The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-01-12
-IFE or DINNER.

Acc0RDlNG 70 Aesop maker Of fables. there was once a dog
n the fastest IN the pack. He could outrun' any other dog Of the
country
one day hs gave chase to 2 rabbit but failed G catch i
H. reply was eYou must remember that the rabbit was running
The incentive is what adds power 70 our faculties and inspires
ms to.rni the most or the least we can into our efforts
CUISINE pending legislation TO determine the future Of American rail
The weakness q the ra1soad situation before the war was that
The transportation industry was gradually being put into a straight
ability Of the carriers to earn a fair return in a period Of rapidly
rising eass for labor and materials.
'tNo American business can thrive in a strait, jacket.
While leaders ~ congress are plainly desirons Of framing rail,
~ un.Amerlcan restrictions. thar will allow them to develop by the
Stimulus Of reward for individual initiative, we still find that there
araitiaeket on this great industry.
ano nor,bs sS, 4 bst he vsra,oe shouid siyo a. dosai,s "
aqhe ON railroad securities The fact that this proposition was OPP
r%ed by the railway executives created some surprise because many
people seemed to think that all the railroads were seeking was Sc
edniy; The experience Of forign countris has shown that the in;
evtahle result III government guarantee Of income ON private capital
invested in business is a lowering of efficiency and a slowing up
The fear Of failure is as much a spur to achievement as is the hope
Of reward The giving Of a government guarantee means the removal
government guarantee against failure II expects to be penaized for
$ T%Is y ,h as n n TrRes's mon I" reS Ibi ~ aIeqa| meri lswaI rus or eii a.
been built, and 4 IS the principle which has promoted the wonderful
Industrial development, Of this country.
the proposal for government eonfiseation of all profits above a fair
return. This IS as un-American as the first proposal To take from
abusinesx earnings derived from reasonable rates, not only diminishes
heieney and economy, but forecloses the hope Of success as an at
traction to capital. This limitation on railway earnings, together
ne apparent net earnings in renewals and requirements incident to
maintenance of roadways and equipment. would, in our judgment,
seriously impair the ability Of the railroads, upon which the country
Is dependent for handling It's business, 10 finance the necessary adj
ditions, betterments and equipment.
Instead Of attracting private capital and establishing the credit
Of the railroad companies, this provision, in our judgment, by denying
constitutional protection to this class Of property, by removing from
II the reward Of success, and by seriously complicating the question
Of keeping the property up, would repel capital and tend 10 impair
The credit Of the railroads generally. Investors will hesitate to go
into a business in which, not merely the rates which may be charged
are prescribed by law, hut the amount saved by good management,
thrift economy and efficiency is TO be taken and appropriated for
the benefit Of others, or for some governmental purpose, TO such ex
tent as a government body, in its unlimited discretion, shall deem fair