Richmond Palladium (Daily), Volume 32, Number 128, 30 May 1907 — Page 3

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Indianapolis, May30. In his speech Aero this afternqomat the unveiling of (the Lawton ntommient, President

fRoose velt said :

For more thanj one reason I am pe-

coliarlr gladthat this year I speai on Memorial day in. the. state of Indiana. There ls no other class of our citizens to "wham we owe so much as tithe veterans, of fithe. great war. To them it was., given to perform the one feat withM which no other feat can be compared, for tolthlem it was given to preserve the Union., Moreover, you men who wore the -bine, blessed beyond the

victors in any other war of recent times, have left to your countrymen more than the. material results of the triumph, moreeven than the achieving the triumph fhself. You have left a

country so genuinely reunited that all

f us now, in. whatever part of this 'Union we livehave a right to feel the f keenest pride, not only in the valor and self-devotion of you, the gallant men who worethe blue, but also in the valor and seEf -devotion of your gallant opponents who wore the gray.

The hero whotie monument we today

'unveil, by his, life bore singular testimony to the completeness of the reunion. General Iawton in his youth jfought gallantlytin the Civil war. Thirsty-three years afterward he again t marched to war, this time against a foreign foe, and served with distini guished ability and success as a genieral officer, both In Cuba and in the 'Philippines. When he thus served It , was in an army whose generals lni eluded not only many of his old corntrades in arms, but some of his old opiponents, as General Wheeler and Gen.

Fitzhugh.Lee. Under him, both among the commissioned- officers and in the ! ranks, were many men whose fathers hadfworn the blue serving side by side i with others whose fathers had worn (the gray; hut all Americans now, and i nothing but Americans, all united in ? their fealty and devotion to their comimon flag and their common country, and each knowing only the generous I rivalry with his fellows as to who could best serve the cause for which each was ready to lay down life itself.

To:General Lawton it befell actually to (lay down his life; a tragedy, but one iof those noble tragedies where our

pride rises above our sorrow. For he

idled In the fullness of time, serving

his country with entire devotion a

death that every man may well envy.

Greatest War Governor. Indiana in the Civil war furnished f even more than her share of brave sol

diers. It also fell to Indiana to furnish the greatest of-all war governors who:upheld the hands of Abraham Lincoln; for when history definitely

(awards the credit for what was done In the Civil war, she will put the j services of no other civilian, save ' alone those of Lincoln, ahead of the

services of Governor-Morton. No other man who rendered such services as he rendered worked under such terrible disadvantages, and no man with-

, out Jiis'iron.power could have achieved iwhat he achieved during the last two years of the war, when he managed

the state government of Indiana sole

ly on money obtained by pledging his own .personal honor and personal f or-

jtnne; and yet never for one moment relaxed in the help he gave to Lincoln land Chase and Seward and Stanton in

i the cabinet, to Grant and Sherman and ! Sheridan and Thomas in the field. It

was work 'that only the strongest man ' cotrld have done, and it was work vi

tally necessary for the sake of the

nation to do. The men of the generation which

i fought the Civil war had their great tasks to perform. They met them as

strong men - should have met them

They did them, and we, their children profit by their mighty deeds. But

no generation can ever plead the great deeds of its predecessors as an "excuse for failing to perform Its own duties.

Our duties are those of peace and not

M . , .1. . .

oi war. iNeveriueiess iuey are oi me utmost importance; of importance -to ourselves and of still greater importMice to the children who in a few years fill take our places as the men and omen of this Republic. If we wish r shew ourselves worthy heirs of he men of the Civil war, we must do .'ur tasks with the' thoroughness with Which they did theirs. t Great Problems Exist. Great social and industrial problems confront us, and their solution demands on our part unfaltering courage, and yet a wise, good-natured self-restraint; so that on the one hand we

shall neither be daunted by difficulties nor fooled by those who seek to persuade us that the difficulties are insuperable; while on the other hand we are not misled into showing either rashness or vindictiveness. Let us try as a people to show the same qualities as we deal with the industrial and social problems of today that Abraham Lincoln showed when with indomitable resolution, but with a kindliness, patience, and common sense quite as remarkable,, he faced four weary years of open war -in front," of calumny, detraction andfintrlgue from behind, and at the end gave to his countrymen ,, whom he had served so well the blood-bought gift of a race freed and a nation forever united. One great problem that we have before us is to preserve the" rights of property; and these can only be pre

served if we remember that they are'

lows. The power of the nation must be exerted to stop crimes of cunning no less than crimes of violence. There can be no halt in the course we have

deliberately elected to pursue, the policy of asserting the right of the nation, so far as it has the , power, to supervise and control the business use of wealth, especially in its corporate form. Today I wisn to say a word to you about the first and most important feature of this task, the control of the common carriers doing an interstate business; a control absolutely vested in the nation, while in so far as the common carriers also transport the mails it is in my opinon probable that whether their business is or Is not interstate, it is to the same extent subject to federal control, under that clause of the constitution granting to the national government power to establish post roads and therefore by necessary implication power to take all action necessary in order to keep them at the highest point of efficiency. A Step in Advance. Every federal law dealing with corporations or with railroads -that has been put upon the statute books during

the last six year's has been a step in advance in the right direction. All action taken by the administration under these and the pre-existing laws has been just and proper. Every suit un

dertaken during that period has been a. suit not. merely warranted, but required, by the facts; a suit in the interest of the people as a whole, and, in

the long run, particularly in the inter-' est of stockholders as well as in thej Interest of business men of property j generally. There can be no swerving j

from the course that has thus been mapped out in the legislation actually

enacted and ii the messages in which I have asked for further legislation. We best serve the interests of the honest railway men when we announce that we will follow out precisely this course. It is the course of real, of , ultimate conservatism. There will be no halt in the forward movement toward a full development of this policy; and those

who wish us to take a step backward or to stand still, if their wishes were realized, would find that they had invited an outbreak of the very radical

ism they fear. There must be progressive legislative and adminstrative action for the correction of the evils which every sincere man must admit to have existed in railroad management in the past. In' the Interest of All. Such additional legislation as that for which I have asked in the past, and especially that for which I asked in my message at the opening of the last session of congress, is not merely in the interest of the public, but most emphatically in the interest of every honest railway manager and of all investors or would-be investors in railway securities. There must be vested in the federal government a full power of supervision and control over the railways doing interstate business; a pow

er in many respects analogous to and as complete as that the government exercises over the national banks. It

must possess the power to exercise su

pervision over the future Issuance of

stocks and bonds, either through a na

tionat incorporation (which I should

prefer) or in some similar fashion, such supervision to include the frank

publicity of everything which would-

be investors and the public at large have a right to know. The federal

government will thus be able to pre

vent all - over-capitalization in the future; to prevent any man hereafter from plundering others by loading railway properties with obligations and pocketing the money instead of spending it in improvements and in legitimate corporate uses; and any man acting in such fashion should be held to a criminal accountability. It should be declared contrary to public policy henceforth to allow railroads to devote their capital to anythin gbut the transportation business, certainly not to the hazards of speculation. For the very reason that we desire to favor the honest railroad manager, we should seek to discourage the activities of the man whose only concern with railroads is to manipulate their stocks. The business of railroad organization and management should be kept entirely dis

tinct from investment or brokerage

business, especially of the speculative type, and the credit and property of

the-corporation should be devoted to the extension and betterment of its railroads, and to the development of the country naturally tributary to the

lines. These principles are fundamen

tal. Railroads should not be prohib

ited from acquiring connecting lines,

by acquiring stocks, bonds, or other securities of such lines; but it is already well settled as contrary to public policy to allow railroads to acquire control over parallel and competing lines of transportation. '. Subject to first giv-

Synopsis of Roosevelt's Memorial Day Address

One great problem that we have before us to preserve the rights of property; and these can only be preserved if we remember that they are less in jeopardy from the socialist and the anarchist than from the predatory man of wealth. The power of the nation must be exerted to stop crimes of cunning no less than crimes of violence. Those who wish us to take a step backward or to stand still, if their wishes were realized, would find that they had invited an outbreak of the very radicalism they fear. It (the government) must possess the power to exercise supervision over the future issuance of stocks and bonds (of railways.) It should be declared contrary to public policy henceforth to allow railroads to devote their capital to anything but the .transportation business, certainly not to the hazzards of speculation. We should seek to discourage the activities of the man whose only concern with railroads is to manipulate their stocks. The law should be amended so that railroads may be permitted and encouraged to make traffic agreements when, these are in the interest of the general public as well as of the railroad corporations making them. The movement to regulate railways by laws has come to stay. No criminal, high or low, whom we can reach, will receive immunity. We favor the railway manager who keeps in close touch with the people along his line rather than in close touch with the speculative market. Most certainly there will be no relaxation by the government authorities in the effort to get at any great railroad wrecker. The administration is responsible for turning on the light, but it is not responsible for what the light showed. As soon as the natural and proper resentment aroused by these abuses becomes indiscriminate and unthinking, it also becomes not merely unwise and unfair, but calculated to defeat the very ends which those feeling it have in view. The surest way to invite reaction is to follow the lead of either demagogue or visionary in a sweeping assault upon property values and upon public confidence. - -. ' The great need of the hour is for better transportation facilities. The country has outgrown its railroads. The most effective way to lessen demands for unreasonable legislation is for the railroads acting individually and collectively to remedy as many as possible of the abuses and shortcomings for which there really are remedies, and for which remedial laws are demanded by the shipping pul lie. Let the local attorneys for the big railroads keep out of politics. The man who is on occasion a corruptionist, is apt, when the gust of popular feeling blows hard against the corporations he has corruptly served, to be the loudest, most reckless and most violent among those who denounce them. Let the man of great wealth remember that, while using and enjoying it, he must nevertheless feel that he is in a" sense a trustee. Remember Lincoln's words of kindly wisdom: "Let not him who is houseless pull down the house of another, but let him work diligently and build one for himself, thus by example assuring that his own shall be safe from violence when built."

J should be provided, so as to secure astice to the general public. Rut any far as may be that the proceeds there-; such move as this is in the Interest of

of shall be devoted to legitimate bus-j honest railway operators, of honest mess purposes. In providing against ; corporations, and of those who, wher, over capitalization we shall harm no j they invest their small savings in human being who is honest: and we stocks and bonds, wish to be assured shall benefit many, for over caitaliza-j that these will represent money hontion often means an inflation that in-'estly expended for legitimate business vites business panic; it always con- j purposes. To confer upon the nationceals the true relation of the profit !al government the power for which I earned to the capital invested, crea:-'ask would be check upon overcapitaliing a burden of interest payments zation and upon the clever gamblers, which may redound to the loss alike of , who benefit by overcapitalization. Hut the wage-earner and the general pub-jit alone would mean an increase in the; lie, which is concerned in the rates value, an increase in the safety of the; paid by shippers; it damages the small stocks and bonds of law-abiding, houinvcitor. discourages thrift, and puts ajestly managed railroads, and would premium on gambling and business ' render it far easier to market their trickery. securities. I believe in proper pub-; There is an essential difference be-jlicity. There has been complaint of. tween private and quasi-public proper-j gome of the investigations recent 1 y ea rty which justifies setting somewhere a ; ried on. but those who complain should! limit beyond which the accumulating, put the blame where it belongs upon ' value in quasi-public properties, due the misdeeds which are done Un dark-; to the necessity of a growing communi-; ness. and not upon the investigations!

ty, shall not be capitalized. Control Over Accounts.

roads efficient and honest are the only ones who have cause to oppose it. We who . believe in steady and healthy progress stand unalterably for the new era of the widest publicity, and of fair dealing on the part of railroads with stockholders, passengers and shippers. We ask the consent of no man in carrying out this policy; but we gladly welcome the aid of every man in perfecting the law in its details, and in securing its enactment and the faithful observance of its wise provisions. We seek nothing revolutionary. We ask for such laws as in their essence now ootain in the staid

old commonwealth of Massachusetts;

such laws as now obtain in England

The purpose of those of us who so res

olutely believe in the new policy, in its

thorough carrying out and in its pro

gressive development, is in no sense

nunitive or vindictive. . We would be

the first to protest against any form

of confiscation of property, and wheth

er we protested or not, I may add that the supreme court could be trusted in any event to see that there should be nothing done under the guise of regulating roads to destroy property without just compensation or. without due process of law. As a matter of course, we shall punish any criminal whom we can convict under the law; but we have no intention of confounding the innocent many and the guilty few by any ill-judged and sweeping scheme of vengeance. Our aim is primarily to prevent these abuses in the future. Wherever evil doers can be, they shall be, brought to justice; and no criminal, high or low, whom we can reach will receive immunity. But the rights of innocent investors should not be jeopardized by legislation or executive action; we sanction no legislation which would fall heavily on them, instead of on the original wrongdoers or beneficiaries of the wrong. No Unreasonable Restrictions. There must be no such rigid laws as will prevent the development of the country, and such development can

only be had if investors are offered an ample reward for the risk they take. We would be the first to oppose any unreasonable restrictions being placed upon the issuance of stocks and bonds, for such would sim

ply hamper the growth of the United States; for a-railroad must ultimately stand on its credit. But. this does

not prevent our demanding that there be lodged in the goverment power to

exercise a jealous care against the inflation of securities and all the evils that come in its train. The man who builds a great railroad and those who invest in it render a great public service; for adequate transportation facilities are a vital necessity to the coun-

and unloading the securities on the pi blic. We wish to make it to the interest of the investor to put his money into the honest development of the railroads, and therefore we wish to discriminate against the man who, while enriching himself, lays upon the future owners and patrons of the road and above all upon the honest men whose duty it may become to operate the road, a burden of additional debt without adding correspondingly to its a tual worth. Much is said about the inability of railroad presidents to agree

among themselves as to what policy

in contribution to national growth and development. Right Physical Valuation. Ample provision should be made by congress to enable the interstate com

merce commission, by the employment

which brought them to light. The administration is responsible for turn-!

One of the most important features 1U ou ine Sni. lnn 11 ,s not response; of the Henburn Act is its having: civ- ble for what the I'S showed. I Hskj

en the commission absolute control t for ful1 lwer to be given the federal over the accounts of railways. The 1 government, because no single statj commission has just issued an order to tan bv legislation effectually cope wit bJ the effect that on July 1, next, all the! these Powerful corporations ensaged railways of the country subject to the'in interstate commerce, and. while do-l jurisdiction of the commission must ! iuS them ful1 Justice. act from-them-standardize their accounting methods, iin return full justice to others. Thet and the commission is now organizing! conditions of railroad activity. the' a bureau of special examiners, whose I conditions of our immense interstate' duty it will be, among other things, to ! commerce, are such as to mako the! see that the books o the carriers are ;' central government alone competent; kept in conformity witn the rules laid to exercise full supervision and control, down by the commission. Thus the Will Punish Dishonest, means are already at hand and the ma- The grave abuses in individual case chinery already created which, when of railroad management in the past perfected, will put the public in posi- represent wrongs not merely to the tion to know facts, so that the small j general public, but above all. wrong investor can exercise an intelligent to fair-dealing and honest corporation judgment when entrusting his money j and meu of wealth, because they excite to the promoters of great railway en-a popular anger and distrust which

terprises. We hope as one of the from the very nature of the case tend

chief means for betterment of conditions to secure as complete publicity in the affairs of railroads as now obtains with regard to national banks. There need be no fear on the part of Investors that this movement for national supervision and control over railways will be for their detriment. If

to include in the sweep of its resentment good and bad alike. From the standpoint of the public I can not too earnestly say that as soon as the natural and proper resentment aroused by these abuses becomes indiscriminate and unthinking, it also becomes not merely unwise and unfair, but calculated to defeat the very ends which

they doubt this, let them study the his

tory of the railway-control movement j those feeling it have in view. There

in fcucu a. &uttt: iui. n uum , has ben plenty of dishonest work by hard to find anywhere a more pros- corporations in the past. There will perous or more intelligent community; not be the slightest let-un in the effort

of a sufficient force of experts, to un-;a community of thriving farmers andto hunt down and punish every disbondertake the physical valuation of each ; thriving townspeople. Iowa did its eKt malu Rut the bulk of our business and any road in the country, whenever share in the work of building rail- is honestly done. In Ihe natural inand so soon as in the opinion of theroads when the business was one that j dignat lon tne peopie feei over the discommission such a valuation of any 1 demanded men of the utmost daring j honesty, it is all-essential that they road 'would be of value to the com-jand resourcefulness; men like that gal-, should not lose their heads and get mission in its work. There are un-:lant soldier and real captain of Indus- j drawn inlo an indiscriminate raid updoubtedly some roads as to which it try, Grenville M. Dodge; men who ran,on an corporations, all people of

7 tueiuiv i-u i"! would bean advantage, from the stand-' rislvs and performed feats for which wcalth, whether they do well or 111. i ?aSr ?!T.v L? t?fllwInt of tbe business of the commis-!" s difficult to make the reward too Gut of any sucU wjld niovenient good

sion, to have, such a physical valuation ' ni&n; men Wno stai;ea- everytmng on wm not come. can not come, and never as soon as possible. j the chance of a business which today jhas Come. On the contrary, tho surest At the outset let it be understood ; happily involves no such hazards. ; way to invite reaction Is to follow tho that physical valuation is no panacea;! Iowa was at length forced to undertake j eud t)f either demagogue or vision-

followed in the effort to work out the

problems which now present themselves. In so far as the law is concerned, all I ask of them Is a willingnes to comply fully with its spirit, and a readiness to move along the lines indicated by those who are charged with administering it. Our policy is built upon experience, and our primary purpose is to insure the future against the mistakes and delinquencies of the past. Inflation of Stock. There has been much wild talk as to the extent of the overcapitalization of our railroads. The census reports on the commercial value of the railroads of the country, together with the reports made to the interstate commerce commission by the railroads on their cost of construction, tend to show that as a whole the railroad property of the country is worth as much as the securities representing it,, and that in the concensus of opinion. of investors the total value of the stocks

and bonds is greater than their face value, notwithstanding the "water" that has been injected in particular places. The huge value of terminals, the immense expenditures in recent years in double tracking, improving grades, roadbeds and structures, have brought the total investments to a point where the opinion that the real

value is greater than the face value is probably true. No general statement such as this can be accepted as having

more than a general value; there are

many exceptions; but the evidence seems ample that the great mass of our railroad securities rest upon safe and solid foundations; if they fail in any degree to command complete public confidence, it is because isolated instances of unconscionable stock-watering and kindred offenses arouse suspicion which naturally extends to all other corporate securities so long as similar practices are possible and the tendency to resort to them is unre

strained by law. While there have been many instances of gross and fla-

it is no sufficient measurement of a i the work of regulating the railways rate; but it will be ultimately needed j within her borders. There was great as an essential instrument in adminis-' outcry against it. It was, proclaimed trative supervision. It will be of use ; that such effort would ruin roads alto the commission in connection withifead" uuilt and Prevent building more, the duty of determining the reason-But Iowa proceeded with the task, and ableness of future capitalization, both!11 resulted, not in ruin and stagnation, as one element to enable eucIi a body i but in increased safety and profit to

to come to a right conclusion in the matter, and also as an element to be placed before the investing public, to enable this public in its turn to reach a conclusion; though of course capitalization must be determined in large measure by further need than past investment. How important physical

the honest investor. Instead of put- ,'viii

ting roads into the hands of receivers, it was followed by a prosperity that

rescued many of them from receiverships. Guarantee is Needed.

ary In a sweeping assault ujon property values and upon public confidence which would work incalculable damage in the business world, and would produce such distrust of the agitators that in the revulsion the distrust would extend to honest men who, in sincere and sane fashion, are trying to remedy th

Better Facilities Needed. The great need of the Lour, from lhe standpoint of the general public- of th producer, consumer, and shipper alike is the need for better transportation

state' or course, can uo lor te j facilities, for additional tracks, addirailways what the national

1,..-.- ! V .Vl.ASCJfc7 UMU llMLflOK 111111,0 HQTIAtl -Will TV-vri r. c --! r t a -r f n rt . . . i ...-, !

""-iment nas aireaay aone ior tne oanKs, the actuai handling of the railroads; tors t assist in fixing equitable rates j and that government should do Bomc- and aI1 this with the least possible deI am not able to judge; but that it will j thing analogous for th3 railways. Na-)Jay. Ample, safe and rapid transporbe of certain importance can be safe- j tional-bank stocks are bought and EoldjtatIon facimies are even more nerey assumed because of the opinions of j largely on the certificate of character I sary than theap transportation. The the interstate commerce commission , which the government, as a result of; ime need is for tne lnveatn.ent of and of the courts and because of thejita .examinations and supervisions, j money which Will provide better terrecent action of the Northern Pacific . gives to them. To give another IHus-j mInal facimieg, additional tracks, and railroad m advancing such a physical j t ration from Iowa's experience, when a greater number of (;ars an(1 loconio. valuation as decisive on its side m a;the national banking law was amended ; tIves while at the Kame tlme Becuring rate controversy. Such a valuation; to allow small banks to take out na-j,f pOHSibe beUer waRes and shorter nould necessarily help to protect the j tional charters, great numbers of the:jhour8 for the employes. There must railroads against the making of inade-j state banks of that state were reor- be Just and reasonable regulation . quate and unjust rates, and would ganized into national institutions. The w .nv .rhit .ni' ,.nhi..L-.

investing public was ready to backjing movement to cut them down may with unlimited confidence the institu-be equivalent to putting a complete

therefore be as important from the standpoint of the protection of the railroads as from the standpoint of the protection of the public; and of course it is necessary to the enduring pros-

tions on which the federal government

stop to the effort to provide better

had set the seal of its confidence and approval. The railways have not been

perity and development of the country ; given this certificate of character, uu-

tnat tne ranroaas snail vieid renson- rTor tv,o coal ef tvio. hoHamI rrr,.-crn ' . . .....

1 1 v " " vuv mmvawaaua Kvn-iii-jhcfoa 4 onv Trv1rr1 tT fQlfni(nfr .... A

able profits to investors. It is from ( ment, and therefore many people who : shipper at tne cxpen,e of a compet,lw, Tl tl P01- Ulteras Prtant to invest freely in the shares of banks iand direct dealinK with rates Is someor L ? S ; ,C Stfv 6 lU 1,d";are reluctant to buy railroad securi- i times the only method by which this of the road as to know what it would j ties. Give them the same guaranties; favoritlgm can be voided; but where now cost to reproduce ,t: from another ; vs to railroad securities which we now ; favoritism is not alleged, and when tbe

transportation. There can be no question as to the desirability of doinr away with re-

7e ;T T .7;"- ' lliem as 10 sauonai oann snares, j tI , nakedIy one of getting a is, the management of the road-is and we would presently see these pec;lower rate, ,t must be remembered that ;S.P..E !h ' 3,n- e-Phyf iPle !nvestin in railroads, and thus ; it ,g often possibIe that those deman J.

uation of the road in one region may, fraw the capital now so much needed A - v.,.

have an entirely different relation to ' for the extension and betterment of the f0r a

No Hostility in Attitude. shorter hours for employes. If the

other region where the "conditions are

j utterly different. Thereiore the phys-

ing to the government the power of t We favor full d amDle- return .!, .m Jical valuation can never be more than

snnprvisinn arm ennirn wmcii i uaiei.- t. i j c r

- iu t,ucu mtu, uui we uo 1101 lavor a advocated above, the law should bepollcy of exploiting the many for the

amended so that railroads may be per

mitted and encouraged to make traffic agreements .when there are in the interest of the general public as well as of the railroad corporations making them. These agreements should of course, be made public in the minutest detail, and should be subject to securing the previous assent of the interstate commerce commission. Movement Here to Stay.

The movement to regulate railways

In less jeopardy from the socialist and by law has tome to stay. The people the anarchist than from the predatory of this country have made up their man of wealth. It has become evident j minds and wisely made up their that to refuse to Invoke the power of J minds to exercise a closer - control the nation to restrain the wrongs com-j over all .kinds of public-service cormitted by the man of great wealth fporations, including railways. Every

benefit of the few. We favor the railway man who operates his railway upon a straightforward and open business basis, from the stand point of permanent investment, and who has an interest in its future; we are against only the man who cares nothing for the property after his speculative- deal iu its securities has been "closed.' We favor the railway manager who keeps in close touch with the f people along his line rather than in close touch with

the speculative market; who operates

course, there remain cases of overcapi-

italization, yet when the statistics of the weaker roads are combined with those of the stronger roads, and considdered in the aggregate, in my judgment they will not be found to impair the healthy financial standing and position of the railroads as a whole; and while those railway owners and managers who have enriched themselves by loading their properties with . securities representing little or no real value deserve . our strongest condemnation, on the other hand our hearty commendation Is due those owners and

who does evil is not only to neglect The intelt-sts of the public, but id to neglect the interests of the man of means who acts honorably by his fel-

honestly managed railway gain and not. lose hy-the iolicy. The nien more anxious to manipulate" stocks than to make the management of their

his line with a view to the advantage j managers representing, I believe, the he can legitimately get out of his rail- j large majority who have year after way as a permanent investment by giv-iyear worked faithfully, patiently, and ing a fair return to the stockholders ! honestly in building up our great sysand to the public good service with J tern of railways, which have knitted toreasonable rates: who does not operate gether In close commercial and social his road with a view to the temporary I intercourse widely removed sections of speculative advantage which will , fol- the. country and stand second only to

low capitalizing ,-au uncertain- future-the-great business of agriculture itself sonable regulations, for their issuance

Jone of; many elements to be consider

ed; but it is one elemciit, and at time3 may be a very important element, when taken in connection with the earning power, franchises, original cost, character of management, location and business possibilities, in reaching an estimate 011 the property and rights of a corporation as a going concern. Should Test Securities. The effect of such valuation and supervision of securities can not be retroactive. Existing securities should

be tested by the laws in existence at the time of their issue. This nation would no more injure securities which have become an important part of the national wealth "than it would consider a proposition to repudiate the public debt. But the public interest requires guaranty against improper multiplica

tion of securities iu the future. Rea

shorter hours for employes.

All this, my friends, is substantially! demand for more taxes, for higher

what I have said over and over again, j wages, for shorter hours for employes. Surely, it ought not to be necessary to; and for lower rates becomes so excssay that it in no shape or way repre-Uive as to prevent ample and t-peedy sents any hostility to corporations as transportation, and to eat up the legitsuch. On the contrary, it means animate profits; if popular and legislafrank recognition of the fact that com-j tive movements take a shape bo 111binations of capital, like combinations ' directed as not only to threaten honof labor, are a natural result of mod- est investments and honest enterprisern conditions and of our national de-(es. but also to prevent any effort for velopment. As far as in my ability f the betterment of transportation falies, my endeavor is anc will be to pre- j cililicF, it then becomes out of the vent abuse of power by cither and to! question to secure tne necessary infavor both so long as they "do well. 'vestment of capital In ordtr to bring The aim of the national government is j about an , improved service. Rates suite as much to favor and protect should not be unduly high; there honest corporations, honest business ! should be a thorough afeguardiny

men of wealth, as to bring to Justice 'against' accidents; there should be nv tuose individuals and corporations rep- S improper shirking of taxes: the ship- ' resenting dishonest methods. Mostfpers of tbe country must be supplied certainly there- will be no reiaxation by generously with cars and all other the government authorities in - the ef- equipments necessary to properly care fort to get at any great railroad for our commerce, and all this means wrecker any man who by clever 'that the national government must be swindling- devices robs investors, op-1 ; presses wage workers, and dos injas- (Continued to Page Eight.)