Show CHANGE OF TONE Judging by the tone of ot the presidents Indianapolis address he has been get getting getting getting ting returns from tho the business men of the country countr and learning of If the results his policies of the last year have havo wrought Instead of or the rampant In Indiscriminate discriminate hostility to corporations s the dire the spear that knows no brother talk he roars as gently as any sucking g dove dote and an announces announces that he Is after none but pi pirates pirates rates of finance Instead of or accusing all railroads of or being capitalized excessively and rep representing representing representing resenting a large proportion of water wa water ter instead of or actual values he be says sa s There has been much wild talk of ot overcapitalization of our railroads The census census reports on the commercial value of the railroads of ot the country together er with the reports made to the Inter Interstate Interstate interstate state commerce commission by the rail railroads railroads roads reads on their cost of or construction tend to show that as a whole the railroad property prop rt of Or the country is worth as much as the securities representing it Iti i and that in the consensus of opinion of investors the total value of 01 the stock and bonds Is greater than their total face value notwithstanding the water that has l been een injected in particular places 1 Reassuring it t Quite a change from the attitude of the president when e congress was in session and inspired interviews in interviews represented the chief chic executive executive tive thc as about to exterminate the dra dragon dragon dragon gon or pickle the octopus or do some something something something thing awful to the watered securities of the nations railroads Curious it that this thi sort of certificate should come from the same man whose utter utterances utterances ances gave 30 the impression at home and abroad that the railroads of ot the coun country country country try held comparatively little in actual values to support the enormous capital capitalization l in stocks sto ks and bonds held by investors in estors here and in Europe Remembering the terrific depression in railroad securities which resulted from the presidents official and un unofficial unofficial unofficial official utterances one is sorry Roose Roosevelt Roosevelt velt yet did not see fit to make as careful a study of facts before he spoke last winter inter as he has in preparation for his Indianapolis speech It is moderate to say that his policy of the past year ear has cost the railroads and the people of ot the country hundreds of ot millions in depreciation of securities which h ho now says are actually worth more In the aggregate than their meir face value alue In spite of ot an unprecedented era of ot prosperity of or enormous earnings and of ot an outlook that promised to break breal breakall breakall all nU records the railroads of or the country have boon beer unable to borrow money on favorable favora le terms for extensions and amI Im Improvements i in roadbed and equipment Such as have nyO been compelled to borrow have secured s ur q money only on notes at extravagant rates of Interest I The reason has been plain Lenders did not care to advance money mone to rail railroads railroads railroads roads so long lon as tho presidents attitude was hostile to all railroads and no rio one knew kne to what lengths his hi hostility would take him Every Een effort to get set assurance of fair treatment from him was futile Alike to Mr Morgan Mr fr and the other othor financiers who had supported him In his campaign camp he le re refused r refused fused to say ay what he lie would or would rot do In the future Knowing his dis disposition disposition disposition position realizing his almost ble bl power to secure legislation of any kind the financial Interests of ot America Amerl a and Europe hesitated to go ahead with their program of ot Improvements In rail raU railroad railroad road facilities facUlties many railroads suspend suspended ed cd alt all new ne outlay none undertook any but Imperative new nets ne work fc I Only when w en he had begun to see ee the fruits of his Ms podgy did the president nt assume his new role rote of oC the friend of r the good railroads Unfortunately all al tiie railroads had Iad suffered much before the tho discovery that only a few of them deserved the reprobation of or Roosevelt and in the suffering the good and bad bid 4 were injured alike nUke Reparation Reparation at this 1 late l te day is a tardy remedy for the inJury in injury injury jury that has bas been becu Inflicted by b thought thoughtless less I ss and hasty hat generalization n on a sub subject subject subject which might well have taken years of study for an accurate understanding und It is easy to say fay y now that there need be no fear tear on the part of investors that this movement for tor national supervision and control contro over railways rana s will m be 6 for their detriment Cautious Ca tl us as investors investors are are by nature they need nc tl nothing more to alarm them and keep them alarmed alan ed than the personality of or the tho president himself with his habit of ot impetuous de decisions decisions decisions radical disregard of ot counsel coursel and judgments offhand on matters of the gravest moment In Investors Investors estors great and small do not enjoy having baYing their interests at the mercy mercy of or ofa ora ofa a man who rushes in and an does what pleases him without regard to conse consequences consequences I and with no thought or dellb deliberation oration T Probably the lice most significant thing in inthe inthe the whole speech apart part from its ita re reassurance reassurance e assurance to investors is that part rt de devoted devoted voted to an outline of the th policy of fed federal federa oral eral era control of railroads The gist of it itis itis itIs is in the following words Today To I wish to say a word to you OU about the first and most Important fea feature feature feature ture of this task tho control of tho the common carriers doing an interstate business a control contro absolutely vested ested In Inthe Inthe Inthe the nation while In so 80 far tar as the com corn common common cornmon mon carriers also transport the mails malls It is In my m opinion probable that whether their t business Is or is not In tn Interstate Interstate it is to the same sarno extent sub subject subject Sect to federal control under that clause of ot the constitution granting to the na national natIonal national government power to establish I post po t roads roa s and a ld therefore by necessary i implication power to take all the thene action ac action tion necessary necess ry to keep them at the highest point of ot efficiency By this characteristic construction of vC i ithe the implied powers of the government the president would wipe out all al state lines If a railroad carries malls mails says Roosevelt Roose t even if the road lies entire entirely ly 1 within a single state it Is la subject to federal control By that same con construction construction construction a street railway line or a 3 traction line carrying caming malls mails occasional occasionally ly In a single city or county count would be subject to federal control and super supervision vision The effect of such an assumption can be seen at a glance Like theory that the gov gOY government government emment has as the right and power to say what manufactures an interstate road may carry carr and what It may not this new ne interpretation would obliterate every vestige of or the constitutional rights of or the states so far as trans transportation transportation transportation lines are affected No rail railroad railroad railroad road operates that does not carry mail mall mailin mailIn mallin in this country According to Roosevelt Roose Roosevelt Roosevelt velt this gives the government the tho right to regulate all railroads without regard to state boundaries From Prom that to absolute and unqualified centralization is so 50 short a step that a Roosevelt could take it t over OCr night and andt it t fits in exactly with Secretary Roots speech foretelling the tho program of or the administration with Its determination to centralize all power over transportation tion In Washington That is to say the administration proposes proposes to use an nn anold anold old ds provision of or the constitution constitution constitution as an excuse e cuse for a new interpretation interpretation tation of the nations charter which would lo ld give a single body of men under control of ot the president such power as asa asa a Q czar never neer dreamed of ot exercising a power beside which the most autocratic government of Europe would be a mild and benevolent despotism If It Roosevelt Is testing public senti sent sentiment sentiment ment his Indianapolis speech ought to give some interesting returns It If he could carry out the t e program of ot rail railroad railroad railroad road control which his speech suggests the president of ot the United States would be In a position to wield a dom dominant domInant dominant influence not only in transportation tion affairs but in civil elvil and political and commercial affairs as well He and his Interstate commerce commission would hold In their hands the fortunes of practically the whole hole nation it would be possible for them to change chango the status of or any city or any an state by bya a mere exercise of ot the enormous power conferred upon them in law lawa a power never contemplated by the constitution a power which the framers of or that In Instrument instrument strument would never have hae conferred d dupon upon any man however good or great We do not believe that the people will ill tolerate Jong long tho the suggestion that the clause of the constitution carries with it the implied authority the president claims for tor it we do not believe boll eve the people are ready to abandon all the precedents of ot the nation mlton since Us foundation and confer upon the ex exi executive i a power which has been re reserved reserved served heretofore to the states s tes Super Supervision vision Islon of or railroads has been approved as It stands in law but abrogation of the constitution con and defiance of oC the re reserved reserved served senell rights of ot the tho states are arc different matters Finally It t will be observed that the tone of the speech Is Distinctly gentle genUe In the tho usual ponderous platitudes about the need of ot honesty and common sense sen e and fair Play In public affairs a tra Irs It ft Ills Is to the last syllable syla le but in its discussion of ot the t o railroad question as a whole It Is so mild that one could scarcely scar ely believe bellee Roosevelt oo celt wrote It Truly Trul the presidential campaign must bo be welt well under way when the president can speak so long without a single Ie war whoop pr bronco phrase to en enliven enliven enliven liven the oratory |