Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-23
Adamson Law
To Blame for Ills
View Sen. Fernald

Poland Spring, Me-, June 2l.-lhe
New England bankers in convention
here held their first joint official ses-
sion this morning. The meeting was
presided over by w. P. G. Harding Of
Boston, governor Of the Federal Re-
serve Bank Of Boston, who spoke in
formally on the international finance
ence which the United States has had
in international banking.
He explained the British foreign
credits situation and described British
methods in foreign banking. An i'm
portant and unexpected speaker was
Edmund Plat, vice-governor Of the
Federal Reserve Bank OF Washington,
who gave an informal talk on the
functions of the reserve system. Mr..
Harding introduced Senator Fernald,
who spoke on Our Transportation In
terests."
with the drifting tendency toward
a central regulating government, there
has come an increasing belief in the
minds Of many that the powers of the
central government are unlimited and
magical" said Senator Fernald. Not
q few have come to believe that an act
of Congress can do anything; make all
happy, prosperous, rich and contented.
The federal government is looked on by
some as sort of magician who, with a
magic wand, can create wealth, de-
stroy poverty and disease and equalize
as we'll as standardize human existence.
THE transportation act Of 1920 I'M
derk to bridge the chasm between gov
eminent and private control and oper-
alton. These adjustments and settle
ments have been under way for four
years and are now about completed.
This process of liquidation is one of the
most remarkable achievements In the
railroad history Of this or any other
country.
Government operation and control
of the railroads was justified only as a
war measure, and even then there is
room for doubt. AS permanent policy
1t proved expensive in the extreme. 1t
involved excessive wages and excessive
taxes and little, IL any, increase in ef-
ficiency.
Nor is the end in sight. for freight
rates cannot be reduced materially so
IOHR dS In6 wartime scale O1 WAGES
or anything like it prevails. Reduc-
lions in wages are opposed by the en-
ployes. as a rule, and the labor board
created by the transportation act Of
1920 is powerless to enforce its DEGREES.
In July, 1920. an increase in wages was
granted costing the railroads $500. 000,-
900 additional year. This increase
continued a year, when a IL per cent.
reduction was ordered, effective July ],
1921, q saving of about $500, 900 a
year to the railroads. This continued
a year. when the interstate commerce
commission ordered a cut in railroad
freight. rates. wiping out the $780,
600, 900 saved the year previous.
THE railroads then applied for a
reduction in wages, and the railroad
labor board granted it. but the en-
p1oyes struck. This strike cost the
government $4,000 the strikers
more than 100000. 600 and the cost to
the railroads was s150.000,0o0. while
the cost to the innocent public, the
consumers, cannot be calculated. Thus
1t will be seen that a large part of our
present domestic troubles date back to
the Adamson law and the government
operation and control Of the railroads.
THE future prosperity and well-be-
iuB VI NldlHe OF every OIHeT STATE
of the Union depends largely upon a
strict adherence to tried economic and
financial principles. A surrender to
radicalism, a compromise with false
notions of finance. means peril ito the
republic"
Golf Journeys
In the three golf tournaments held
during the afternoon the competition
was close. The first tournament held
was the obstacle golf for women, and
was won by Mrs. w. E. Atwood of
w.Britain, Ct. Second prize was won
by Mrs. Russell E. Belden Of Hart
ford.
The first mems tournament was for
the Hichborn trophy. The trophy,
which has been in the possession OF
c. E. Boynton of Portland, was won
by Fred c. Lyman of Bar Harbor, re-
firing president Of the Maine associa-
ton.
The chief competition and the fast
golf came in the handicap tournament
for the New England bankers cup, The
players and scores follow:
Out In H Sc
A W. Chisholm, Boston. Al 81 II 81
W. v. Camp. Springfield. 40 so 80 So