Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1920-08-12

ne roII1ng STOCK was saG1y reuuced
and inadequate. The public had not
given in pay for service sufficient reve-
nues on which credit could be allowed
by the banks. Moral assistance was
| withheld because OF railroad policies
that did not bring approval. Many OF
| these corporations had made them
| selves a part of political activities, 10
cal, state and national. Then there
were more or less sporadic instances
of stock-watering operations, and the
exploitation of utility properties for
| personal gain.
abuses were not general, but they
were sufficient to bring the entire
railroad system of the country in DIS
repute. The good suffered with the
evil. When the transportation lines
were taken over by the government
they were barely able to limp
| through the task Of the day. Unity
| In operation, the elimination Of the
| long haul and the merging Of every
mile of track and terminal and
every car and engine into a co-Ordinat-
| ed plan of operation enabled the gov
eminent to transport troops and sup
plies, at the same time affOrding, I'M
der great stress, satisfactory outlet
for our industries. 1t should be re-
membered in this connection that eX-
cept for the motor truck which supple
mented transportation by rail, and eX-
| cept for the great pipe lines which
| conveyed oil for commercial purposes,
we should not, in all probability, have
| been able to throw our deciding
| strength into the balance and win the
| war. Any attempt to discredit the fed
eral operation of railroads during the
years of grave emergency is unfair In
| the case Of those who know the facts it
is insncere. Too much cannot be said
in praise of those who directed this
work, nor of the men who physically
operated the lines under the diScOur-
| aging conditions of poor equipment.
But all of this is water over the wheel.
| The problem of the railroads is still
with us. The government and the pub
| lie should render every cooperation in
| the utmost good faith, to give thorough
test to private ownership. The rail-
| roads have had their lesson. Govern
ment regulation is accepted now as
not only a safeguard to the public, but
as a conserving process to the utility.
Financial credit is necessary to ply
steal rehabilitation and it should be
sufficient for the periods of maximum
demand We should not lose sight, how
ever of the vast possibilities of supple
mentary service by water. The Great
Lakes and st. Lawrence navigation
project, particularly, should claim the
interest of the government.
Federal Reserve System.
ut is almost unnecessary to speak
of the Federal Reserve system in con-
nection with the winning of the war,
as, next to the conservation of our
| manhood and WOmanhOod itself, the
greatest factor was the marshalling in
| to one unit through the Federal Re-
| serve banks of the stupendous wealth
of America. To those of vision who
look out beyond our shores into that
| commercial domain where we are so
| justly entitled to enter in a time of
peace, latent power of the Federal Re
serve system can be seen promoting
in every quarter of the globe an ever
widening flow of American commerce.
| We will soon have a merchant marine
| fleet of 100000 tons aggregate,
every ship flying the American flag
and carrying in American bottoms the
products Of mill and mine and factory
and farm. This would seem to be a
guarantee Of continued prosperity. Our
| facilities for exchange and credit,
however, in foreign parts, should be
| enlarged and, under the Federal Re-
serve system, banks should be estab-
| llShed in important trading centerS.
Reduction of Armament.
II am convinced after considerable
study of the subject that the expense
of the government can, without loss Of
efficiency, be reduced to a maximum Of
$4,OOO,O0OOOO, including sinking fund
| and interest on the national debt
| When we enter the League of Nations
we should at the same time diminish
| our cost for armament. To continue
expenditures in either the war or the
navy departments on vast scale, once
our membership in the League is as
sured, would seem to be very definite
refutation of the advantages of the
world plan which we believe it pos
sesses. An appealing fundamental in
the League method is the reduction of
ornaments. We cannot afford to do
it, until other nations do likewise. If
we do not enter the League hundreds
of millions of dollars must be spent for
ornaments. If we go in, and / believe
the people will insist on it, then we
can count on economies.
1.-THE Republican leaders who have
taken charge of their party and nomi-
mated it's candidate are no more pos
sessed Of the spirit of the hour than
they were in 1912 when they precipi-
tated a revolution within the rank and
file Of a great organization. If further
| nnndn6 hn Of tho