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Ti-KMMY, JVLY. SS, 104,
'ALBUQUERQUE CITIZEN". TAFI'S SPEECH (Continued from Fim.OmJ. ecratlo platform relate really r this subordinate and auxiliary machinery to which I have referred. Take, for Instance, the so-called phyilcal valu ation of railways. It is clear that the um of all rates or receipts of a rail way, less proper expenses, should be limited to a fair profit upon the rea sonable value of Its property, and that If the sum exceeds this meas ure. It ought to be reduced. The dif Cculty In enforcing the principle Is In ascertaining what Is the reasonable Value of the company's properly, ana In fixing what Is a talr profit. It Is clear that the physical value of a railroad and Ks plant is an element to be given weight In determining Its full value; but as President Roosevelt in his Indianapolis speech and the su preme court have pointed out, the value of the railroad as a going con cern, Including its good will, fue to efficiency of service and many other circumstances, may be much greater than the value of Its tangible prop erty and it is the former that meas ures the Investment on which a fair profit must be allowed. Then, too, the question what is a fair profit is one involving not only the rate of in terest usually earned on normally safe Investments, but also a sufficient al lowance to make up for the risk of loss both of capital and interest in the original outlay. These considera tions will have justified the company in Imposing charges high enough to secure a fair income on the enter prise as a whole. The securities at market prices will have passed Into the hands of subsequent purchasers from the original Investors. Such circumstances should properly affect the decision of the tribunal engaged In. determining whether the total of rates charged is reasonable or ex cessive. To ignore them might so se riously and unjustly impair settled values as to destroy all hope of re storing confidence and forever an In ducement for Investment In new rail road construction which In returning prosperous times is sure to be essen tial to our material progress. As Mr, Roosevelt has said in speaking of this very subject: "The effect of such valuation and supervision of securities cannot be re troactive. Existing securities should be tested by laws In existence at the time of their Issue. This nation would no more Injure securities which have become an Important part of the na tional wealth than it would consider a proposition to repudiate the nation al debt." THE QUESTION OP RATES AND THE TREATMENT OP RAILWAYS IS ONE THAT HAS TWO SIDES. THE SHIPPERS ARE CERTAINLY ENTITLED TO REASONABLE RATES. BUT LESS IS AN INJUS TICE TO THE CARRIERS. GOOD Kl'SINESS FOR THE RAILROADS IS ESSENTIAL TO GENERAL PROSPERITY. INJUSTICE TO THEM IS NOT ALONE INJUSTICE TO STOCKHOLDERS AND CAPI TALISTS. WHOSE FURTHER IN VESTMENTS MAY BE NECESSARY FOR THE GOOD OP THE WHOLE COUNTRY. BUT IT DIRECTLY AF FECTS AND REDUCES THE WAGES OP RAIROAD EMPLOYES. For what has been said the prop er conclusion would seem to be that in attempting to determine that whether the entire schedule of rates of a railway Is excessive, the physical valuation of the road is relevant and important, but not necessarily a con trolling factor. Physical valuation properly used will not generally impair securities. I am confident that the fixing of rates on the principle suggested above would not materially impair the pres. ent market values of ra Imad securi ties in most cases, for I believe that the normal Increase In the value of railroad properties, especially In their terminals, will more than make up for the possible over-capitalization In early years. In some cases, doubtless, it will be found that over-capitalization Is made an excuse for excessive rates, and then they should be re duced: but the concensus of opinion seems to be that the railroad rates generally in this country are reason ably low. This U why, doubtless, the complaints filed with the Interstate commerce commission against 'excess. '4ve rates are so few as compared with those against those unlawful discrim inations in rates between shippers and between places. Of course, in the determination of the question wheth er discrimination Is unlawful or not. the physical valuation of the whole road is of little moment. Conclusion That There Sltoulit lie Physical Valuation. I have discussed this wi n some de. gree of detail merely to point out that the valuation of the Interstate commerce commission of the tangible property of a railroad Is proper and may from time to time be necessary in certain of the Issues which may come before them and that no evil or injustice can come from valuation in such cases. If It be understood that the result Is to be used for a Just purpose, and the right to a fair profit under all the circumstances is recog nized. The Interstate commerce com. mission has not the power to ascer tain the value of the physical railroad property if necessary In determining the reasonableness of rates. If the machinery for doing so Is not ade quate, as is probable, it should be made so. The Republican platform recom. mends legislation forbidding th is sue in the future of Interstate railway stocks and bonds without federal au thority. It may occur in such cases that the full value of the railway, and as an element thereof, the value of the tangible property of the rail way would be a relevant and impor tant factor In as-listing the proper au thority to determine whether the stocks and bonds to be Issued were to have proper security behind them, an- In such case, therefore. there should be the right ami 'machinery to mako a valuation of 'the physical property. National Control of Interstate Own moron Corporation. Another suggestion in. respect to subordinate and ancillary machinery necessary to, carry out Republican policies Is that of the. Incorporation under national law or the licensing by national license or enforced, regis try of companies engaged In, Inter stat trade. Ths fact la, that nearly all corporations doing a commercial business are engaged In interstate commerce, and if they all were re quired to take out a federal license or a federal charter, the burden upon the Interstate business of the country would become Intolerable. Should Be Limited to Small Percent age by Classification. It is necessary, therefore, to devise some means for classifying and in suring federal supervision of such corporations as have the power and temptation to effect restraints of In terstate trade and monopolies. Such corporations constitute a very small percentage of all engaged In Interstate business. Mr. Roosevelt's Proposed Claastflca tion. With such classification In view, Mr. Roosevelt recommended an amend ment to the anti-trust law, known as the Hepburn bill, which provided for voluntary classification and created a strong motive therefor by granting Immunity from prosecutions for rea sonable restraints of Interstate trade to all corporations which would reg ister and submit themselves to the publicity regulations of the depart ment of commerce and labor, Tlie Democratic Proposed Classifica tion. The Democratic platform suggests a requirement that corporations in interstate trade having control of 25 per cent of the products In which they deal shall take out a federal license. This classification would probably in clude a great many small corpora tions engaged In the manufacture of special articles or commodities whose total value Is so Inconsiderable that they are not really within the pur. view or real evil of the anti-trust law. It is 'not now necessary, however, to discuss the relative merit of such propositions, but it is enough merely to altlrm the necessity for some meth od by which greater executive super vision can be given to the federal government over these businesses in which there is a temptation to viola tions of the anti-trust law. Const ructim of Ajiti-Tru.it Law Pos sible Necessity for Amendment. The possible operation of the anti trust law under existing rulings of the supreme court has given rise to suggestions for its necessary amend ment to prevent its application to cases which It Is believed were never in the contemplation of the framers of the statute. Take two instances: A merchant or manufacturer enirared in a legitimate business that covers certain states wishes to sell his busi ness and his good will, and so in the terms of the sale obligates himself to the purchaser not to go into the same business in those states. Such a re straini of trade has always been en forced at common law. Again the employes of an interstate railway combine and enter upon a peaceable ana lawrul strike to secure better wages. At common law this was not a restraint of trade or commerce or a violation of the rights of the com pany or of the public. Neither case ought to be made a violation of the anti-trust law. My own Impression is that the supreme court would hold that neither of these Instances are within its Inhibition, but If they are t be so regarded general legislation amending the law Is necessary. IX'iiMH-ratlc Plunk to IJntlt Corpora tion to Ownership of 50 IVr Cent of Plant and Product Faulty. The suggestion of the Democratic platform that trusts be ended by for bidding corporations to hold more than 50 per cent of the plant In any line of manufacture is made without regard to the possibility of enforce ment or the real evil ln trusts. A corporation controlling 46 or 60 per i me products may by well known methods frequently affect mo nopoly and stamp out competition in any part of the country as completely as If it controlled 60 or 70 per cent thereof. CompuLsory Sal., of Products at llxed Irk Impracticable. The proposal to compel every cor poration, to sell Its commodities at the same price the country over, al lowing for transportation, la utterly Impracticable. If it can be shown that ln order to drive out competi tion a corporation owning a large part of the plant producing an article is selling in one part of the country wnere it has competitors at a low and unprofitable price, and in another part of the country, where It has none, at an exorbitant price, this Is evidence that It is attempting an un lawful monopoly, and Justifies convic tion under the anti-trust law; but the proposal to supervise th hnslne ,r j corporations in such a way as to fix I the price of commodities and compel j the sale at such price is as absurd and Socialistic a plank aji was ever Inserted in a Democratic political platform. Dillcreiuv Itotwoeu Republican ami IXniUMTUtic IN.Iicles unci Plutiorint.; Former IVogresMlve aud Regula tive; IaxU'T Radical and Ifc-struct-tvo. The chief difference between the Republican and the Democratic plat forms la the difference which has heretofore been seen between the pol. ides of Mr. Roosevelt and those which have been advocated by the Democratic candidate, Mr. Bryan. Mr. Roosevelt's policies have been progressive and regulative; Mr. Bry an's destructive. Mr. Roosevelt has orrered regulation of the business In wnich evils have grown up so as to stamp out the evils and permit the business to continue. The tendency of Mr. Bryan's proposals have gen erally been destructive of the business with respect to which he is demand ing reform. Mr. Roosevelt would compel the trusts to conduct their business ln a lawful manner and se cure the benefits of their operation and the maintenance of the prosperi ty of the country of which they are an Important part: while Mr. Bryan would extirpate and destroy the en tire business ln order to stamp out tne Hi which they hare practiced. Advasawge W Combtnattoav os Catpitae. The combination of capital ln large plants to manufacture goods with the greatest economy is Just as neoessarjr aa the assembling of the parts of a machine to the economical and more rapid manufacture of what in old times was made by hand. The gov ernment should not , Interfere with one any more than the other, and when, such, aggregations of capital are legitimate and are properly controlled, for they are then the natural results of modern enterprise and are bene ficial to the public. In the proper op eration of competition the public will soon share with the manufacturer the advantage in eoonomlcal operation and lower prices. Wliat In an Inlaw rut Trust When, however, such combinations are not based on any economic prin ciple but are made merely for the purpose of controlling the market to maintain or raise prices, restrict out put and drive out competitors, the public derives no benefit and we have a monopoly. There must be some use by the company of the comparative ly great size of Its capital and plant and extent of Its output, either to coerce persons to buy of it rather than of some competitor or to coerce those who would compete with it to give up their business. There must usually, in other words, be shown an element of duress in the conduct of its business toward the customers In the trade and its competitors before mere aggregation of capital or plant teoomes an unlawful monopoly. IT IS PERFECTLY CONCEIVABLE THAT IN THE INTEREST OF ECONOMY OF . PRODUCTION A GREAT NUMBER OF PLANTS MAY BE LEGITIMATELY ASSEMBLED UNDER THE OWNERSHIP OF ONE CORPORATION. IT 18 IMPOR TANT, THEREFORE, THAT SUCH LARGE AGGREGATIONS OP CAP ITAL AND COMBINATION SHOULD BE CONTROLLED SO THAT THE PUBLIC MAY HAVE THE ADVAN TAGE OP REASONABLE PRICE8 AND THAT THE AVENUES OF EN TERPRISE MAY BE KEPT OPEN TO THE INDIVIDUAL AND THE SMALLER CORPORATION WISH ING TO ENGAGE IN BUSINESS. Mere Aggregation of Otf.iuU Not a Vlolat.on of Anti-Trust Uw. In a country like this, where ln good times there Is an enormous floating capital awaiting Investment, the period before which effective com petition by construction of new plants can be Introduced Into any business Is comparatively short, rarely exceed ing a year, and Is usually even less than that Existence of Actual Plant Is Not, Therefore, Neonwary to Potential Competition. Many enterprises have been organ ized on the theory that mere aggre gation of all or nearly all existing plants ln a line of manufacture with out regard to economy of production destroys competition. They have most of them gone into bankruptcy, com petition In a profitable business will not be affected by the mere aggrega tion of many existing plants under one company, unless th rnmnnnv h.hu affects great economy, the benefit of "men n snares with the public or takes some illegal method to avoid competition and to perpetuate a hold on the business. Proer Treatment of Trust. UNLAWFUL TRUSTS SHOULD BE RESTRAINED WITH ALL THE EFFICIENCY OP INJUNCTIVE PROCESS AND THE PERSONS EN GAGED IN MAINTAINING THEM SHOULD BE PUNISHED WITH AT.T, THE SEVERITY OF CRIMINAL PROSECUTION IN ORDER THAT THE METHODS PURSUED IN THE OPERATION OF THEIR BUSINESS SHALL BE BROUGHT WITHIN THE LAW. TO DESTROY THEM AND TO ELIMINATE THE WEALTH THEY REPRESENT FROM THE PRODUCING CAPITAL OF THE COUNTRY WOULD ENTAIL ENOR MOUS LOSS AND WOULD THROW OUT OF EMPLOYMENT MYRIADS OF WORKING MEN AND WORK ING WOMEN. SUCH A RESULT IS WHOLLY UNNECESSARY TO THE ACCOMPLISHMENT OF THE NEEDED REFORM. AND WILL IN. FLH'T UPON THE INNOCENT FAR GREATER PUNISHMENT THAN UPON THE GUILTY. IX-wtnutive Policy of Democratic Platform. The Democratic platform does not propose to destroy the plants of the trusts physically, but it proposes to do the same thing In a different way. The business of this country Is large ly impendent on a protective system of tariffs. The business done by many of the so-called trusts Is protected with the other business of the coun try. The Democratic platform pro poses to take off the tariff on all ar ticles coming into competition with those produced by the so-called "trusts." and to put them on the free list. If such a course would be ut terly destructive of their business, as is Intended, it would not only destroy lh- trusts, but all of their smaller competitors. The ruthless and Impracticable character of the proposition grows plainer as Its effects upon the whole community are realized. KIT',t of Democratic Polldt-M on HiikI. new. TO TAKE THE C.OI'RSF ssfn GESTED BY THE DEMOCRATIC PLATFORM IN THESE MtTTpris TO INVOLVE THE ENTIRE COMMUNITY. INNOCENT AS IT IS. I.N THE PUNISHMENT OF TIIR GUILTY WHILE OUR POLICY IS TO STAMP OUT THE SPECIFIC EVIL. Tills difference between th nnlicl of the two great parties Is of especial importance In vIpw of the nresent condition of business. After ten years or the most remarkable material de. velopment and prosperity there comes financial stringency, a panic and an Industrial depression. This was brought about not only by the enor mous expansion of business plants and business investments which could n if be readily converted, but also by the waste of capital, In extravagance of living. In wars and other catastro phes. The free convertible capital was exhausted. In addition to this, the confidence cf the landing public In Europe sn I In t' I country had been aftecied by the levelatlons of Irreg ularities, breach of trust, over-issues of stock, v!olt'on of law and lack of rigid state or national supervision In tne management of our largest cor. poratlons. Investors withheld what loanable capital remained available. It became Impossible for the sound est railroads and other enterprises to 'borrow money enough for new con struction or reconstruction. Will Delay Itestoretlon of Prosperity. Gradually business Is acquiring a healthier tone. Gradually wealth, which was hoarded, la coming out to be used. Conhdence in security of business Investments is a plant of slow growth and is absolutely neces sary In order thst our factories may all open again, ln order that our un employed may become employed, and In order that we may again have the prosperity that has blessed Us for ten years. The Identity of the Interests of the capitalists, the farmer, the busi ness man and the wage-earner In the security and profit of Investments cannot be too largely emphasized. I suomlt to those most interested, to wage earners, to farmers and to busi ness men, whether the introduction Into power of the Democratic party, with Mr. Bryan at its head, and with the business construction that It openly advocates aa a remedy for present evils, will ring about the needed confidence for the restoration of prosperity. ItcpuMlcaii loctrtne of Protection. THE REPUBLICAN DOCTRINE OF PROTECTION. AS DEFINITELY ANNOUNCED BY THE REPUBLIC ANS THIS YEAR . vr BY PREVI OUS CONVENTIONS, l, THAT TAR. IFF SHALL BE IMPOSED ON ALL IMPORTED PRODUCTS, WHETH ER OF THE FACTORY, FARM OR MINE, SUFFICIENTLY GREAT TO EQUAL THE DIFFERENCE BE TWEEN THE COST OF PRODUC TION ABROAD AND AT HOME. AND THAT THIS DIFFERENCE SHOULD OF COURSE INCLUDE THE DIFFERENCE BETWEEN THE HIGHER WAGES PAID IN THIS COUNTRY AND THE WAGES PAID ABROAD AND EMBRACE A REASONABLE ' PROFIT TO THE AMERICAN PRODUCTION. A SYS TEM OF PROTECTION THUS ADOPTED AND PUT IN FORCE HAS LED TO THE ESTABLISH MENT OP A RATE) OP WAGES HERE THAT HAS GREATLY EN HANCED THE STANDARD OF LIV ING OF THE LABORING MAN. IT IS THE POLICIES OP THE REPUB LICAN PARTY PERMANENTLY TO CONTINUE THAT STANDARD OP LIVING. IN 189T THE DINGLEY TARIFF BILL WAS PASSED, UN DER WHICH WE HAVE HAD, AS ALREADY SAID. A PERIOD OP ENORMOUS PROSPERITY. Necessity for Revision of Tariff. The consequent material develop ment has greatly changed the condi tions under which many articles de scribed by the schedule of the tariff are now produced. The tariff In a number of the schedules exceeds the difference between the cost of pro duction of such-articles abroad and at home, including a reasonable profit to the American producer. The excess over that difference serves no useful purpose, but offers a temptation to those who would monopolise the pro duction and the sale of such articles In this country to profit by the ex cessive rate. On the other hand, there are other schedules ln which the tariff is not sufficiently high to give the measure of protection which they should receive upon Republican principles, and as to those the tariff should be raised. A revision of the tariff undertaken upon this principle which Is at the bases of our present business system, begun promptly up on the incoming of the new adminis tration and considered at the special session with the preliminary Investi gations already begun by the appro Hate committees of the House and Senate, will make the disturbance of business Incident to such a change as little as possible. IH-iiMKTutlc Tariff Plan n, Its Red KITect on ItiiMincKM (ViimIII Joim. -THE DEMOCRATIC PARTY IN ITS PLATFORM HAS NOT HAD THE COURAGE OF ITS PREVIOUS CONVICTIONS ON THE SUBJECT OF THE TARIFF DENOUNCED BY IT IN 1904 AS A SYSTEM OF THE ROBBERY OF THE MANY FOR THE BENEFIT OP THE FEW. RUT IT DOES DECLARE ITS INTENr TION TO CHANGE THE TARIFF WITH A VIEW TO REACHING A REVENUE BASIS AND THUS TO DEPART FROM THE PROTECTIVE SYSTEM. THE INTRODUCTION IN TO POWER OF A PARTY WITH THIS AVOWED PURPOSE CANNOT HUT HALT THE GRADUAL RE COVERY OP THE MORE RECENT F1NANACIAL DEPRESSION AND PRODUCE BUSINESS DISASTER IN COMPARISON WITH WHICH OUR RECENT PANIC AND DE PREKSION WILL SEEM SMALL IN DEED. Tim lumier ami tlie Republican I'arty. As the Republican platform savs the welfare of the farmer Is vital to that of the whole country. One of tne strongest hopes of returning pros perlty Is based on the business which his crops are to afford. He la vi tally interested ln the restraining of excessive and unduly discriminating railroad rates, in the enforcement of the pure food laws. In the promotion of scientific agriculture and In In creasing the comforts of country life by the extension of free rural deliv ery. The policies of the present ad ministration which have most Indus triously promoted all these objects cannot fall to commend themselves to his approval: and It Is difficult to see how. with his intelligent appreci ation of the threat to business pros perity involved In Democratic suc cess at the polls, he can do otherwise than give his full and hearty support lo the continuation of the present ad ministration under Republican au spices. Ijilsir ami Wliat I lie lt'nhl!ctn Hrlv Huh Done for It. WE COM K NOW TO THE QUES TION OF LABOR. ONE IMPOR TANT PHASE OF THE POLICIES OF THE PRESENT ADMINISTRA TION HAS BEEN ANXIETY TO SE CURE FOR THE WAGE EARNER AN EQUALITY OP OPPORTUNITY AND SUCH POSITIVE STATUTORY PROTECTION AS WILL 'PLACE HIM ON A LEVEL IN DEALING WITrf HId EMPLOYER. ' THE" RE PUBLICAN PARTY HAS . PASSED A.. EMPLOYERS' LIABILITY ACT FOR INTERSTATE RAILROADS AND HAS ESTABLISHED AN EIGHT-HOUR LAW FOR GOVERN MENT EMPLOYES AND ON GOV ERNMENT CONSTRUCTION THIS ESSENCE OF THE REFORM AF FECTED BY THE FARMER IS THE ABOLITION OF THE FELLOW SERVANT RULE AND THE INTRO DUCTION OF THE COMPARATIVE NEGLIGENCE THEORY BY WHICH AN EMPLOYE INJURED IN THE SERVICE OP HIS EMPLOYER DOES NOT LOSE ALL HIS RIGHT TO RECOVER BECAUSE OP SLIGHT NEGLIGENCE ON HIS PART. THEN THERE IS THE ACT PROVIDING FOR COMPENSATION FOR INJURY TO GOVERNMENT EMPLOYES. TOGETHER WITH THE VARIOUS STATUTES REQUIR ING SAFETY APPLIANCES UPON INTERSTATE COMMERCF RAIL ROADS FOR THE PROTECTION OF THEIR EMPLOYES AND LIM ITING THE HOURS OF THEIR EM PLOYMENT. THESE ARE ALL IN. STANCES OP THE EFFORTS OP THE REPUBLICAN PARTY TO DO JUSTICE TO THE WAGE EARNER. DOUBTLESS A MORE COMPRE HENSIVE MEASURE FOR COM PENSATION OP GOVERNMENT EMPLOYES WILL BR ADOPTED IN THE FUTURE; THE PRINCIPLE IN SUCH CASES HAS BEEN REC OGNIZED, AND IN THE NECESSA RILY SOMEWHAT SLOW COURSE OF LEGISLATION WILL. BE MORE FULLY EMBODIED IN DEFINITE STATUTES. Interest of Km ploy er ami Knifrioye Only Differ In Respect to Terms) of Krnploymeiit. . The Interests of the employer and the employe never differ except when it comes to a division of the Joint profit of labor and capital Into divi dends and wages. This must be a constant source of periodical discus sion between the employer and em ploye, as Indeed are the other terms of the employment. Advantage of Union. To give to employes their proper position in such a controversy to en able them to maintain themselves against employers having great cap ital, they may well unite, because In union there is strength, and without It each individual laborer and. em ploye would be helpless. The promo, tion of Industrial peace through the Instrumentality of the trade agree ment Is often one of the results of such union when intelligently con ducted. Other Isttmr. There Is a large body of laborers, however, skilled and unskilled, who ore not organized Into unions. Their rights before the law are exactly the same as those of the union men, and are to be protected with the same care and watchfulness. Rights of Ijtlior. IN ORDER TO INDUCE THEIR EMPLOYER INTO A COMPLIANCE WITH THEIR REQUEST FOR CHANGED TERMS OF EMPLOY MENT WORKMEN HAVE THE RIGHT TO STRIKE IN A BODY. THEY HAVE A RIGHT TO USE SUCH PERSUASION AS THEY MAY. PROVIDED IT DOES NOT REACH THE POINT OF DURESS. TO LEAD THEIR RELUCTANT CO-LABORERS TO JOIN THEM IN THEIR UNION AGAINST THEIR EMPLOY ER. AND THEY HAVE A RIGHT, IF THEY CHOOSE. TO ACCUMU LATE FUNDS TO SUPPORT THOSE ENGAGED IN A STRIKE. TO DEL EGATE TO OFFICERS THE POW ER TO DIRECT THE ACTION OP THE UNION, AND TO WITHDRAW THEMSELVES AND THEIR ASSO CIATES FROM DEALING WITH OR GIVING CUSTOM TO THOSE WITH WHOM THEY ARE IN CONTRO VERSY. Wliat lalior Cannot lawfully Io, What they have not the right to do lit to injure the'r employer's prop erty, to Injure their employer's bus! ness by use of threats or methods of physical duress against those who, would work for him or deal with him or by carrying on what Is sometimes known as a secondary boycott against his ciTtomers or those with whom he deals In business. All those who sym pnth.ze with them ma- unite to aid them in their struggle.' but they may not. through the instrumentality of a threatened or actual boycott, compel third person against their will and having no Interest in their controver sy to come to their assistance. These principle have for a great many years been settled by the courts of this country. Threatened unlawful Injuries to business, like these described above, can only be adequately remedied by an Injunction to prevent them. The Jurisdiction of a court of equity to enjoin In such cases arises from the chancier of the Injury and the meth od of inflicting it and the fact Unit suit for damages offers no adequate rem edy. The Injury Is not done by one sin gle act. whieh might be adequately compensated for In damages by a suit at law, hut It Is the result of a con st mtly recurring series of acts, each of which In Itself might not constl tJtc a substantial Injury or make a S'i't at law worth while, and all of which would require a multiplicity of suits at law. Injuries of this class have since the foundation of courts of equity been prevented by Injunc tion. It has been claimed that injunctions do not Issue to protect anything but property rights, and that business Is not a property right, but such a prop osition Is wholly Inconsistent with all the decisions of the courts. The su preme court of the United States says that the Injunction Is a remedy to protect property or rights of a pe cuniary nature, and we may weM sub. in 1 1 to the considerate Judgment of all laymen whether the right of a man In his business is not as distinct. ly a right of a pecuniary nature as the right to his horse or his house or the stock of good on his shelf, and the Instances ln which Injunc tions to protect business have been upheld by all courts are so many that It Is futile further to discuss the prop, osltion. it Is difficult to tell the meaning (Continued on Ihtge Six.) iH0V OKLAHOMA DESTROYS LIQUOR Intoxicants Taken lYom Bootleggers Are Poured Into the Sewer by -lite Barrel. Guthrie, Okla,, July in. town In the basement of the state liquor agency at Guthrie the quantities of beer, near-beer, whisky, wine, gin, bitters and "tarantula Juice." confis cated from "bootleggers" everywhere In the atate, had increased until there was scarcely room for more. "Let' have a big spilling," said Superintendent R. E. Loxier to his as. sistant, George W. Hines, and forth with employes of the agency began rolling out kegs of beer, barrels of bottle beer, kegs of wine and demi johns of whisky to the public sewer near the state agency building. News of the "spilling" spread quickly and a crowd gathered to watch the destruction of Intoxicants. Kegs of beer were piled on a plat form where they could flows Into a trough and thence through a man hole Into the sewer. "Knock the bungs out and let r spill," commanded Hlnes. A gushing flood fell frothing Into the trough and went splashing Into the aewer. Agency employes uncorked bottles and demi johns and the stream united with the cataracts of beer and Went gurgling on Its way to the Cimarron river, In to which the sewer emptied. VWhat a shame, when It's so dry!" said a red-faced man, moistening his Hps with his tongue. "And wouldn't you like to be a fish In the Cimarron river!" exclaim ed another. Hlnes kept both eyes wide open to see that nobody filched any of the forbidden beverages. "No, sir, you can't even get your feet wet In it," said Hlnes to a man who looked as If he would like to roll up his trousers and wade In the torrent . The beer overflowed and ran In whltecaps down a little dusty hill side. "Ah, even sober, industrious little ant gets his." remarked a wag, aa the white caps overwhelmed an ant hill. "The whole bunch ought to be ar rested for getting beer without a pre scription." The air was redolent with the fumes of beer, whisky and wine when the last drop had been spilled, and the casks and bottles carted back to the state agency. But not a drop had escaped the sewer and the dusty lit tle hillside. ARIZONA TO SEND Governor Klbbey Orders State Collec tion bent to Irrlgatlou Con gress, In addition to an agricultural ex hibit from irrigated land and the many other features that Arizona ex pects to bring to the Sixteenth Na tional Irrigation congress, the terri tory will be well represented by the state collection of minerals. This- exhibit comprises minerals of all kinds gathered from over the ter ritory and the product of each sec tion of Arliona Is well represented. It is regarded as one of the best min eral collections In the west and will add Interest to the congress. Paul P. Hastings, the general freight and passenger agent of the Santa Fe, will also endeavor to se cure a mineral exhibit from the new A. & C. line, aa an advertisement of the new mining district. Cheapest accident Insurance Dr. Thomas' Eclectrlc OH. Stops the pain and heals the wound. All druggists sell It. REVIVAL SERVICES HELDAT UEUtOSE Union I if fort Resulted In More Tluut Two Hundred and Fifty Con versions. Melrose, N. M July 28. (Special). Evangelist J. S. Burck and his singer, A. B. Hobbs, have Just closed a two weeks' evangelistic campaign here. The meeting was held ln the Presbyterian church and was a union effort. Over 260 conversions are re ported. Sunday night at the closing service thirty profession were made. Rev. Wilis Smith of the Presbyterian, Rev. J. R. Johnson of the Baptist and Rev. Georgo Given of the Methodist churches participated. The evange lists have gone to their homes in Kan sas City, leaving on Monday's train. One of the Essentials A the happy homes of to-day is a vast fund of information as to tlie best methods of promoting health and happiness and right living and knowledge of the world's best products. Products of actual excellence and reasonable claims truthfully presented and which have attained to world-wide acceptance through the approval of the V ell-Informed of the Wjrld; nut of indi viduals only, but of tlie many who have the happy faculty of scleciing and obtain ing the best the world affords. One of the' products of that class, of known component parts, an Ethical remedy, approved by physicians and com mended by the Well-informed of the World as a valuable and wh loime family laxative is the wi ll kaown Syrup of Figs and J'.lixir of Senna. To pet its beneficial effects always buy the genuine, nianu luctured by the California I ig Syrup Co., only, aud for tale by all leading druggists- HAL EXHIBIT C10Y1S KATIONAL Bffi DECLARES DIVIDEND Only a Year Old, It Shown Evtdestc of Prosperity Telephone Di rectors Meet. Clovls, N. M., July 18. (Special . The Roosevelt County Telephone company held a directors' meeting here Saturday. 8. L. Ogle and W. F. Bayless of Roswell, C. B. Lukens of Albuquerque, W. E. Llndsey of Por ta les and C. E. Harris and R. C. Reld of Clovls were present. The manager reported seventy miles of metal lio toll j line completed to Fort Sumner. , J The First National bank haa de- clared its lrst annual dividend. The bank is not a year old and haa over j $100,000 ln deposits. W. E. DavU tm casnier ana i. v.. rveea presiaenu Seventeen brick business blocks r now In course of erection here. The Santa Fe ra lway is adding to Its ex tensive equipment her a warehouaa 100 feet ln length. J. S. Fltzhugh, a prominent attor ney and capitalist of this place, wwa married Sunday night to Mrs. Mary Oosset. E. H. Oleson has received the ap pointment as city engineer. Mr. Ole so i haa been architect for the Bant Fe railway. The Moore contracting and grading ouiflt are here again to grade for the location of the machine shops. ALASKA PRODUCEO LESS GOLD IN 19DT While Marked Advance Was Made 1st Mining During tlie Year, tlie Value of Products IHvreaMed. Washington, July 38. The United States geological survey has Just is sued Its fourth annual volume on (the mineral resources of Alaska, giving; the results of investigations made dur. ing the year 1907. These volumes, which have been prepared under the supervision of A. H. Brooks, geolo gist in charge, are designed not only to make public the more important economic developments In Alaska, but also to record the advance of mining; and to form handy works of refer ence, by which reliable Information, may be promptly supplied to the pio neer prospector, the publication ot elaborate reports and maps being de ferred until more complete Informa tion can be obtained. The year 1807 witnessed a marked advance In mining ln Alaska, despite the fact that the value of the pro duction decreased 12,503.237 as com pared with 190S. Nearly all of this decrease was ln the output o( gold, and Is ascribed to labor difficulties at Nome and Fairbanks and to the di version of labor to work that Is not immediately productive the Installa. tlon of large mining plants, which are expected later to yield correspond ingly large returns. The fall in the price of copper also contributed to the total decrease ln production. Aa It was, however, the preliminary esti mates show that Alaska produced) $19,600,000 In gold. $1,040,000 ln cop. per and $231,771 in other minerals. T11K SOCIALIST Ut'G.VIlOO. (William Mallly, in Success Maga dne.) The socialistic bugaboo Is abroad la the land and seeking whom it may de vour. The surest and quickest way to achieve press notoriety is to attack socialism, whether he who attacks be politician, clergyman, labor leader, or what not. Bugaboos have always played aa Important role in history, although, their own history has never been written. Since the time when the uboriginal crtstted an image of dread, and horror which embodied his owa tears of the unknown, mankind haa been haunted by bugaboos. The hu man mind has always fashioned from, ilr surroundings a bugaboo, hewn out of its own conception of future dan gers. Progress haa always had to bat tin with the dread of the unseen. The bugaboo has been the ally of reaction of all ages. .Jot rules drank the hemlock, Christ was crucified, Bruno waa burned at the stake, Columbus was ridiculed and persecuted, James Hargreaves had his rev lutlonary spinning Jenny smashed by his neighbors In 17(7. Lovejoy was mobbed and kiled at Alton. All of these were sacrificial offerings to the bugaboo of their respective times. The socialist bugaboo la a thing of mat') shapes. Its creators have en dowed It with every attribute of every spook that ever frightened mankind Into blind antagonism te the truth And no spook ever terrorised a shiv ering small boy into burying his head under the blankets more effectively than the socialist spook terrorizes the ordinary c'tizen Into retiring under the blanket of age-long conservatism, there to Invite race suffocation and retrogression. Hair Dresser and CliirovodlsC Mrs. Bambini, at her parlors op poslt the Alvarado and next door to Sturges' cafe, Is prepared to give thorough scalp treatment, do hair dressing, treat corns, bunions and in growing nails. She gives massaie treatment and manicuring. Mrs. Bambini's own preparation of com plexion cream builds up the skin and Improves the complexion, and is guaranteed not to be injurious. She also prepares hair tonic that cures and prevents dandruff and hair fall ing out; restores life to dead hair; removes moles, warts and superfluous hair. For any blemish of the face call and consult Mrs. Bambini. Help for Those Who Have Kinmafss Trouble. After doctoring for about twelve years for a bad stomach trouble, and spending nearly five hundred dollars for medicine and doctors' fees, I per chased my wife one box of Chamber lain's Stomach and Liver Tablets which did her so much good that sae continued to use them and they have done her more good than all of the medicine I bought before. Samoa Boyer, Folsom. Iowa. This medicine is for sale by all druggists. Samples free.