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Show RAILROAD RATE LEGISLATION. , Testifying beforo tho Senate Com- mltteo at Washington, Inter-Stato Commorco Commissioner Prouty said in discussing tho proposition to glvo to that Commission tho power to regu- lato railway rates: ' "I think tho railways should make II - their own rates. I think they should bo allowed to develop tholr own busi ness. I hnvo never advocated any law, and I am not now In favor of any law, which would put the rate making power Into tho hands of any commlslon or any court. Whllo It may bo necessary to do that somo time, whllo , that Is do.no In somo states at tho present time, whllo It is dono in somo countries, I am opposed to It. Tho railway rato is property, It is all tho. property that the railway has got. Tho rest of Its j property is not good for anything un- I loss It can charge a rate. Now It has n always scorned to mo that when a W ' rnto was fixed, if that rate was nn un- B i roasohablS', rate, It deprives the .rail- t road company of Us property pro tanto. It is not necessary that you should confiscate tho property of a railroad; It Is not necessary that you should say that It shall not earn three per cent or four per cent. When you put In a rato that Is Inherently unreasonable, you have doprlved that company of its rights, of Its property, 9 and tho Circuit Court of tho United States has jurisdiction under tho four-toonth four-toonth amondmfcnt to restrain that. ' ,1 have looked at these cases a great many times, and I can only ,; como to tho conclusion that a rail- road company Is entitled to chargo a ' fair and reasonablo rato, and If any order of a commission, If any statuto of a stato legislature takes away that rato, tho fourteenth amendment protects pro-tects tho railway company." |