from the making
thereof, within which such loan is to be repaid
the security which is to be taken therefor, the
terms and conditions of the loan, and the form
of the obligation to be entered into.
If the commission acts promptly and is fail
in it's decisions the nation will be benefited tt
an incalculable degree. If it fails to exercise
it's power with Judgment the people will have
sufficient reason for demanding wholesale
cleanup of the board. Congress virtually tole
lit that the public has had a surfeit of govern
Iment operation of the railroads and the sections
iof the law relating to rates were so Worded as
to provide fair and definite return in the
value of the property. Yet SO much was neees-
isarily left to the discretion Of the commission
that it is too early to forecast the results Of
Legislation.
The statistics of the past three years offer lit
tie help in determining scientific system OF
rate making. The partially completed valu-
alton work that has been going on for several
years does not meet the requirements OF the
situation Government extravaganza and in
efficiency have placed the railroads at dlsad-
vantage. Increased compensation is indispens-
able to the successful operation Of the roads, and
there should be no delay on the part of the
commission in seeing that the carriers have the
margin of profit that must be shown before
money for extensions and other Improvements
can be borrowed.
The first thing to be done is to assure invest
ors that the money put into the railroads will
not be confscated through the fixing of rates
that will barely cover the costs of operation.
A statement from the commission as to the gen
cral course to be followed during the next four
or FIVE months would be of great value to the
railroads, to investors and the public.
In a time of emergencies there is such thing
as too much scientific research. The inmedi-
ate need is for schedule of rates that will con-
vince investors of the fairness of the govern,
ment. Minor inequalities can be adjusted at
leisure; the benefits to. be had by an illuminat-
ing declaration of a policy of promptness and
judicious iberality far outweigh any temper
airy inconvenience to which a few shippers may
be subjected.
Private ownership and management of the
railroads is bound to be successful if the fed
eral bureau makes wise use of its authority. The
commission, therefore, on trial at the bar of
public opinion.
Governor Riggs, Of Alaska, is in Washing
ten to confer with congress on the possibility Of
opening Alaska's timber reserves. Alaska is
more than willing to do her part in furnishing
only, for ShaOhas irnnanea foraSts and