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Show HH R R K H STABILIZING CREDIT B i It is concensus of opinion that with re-B, re-B, , linquishment of federal control of rail-B rail-B roads, nothing is more essential than sta-B sta-B biiization of railroad credit. B , In adjustment of current accounts and B , indebtedness due the government for ez-B ez-B pendihires for betterments and improvers improve-rs ! ments, ib is essential that credit be ar-B ar-B - ranged whereby the roads concerned may B effect liquidation without financial hard- ship. This may well be effected bv offsetting off-setting current accounts and, on proper security, extending credit for the uncovered uncov-ered balance. Exenditures for betterments better-ments and improvements or for equipment equip-ment when requested by the road concerned con-cerned should on proper security be funded fund-ed at a reasonable rate of interest for an appropriate qeriod, say ten or f keen years This will probably take care of immediate imme-diate credit so far as the government is concerned, but how about the broader as- pects of railroad credit for the future and in general? Something m'ore must be done to put railroad credit and finances on a sound basis- The past is usually a good guide, and to this end we may profit by investigation and avoidance of the causes which before the war impaired railroad credit, practically practic-ally stopped construction and improvement, improve-ment, and- brought the whole transportation transporta-tion system face to face with disaster. Undoubtedly one of the chief causes for this is our incongruous plan of recu-latioon. recu-latioon. Notwithstanding approximately five-sixths of all traffic transport!! bv rail is interstate, and under exclusrJWur-isdiction exclusrJWur-isdiction of the Interstate Conme ce Comission we have forty-eight statercom-missions statercom-missions all exercising regulatory authority author-ity all naturally.selfish on local auesf-' all with conflicting views and interest?'. For example, not infrequently instances have arisen,' where to obey a law orjder of one state meant to violate a lawFOi. der of another, - This archaic method of regulation should be abandoned and full and complete com-plete jurisdiction lodged in the Interstate Commerce Commission for with its enlarged en-larged powers no more reason obtains for state regulation of its transportation svs-ten svs-ten than for state regulation of the postal pos-tal system. Another cause is lack of indemnity of investors against strikes. Thus far Congress Con-gress has passed no law effectively safeguarding safe-guarding railway investors or the gener- . al public from the strike menace. Railroad Rail-road strikes are a public menace. When millions of people suffer privation and hardships from any serious tie-up," such strikes assume criminal proportions aud are no longer tolerable. A bureau of adjustment ad-justment should be established to settle controversies between the employees and management and strikes and lockout? should alike be prohibited. There may be other phases, but if Con-cress Con-cress desires to make a good and right start in stabilizing railroad credit and insuring in-suring the public against demoralization of their transportation service, here is its opportunity. |