m m" 'a f t"" "cw"
nqwMj;jm"WEfl'f 'y
HfflMMMrfH u
Hyjy.!!! . t. .-.IIW
4im ndtta - v -wl
"-sup-
The Commoner.
WILLIAM J. BRYAN, EDITOR AND PROPRIETOR
T
si
W
ftfi JHt
H
- . a.
YOL. 7. No. 12.
Lincoln, Nebraska, April 5, 1907f
i t 4
Whole Number 324s-
CONTENTS .
' '
MR. BRYAN ON GOVERNMENT REGULA
' TION . :
"CORNFIELD LAWYERS"
, ; CARNEGIE ON WALL STREET .
ONE ''GOOD TRUST"
MYSTERIES
NOT SO TERRIBLY MAD
NONSENSE
LETTERS FROM THE PEOPLE
"y N PARAGRAPHIC PUNCHES
SOME REPUBLICAN EDITORIALS
COMMENT ON CURRENT TOPICS
HOME DEPARTMENT
WHETHER COMMON OR NOT
NEWS OF THE WEEK
t
T t
"CORNFIELD LAWYERS"
The New York. Tribune indulges in a few slurs
that are unworthy of a paper whose proprietor
hofds a high oflicial position. It would not be
fair to hold Ambassador Reid. accountable, for
what a snobbish editorial employe' says;Lbutif: it l$rML
is strange any editor with brains enough to secure
employment -should so forget the courtesy due
from the Tribune to the men intrusted by their
constituents witJrUhe important work of framing
a state constitution. The Tribune says that "the
Oklahoma convention was full of cornfield law
yers,' " and as if it was intoxicated by the sound
of the phrase it repeats it saying: "The cornfield'
jurists thought it wiser on the whole to wait un
til the state was organized and exploit their nos-
'
t
v.
' ' C rrtrf-60 ' '
ran owMafV 'itm?
IT'S ALL IN THE FEED
trums in the halls of the state legislature." The
whole editorial is written -in flippant vein and re
veals the contempt in which the editor holds these
men chosen by the people of the now state to
frame their organic law. The editor does not
know what the constitution contains, that, he ad
mits, "will be disclosed only when the full text
reaches the public," but he does not have to see
the constitution to be convinced that "cornfield
lawyers" are not likely to do anything wise.
It is unfortunate that an eastern paper should
be in the control of a man so prejudiced against
the west. That there is no ground for such prej
udice goes without saying. Oklahoma was set
tled up by as intelligent and patriotic a class of
people as can be found in the union. No state has
brighter prospects and there is every reason to
believe that the constitution is drawn in accord
ance with the wishes of the citizens.
If the Oklahoma convention had been filled
with Depews and Platts the Tribune's editor would
be gushing over their statesmanship, but as the
delegates owe their places to the farmers rather
than to the railroads they are dubbed "cornfield
lawyers." How long will the country lawyers,
the village physicians and the cross-road store
keepers continue to take their political instruction
from men whose ears, like the ears of the Tribune's
editor, are trajned to catch the slightest pulsations
of a pocketbook? How long will the "cornfield
lawyers" follow the lead of the trust-fed attorneys
and the corporation controlled editors?
oooo
. GRAFT
Every .additional .revelation in the Pennsyl
vania state house graft case affords additional
evidence that republican leaders know what they
' were about "when they demanded a press muzzling
' law.
GOVERNMENT REGULATION
Chicago, 111., March 25, 1907. Hon. Henry M.
Whitney, 247 Atlantic Avenue, Boston, Mass. My
Dear Sir: I am in receipt of your letter as fol
lows: "As you are known to be an advocate of
regulation of railroads, both by the national and
state governments, and as you have also an
nounced it as your belief that government owner
ship furnishes the ultimate solution of the railroad
question, I write to ask you whether in your judg
ment there is any danger that regulation will be
carried to the point of preventing a reasonable
return on money invested in the railroads of the
country, and whether in case of the adoption of
government ownership by the nation or by the
several states the stockholders co.uld expect to re
ceive a price equal to the value of the physical
railroad properties?"
In reply would say that I am in favor of both
national and state regulations, and that I also be
lieve that public ownership is the ultimate solu
tion of the railroad question. In my discussions
on this subject T have pointed out that because
of the danger of centralization in ownership by
the., federal government of all the lines, I prefer
a system in which the federal government will be
confined to the necessary trunk - lines, and the
ownership of the rest of the lines be left to the
states. This, however, is- not an immediate ques
tion; at least I am not sure that the people are
ready to consider the question of public owner
ship; and until they are ready to consider that
question Uie interest is centered in regulation. As
an advocate of regulation of the strictest sort, I
can say to you that there is no danger whatever
that this regulation will be carried to the point
of preventing a reasonable return on money in
vested in the railroads of the country. And I
can also assure you that whenever public owner
ship is adopted by the states or by the nation,
the stockholders may expect to receive a price at
least equal to lhevalue of the physical properties
of the road; but no such assurance ought to til
necessary for Iwo reasons: First, j because thg
public has shown no disposition to reduce railroad
earnings to a point which would deny a reason
able return. There is a sense of justice in the
public that can be appealed to and that'seuse ot
justice will prevent legislation which is unfair,
It is not necessary for the railroads to bribe leg
islators either with passes or with other favors tq
protect themselves against legislation if the rail
roads are satisfied with a reasonable return. The.
trouble is that the railroads have watered the
stock and have compelled the public to pay divf
dends and interest upon fictitious capitalization.
This is resented by the public, and very properly,
so, but their resentment will not be carried ta
the point of doing injustice to the owners of stock.
When, however, we come to consider the ques-
tiori of investment there may be a difference of;
opinion as to what is just. I have contended that;
the present value of the railroad should be ascer
tained by the interstate commerce commission,
and the commissions of the various states, in or-
der that investors may know when they are buyj
ing stock of intrinsic value and whGn they are
being cheated1. As long as promoters are permit-;
ted to issue stock that does not represent real
value there must be fluctuation . in the stock'
market, for every disclosure of bad railroad many
.. '