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The Commoner.
15
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FACTS VALUE OR WHAT?
When our federal courts under
take to decide whether rate legisla
tion is or is not confiscatory they
must declare a principle applicable
alike to the maximum rate estab
lished by the interstate commerce
commission and to the statutory
rates fixed by the various states. The
vital issue will be the same whether
the case at bar involves the reason
ableness of a particular action by the
national commission or the constitu
tionality of a state statute. In the
essence of- the issue, therefore, thqre
is no question of state sovereignty
at stake.
Can the roads get a reasonable re
turn on the real yalue of their prop
erty from the earnings gathered un
der the permitted rates? is the direct
question, to which the judgment of
the court must give answer. First
in determination must come judicial
establishment of what constitutes
real value. In this determination
the courts of the United States are
unquestionably superior to congress,
which can not if It would absolutely
limit or even conclusively define what
constitutes deprival of property with
out due process of law. That is
construction of the constitution and,
whatever congress might attempt .to
declare, the supreme court is the ulti
mate' tribunal to which the legisla
tive and executive branches of the
government must finally yield when
the meaning and effect of our or
ganic law is in issue.
So the court will finally tell us
whether watered Btock and discount
ed bonds in the' hands of innocent
holders' are to be treated exactly as
if they had brought the issuing cor
poration dollar for dollar- in cash.
It may say, if it will, that only the
existing market value of such issues
requires' consideration in weighing
that real value upon which a rail
road company must be permitted to
earn a fair return. It may declare
the ' nominal expression of value
found in the security issues is in no
respect an index of that real value
which state governments and nation
al governments alike are obligated to
protect.
There are no precedents for guid
ance, but the court will of necessity
have to look for a basis that will
fully conserve the conflicting rights
of those who own the Tailroads and
those-who depend on them for public
service, It can not be said that the
interests ot the latter are paramount,
or that one cjass more than the other
constitutes what We loosely call "the
people.',' The average man Is to be
found among the owners of the stocks
and bonds 01 a, railroad just as he is
among the farmers and merchants
who. travel and ship on Its lines. And
it is for the protection of the aver
age man that the supreme court will
shape its, interpretation of the, broad
question of constitutional law this
rate question will ring to it for final
adjudication.
It seems unfair to ask that the de
cisions of th.e courts should be drawn
bo as to save the colossal fortunes
which a few masters of finance have
built up by all Street manipula
tions. When $44,700 put into
Great Northern stock during a per
iod of ten years represents a market
value of ? 87,912 today, after earn
ing an average of six per cent dur
ing that; time pn all jthe actual mon
ey invested, it looks aB if there was
gome- unearned Increment upon
which the patrons of the road should
not "be compelled to pay a tax.
But even if the law is held to en
title a railroad to charge whatever
rate may be required to afford a
reasonable return on the face value
of its stock and bonds. It woull seem
that the court must test each sepa
rate case in the light-of its individual
circumstances, for a rate that would
be- confiscatory for one road may be
profitable for another. Difference
in the burden of securities, or in the
possible volumo of business, or in
both, must differentiate the cases
and each and ovcryfcno will have to
stand on its own bottom. Thoroln
may lie the security of the challenged
legislation, since no particular stat
utory rato.can bo adjudged unconsti
tutional as to all roads unless it Is
confiscatory as to all the roads it
affects.
So there is good prospect that the
regulating influence of, competition
may bo effective even where the
courts intervene to save tho plaintiff
railroad. The right to exact more
than the statutory rate vill be of lit
tle worth if a competing lino jmist
keep within the statute, No prin
ciple of law or equity, forces the
state to provide a reasonable return
on real value. It is sjniply tlo per
mit of the law that is obligatory,
and railroads, like individuals, must
earn the return on their investments
in that hard struggle in which the
fit alone survive. St. Louis Re
public. .-. . 1 1. t ., ,
DISORDERED '
Representative Lorimer, of Chica
go, who is a great walker, was re
cently 'out for a tramp along the'
conduit road leading from Washing
ton, when, after going a few miles,
he sat down td rest.
'Txrnn4- Mr- mini.4i .r-i-xi
ITUUt tl 1111,, 11I1DLC1 I uaivcu 11
good-natured Maryland farmer, driv
ing thdt way. "Thank you," re
sponded Mr. Lprimer, "I will avail
myself of your kind offer."
The two rode in silence for a while.
Presently the teamster asked: '"Pro
fessional man?"
"Yes," answered Lorimer, who
was thinking Of a bill he had p'end
ipg before the house.
. After another long 'paiise, the far
mer" observed: "Say. you ain't 'a
lawyer' or you'd be -talkln'; you ain't
a doctor Jcause you ain't got no
satchel, and you shore ain't a preach
er, from the looks of you. What is
your profession, anyhow?"
"I am a politician," replied Lori
mer. The Marylander gave a ' snort of
disgust. "Politics ain't no profes
sion; politics is a disorder." Success.
COMFORTING
A lady who had recently moved to
the suburbs was very fond of her first
bnjod of chickens. Going out ,one
afternoon, she left the household In
charge of her eight-year-old. boy. Be
fore her return a thunderstorm came
up. The youngster forgot the chicks
during the storm, attd was dismayed,
after it passed, to find that half of
them had been drowned. Though
fearing the wrath -to' come, "he
thought best to make a clean "breast
of the calamity, rather than leave it
to be discovered.
"Mamma," he said,', contritely,
when hifc mother had returned ,
"Mamma, six of the 'chickens, are'
dead." ' f
"Dead!" cried his mother. "Six!
How did they die?"
The boy saw his charfce.
' "I think I think they died hap
py." he said. Harper's Weekly.
EFFETE RAILROADING METHODS1
It signifies nothing to cay that the
United States leads the world in the
number of railroad fatalities. Wo
are in the railroad husiness in this
country, whereas the single-track,
narrow gauge, dinkey Operations that
pass for railroading In some of the
old countries couldn't run down a
cow; and,' all told, there are not
enough of them to make up one good
sized American system. Before the
old countries can hope to compete
with us and organize the ' killing
business on anything like' a scale,
they will have to borrow a magnate
or two. St. Louis Republic.
LUMBER
BARGAIN
t PRICES
A wonAorful opportnnlty la ottoml oa fa
buy lumlKjr nnil liuililinu ropplii atntftf
kind lit frUma that wlh' mavm yen ii
mmnmy. HucUn chnnro wldom occtim.
J.utntor for jour hoano, church. burn. niot-
.. ", inn, Bioro. ifKiorr. and in lad,
iMilldinKji of ornrr kfnd Wo cah famish
nlmoluiolr ftyorjUiJhK new!! In conrtrnc-
imriai.
tlon mf
jluro tour rarriftnter or
thine sou tnny nwd in'liulldlng mater
Morouandlno of our kind.
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btillnor rnnkp n cmnjilote t of ovttrrthluii
Iiijr, In fact, an?
luina raaurriAi
joii rtNiuIn;. Including IjmHr, Hali boori;
JjAllA, itoofln.HIdJnr.Ol , In fact, an?.
or
Seii us vour Lumber Bill for Our Etfimafe.
cJutibo Manufacturer Sale over S0,0to,0M Feet of all kfndi of Lumber and
fr-MMHlnc mweriAU Wo Aro miking podal conowwlon, to thoo wbo buy At onco. Kvn If ion hnro
"VST f?r "'i8 umber st onco. It will pa ,oti to buy now. Oar prl will aavo yon SO to Too par coat.
d THrd at Ohloecp, o tbo lumber wo nrp offorlnic. And yon will rvcoifnUo thnt It In nil what
mAko your own aoloctlon and boo It Joadml. It la not nocomary to corno to Chlc(oj w can
ii bbiii r rpn n n n if Mnw viu& bnci w n rm mat lv rr m m i mm -
W cbeerfnllv Invtt
VBMinM ana wnu at
VA OAtf tt lif BAIrn vnttl Awn mnlns4 Irtn nn
easily Bell yon by a11. Wo can qnlckly conrlnoA yon of tho wiadom of placing
wmhI tu mr lambcr bill, and wo will eaitily f Bhmim Yu." On application
ISvi'lV.EPi? ciMtomornwho hava boncht. lTiif mavmI money why can't tooT Writ
k mmm trnm k mw b mwr m-m mmr mmw -ymr mmr' -r mmmxmrm mmw mmrw m a.m b.b m m mmm, m mm mmm. j mmm mmw mm. mm mm mm, m.
..wmw mmmmtnu ytr-w vi i wiw. irwrnn-umTirmmw rw
our
anonlor with a. Juet
frn will Mini! rrtnlMnf
.. - . -" -I- - ""-- - -w-- -
wrllona to-day. WK Ut-
. njiuiinrn uiiMiik. auitt mrnn mfinnj wiy vmm Ton J tt rilfl on lO-aay. WVBf tUtW
' MCXfGmiTlOM. ifimuLUmiMmm TMK alfl.aonnnn 'mf iWTiYm
.Z IZ -. - W - -T-" T - - - - - - m " mr mm- mmw nmr maw m m BmmWmW am M nmW
WOKLom'rAI ASK FOR OUR FREE 500 PAOE CA1ALOO. No. C. If. 3141 IT QUOTES
LOW PRICES ON BUILDINd MATERIAL, MACHINERY AN! FURNITURE.
CHICAGO HOUSE WRECKING COMPANY, 35th and Iron Sit., CHICAGO.
VOLUME VI "THE COMMONER
CONDENSED"
WILL SOON BE READY FOR DELIVERY
A POLITICAL HISTORY AND REFERENCE
BOOK
As its title indicates, this booK is a condensed copy of Tho Com- -moner
for Oho year. , It is published annually and tho different issues
are designated' as Volumes I, II, III, IV, V and VI, corresponding to
thd volumo numbers Of Tho Commoner. The last Ibbuo Is Volume
VI, and contains editorials which discuss questions of a permanent
nature.
Every Important subject In the world's politics is discussed ia
Tho Commoner at tho time that subject Is attracting general atten
tfon. J3ecauBe of this. The Commoner Condensed Is valuable as a
reference book and should occupy a place on tho desk of every
lawyer, editor, business man and other student of affairs.
OCTAVOS 01? AHOUT 480 PAGES "RACK; HOUND IN HEAVY
CLOTH, AND WILL MAKE A HANDSOME AND VALUABLE ADDI
TION TO ANY LIKUARY.
TO NEW OR RENEWING SUBSCRIBERS
One Year's Subscription to Tho Commoner. . . ) "T) .1 hi r r
The Commoner Condensed, Cloth Hound J JjOLU ij 1 . J U
To subscribers who have already paid the current year's subscription
Cloth bound. 75c. By Mail, Postage Paid.
These prices arc for cither volume. If more than ono volume
is wanted, add to above prices 75 cento for each additional ono in
cloth binding. Volume I in out of print; Volumes H, HI, IV and V
are ready for prompt, dcliverx,
REMITTANCES MUST BE SENT WITH ORDERS,
Address, THE COMMONER, Lincoln, Nebraska.
THE PRIMARY PLEP6E
IpromiBe to attend all the primaries of my party to be held between
now and the next Democratic Kational Convention, unless unavoidably
prevented, and to use my influence to secure a clear, honest and straight
forward declaration of the j arty's position on every question upon which
the voters of. the party desiie to speak.
, . Signed . ,'m ?.
burCwu
"'r . ;, - x.
. . . .Postofflce. :. ;. ;
County . . . ."".r. . .". , .. . : .v.SJ ate Yoting Precinct or Ward. 1?
Fill out blanlrand mail to Commoner Oilice, Lincoln,.Nebraska.
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