Show VICIOUS LEGISLATION The railroad presidents in their an annual annual annual nual reports just Issued declare their corporations and stockholders have been treated unfairly In state legisla legislation legislation tion o of the past year ear and they point with regret to the result of this legis legislation lation the limitation of credit and cur curtailment curtailment curtailment of needed expenditures for improvements as Justification of their complaint When the wave wae of hostile legislation initiated by the president and stirred l to violence by congress extended to the various state legislatures of last win winter 4 ter tor popular sentiment had reached the tho stage where It was ready to approve measures not only of regulation but butof butor butof of or downright oppression directed against railroads It made little dif difference ference whether Innocent h as well as guilty roads were ore hit whether the rates demanded were reasonable or any law aw that was de do designed designed signed to punish railroads could pass passin passin pa pain in most of the states where the agitation agitation tion Ion centered and in all of them the governor stood ready to approve such sucha t r a I legislation except In New Neu York where Hughes vetoed the railroad rate law I because he thought It unfair Since Sine the laws ws have brought the log logical logIcal logical ical train of at evil consequences and the railroads have been unable to float se securities securities securities or ot get money needed for actual betterments something of ot a reaction has set in The shipping and traveling public sees that what embarrasses rail railroad railroad railroad road credit hurts the general public that the sudden abandonment of pro projected projected projected expenditures on a large scale hurts everybody and that the hue and cry for punitive legislation has wrought great harm to vast Interests without any corresponding benefit to the country count at large To Insure equality of all shippers In freight and passenger rates r tes to stop rebates and discrimination of every kind was an end greatly to be desired The railroads themselves accepted the national rate laws aws provisions on these points with satisfaction because It re relieved relieved them from what had come to tobe tobe tobe be Intolerable subservience to the great shippers of freight But when the state legislatures without Investigation or show of reason arbitrarily fixed rates below the income point and aroused arou d the distrust of the Investing and lend end lending lending endIng ing public so that money could not be had by railroads on any terms then the transportation corporations had bad a aright aright aright right to complain that th thE were the victims of demagogic passion They had a right too to appeal to the courts for relief and judgment as to whether the rates fixed were and they very properly appealed to the sober second thought of the country for fora a return to the first principles of sound government under which the corpora corporation corporation corporation tion Is entitled to Justice equally with the poorest Individual Presidents Ripley of the Santa Fe Stevens of the Chesapeake Ohio and Delano of the Wabash merely sum summarize summarize I I marize the legislation complained of and the Ule disastrous effects it has en entailed entailed entailed I tailed when they record the abandon abandonment abandonment abandonment ment of improvements and curtailment of capital expenditures because they cannot get the th money on terms which Justify the outlay Such reports as theirs account In large measure for the shock to the Iron trade which has been one of the surprises of the year ear In financial circles They show thaw the circle In which ill advised legislation works laws de designed designed designed signed to please the people stop rail railroad railroad road Improvements by b Injuring the credit of the corporations in n the finan financial financial financial cial world without new capital the railroads abandon their contemplated betterments the stoppage of railroad 1 expenditures Injures the Iron and steel i trade from there the injury extends to every business related to the pros prosperity prosperity prosperity of the Iron and steel market and from there on down the line every industry every even Individual either di directly directly directly or Indirectly feels the pressure of ot tight money declining trade and need for retrenchment t I IThe The vicious circle started by the president has widened until it has reached the individuals of every com corn community community In the country and Its ultimate extent is not yet known That a saner sentiment will prevail and a check be established on the rampant desire for Injury to the railroads is already ap apparent apparent apparent parent Satisfied that the great evils of rebating and discriminating have been stopped the people are in the mood to ask for and give justice to the transportation companies If only to se so secure secure of Im Improved improved Improved cure for themselves the benefits proved service and larger expenditures for betterments S tt ft |