The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-01-22

rs order TO look forward intolii-
gently. we must see what has hap
pcncd In the pas; The phrase,
History repeats itself" Is a simple
statement Of the fact that like causes
produce Ike effects Prosperity and
initiation always cause eNtrnVagancvi
and adversely difficult M unplcas-
ant though IL ls-is the surcst road to
the restoration Ut sound methods and
a new period Of prosperity
We are today able To uok into the
future with more conndcnc" and op-
timism than has been possible Tor
nan years past Not that We are
through with our troubles. for There
are still great difficulties To- be over
come. but W. are looking at facts as
they are. we are adjusting ourselves
to those facts. and we are laying toun-
dations that are strong and sure.
Tn" results accomplished by che
Washington conference have shown
~ that the statc-manzhip % m"
world Is capable Of graphing with
the gigantic problems which must DE
faced before the world Is again ON
It's feet. And amid an the weltcr Of
world politics one ann help but see
that the peoples OF the world are day
by day coming to a sounder under
standing % their problems n a
lAlHNfN MNAfl nlNNNANNN w NA'fA
with stout hearts and erect heads,
In this country we nave many prob
lens to be- solved hut there b. one
particular point that I would like To
make on this occasion, which II seems
To me is fundamental to the rcstura-
ton Of American prosperity.
The greatest Of American Interests
next to agriculture is that of trans
portation have been told that u
would take five billion dollars To put
our transportation companies abreast
Of the commercial requirements OF
the nation and to make up FOR their
/ inability to expand and progress dur
ing the past few years " We were
TO have an outburst % industrial
prosperity II IN altogether unlikely
that our ralll oads would be able 10
carry the burden
our railroads for the past two years
have abandoned more miles Of track
than they have built and In that pc
Rod they have probably retired from
service more freight aud passenger
cars than they have Installed. In q
country like our with ~ great fu-
turc sin ahead 81 &c. that is an i'm
possible situation
We cannot have prosperity, ON
country's cannot 90 Tor
ward confidently unless our ratiroads
are unec again made prosperous, are
put In position Ia carry the trah-'
portniion OF the country, aud are abb
Ia attract the capital needed foi
them 20 perform their service ~ coin'
mon carriers.
We have imposed upon our rail
roads q network OF laws and rcstric'
ions which has made their rates. nc
longer responsive TO the changing
commercial needs Of the countr,
which has taken away o theii
managers the power TO exercise int
alive and enterprise, and which hal
made private capital unwilling 10 cm
bark Ia raiifcnd development eNcop
under most rigid guarantees.
am a firm believer In the FAC
thpt the way 10 get results in hf'
and In industry In to put your taiti
in men. when I wont Int tn
Emergency Fleet Corporation, | di'
very little work myself, but tn
Emergency Fleet Corporation 20
great results hecnuse I spent my tint
making the men In charge Of the Jol
understand that | was behind thoni
giving announcement n confidence
Ne should siop knocking our rail
roadA our railroad presidents, AN.
railroad mcn en- general. Tue rail
roads have had nm awful druhhins
such as no other industry In the his
tors az this nation has ever Eon
through. There have been evils u
the past. hut the damage done IN 10
restriction OF enterprise and the pre-
veniion NJ progress. through the law
which have been passed, hns been IN
~finiscly greater than all the mn,crin
r harm due ca the financial scandal
which were committed. We should
Of coursr. prevent evil ana -chnha
! but We must ain bf careful not =
stife progress.
But no matter what has take
, place In the past. I am firmly O
opinion tina; no finer and more con