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HOKE SMITH’SGTHAT ADDRESS Leading newspapers throughout the country continue to comment upon the speech of Governor-elect Hoke Smith, that was delivered at the annual meet ing and banquet of the Cincinnati Re ceivers’ and Shippers’ association. In most instances Mr. Smith’s speech has met with favor and approval. The following editorial taken from the New Orleans Times-Democrat is an indication of what the press thinks of the speech: “The speech of Governor Smith, of Georgia, at the third annual dinner, of the Cincinnati Shippers’ and Receiv ers’ association can not be classed with the commonplace utterances with which the public is too often regaled. It was not the speech of a man who ‘understands transportation’ from the standpoint of railroad managers. But it was emphatically the utterance of a man who understands one aspect of the question w’hich the captains of finance have apparently forgotten—that is the essential and unsurrender ed rights of the public with respect to public utilities to which the state has delegated such extraordinary and im portant powers. “It is well, in these days when we are having so many demonstrations that the manipulators regard railroads as mere pieces of private property, to hark back occasionally to arst prin ciples. The process is full of instruc tion for both people and financiers. The latter will find that the public has many rights it may assert without being charged in any sense with ‘hos tility to the railroads.’ “The public will understand better the sound legal and equitable basis on w’hich insistence for reasonable rates and the abolition of all discrim ination stands. Both may be brought to understand that the only final solu tion possible short of government con trol is one which recognizes and re spects the fundamental rights of both sides; in brief a solution informed by the principles enunciated in the follow ing excerpt from a federal supreme court decision quoted by Gov. Smitlr: “‘A railroad is a public highway, and none the less so because construct- THE AMAZING WEALTH OF OUR UNCLE SAM Stupendous Figures Giben Out by Census "Bureau as to National Wealth—Statement in Detail. (By Associated Press.) Washington, March 23. —The total estimated value of the national wealth in 1904 was $107,104,192,410, according to a special report issued today by the census bureau on wealth, debt and taxation, which represents an increase in the four year period from 1900 to 1904 of $18,586,085,635. This advance in national wealth has no parallel in the history of the United States ex cept the decade from 1850 to 1860. In 1850 when the first estimates of the national wealth were made the figures were only $7,135,780,228, The most potent cause for the increase in the nation’s wealth from 1900 to 1904, it is stated, was the reaction from the low price period of depression from 1893 to 1896. The annual increase of wealth per family from 1890 to 1904 was $lB2. The various forms into which the na tion’s wealth is divided, with their vaulations, are as follows: Real property and improvements tax ed $55,510,228,057; real property and improvements exempt $6,831,244,570; live stock $4,073,791,736; farm imple ments and machinery $844,989,863; Made to the Receivers and Shippers of Cincinnati. jgg. ■IIKs: . <£a|M|L il - ed and maintained through the agency of a corporation deriving its existence and powers from the state. Such a corporation was created for public pur poses. It performs a function of the manufacturing machinery, tools and implements $3,297,754,180; gold and sil ver coin and bullion $11,998,603,303; railroads and their equipment sll,- 244,752,000; street railways $2,219,966,- 000; telegraph systems $227,400,000; telephone systems $585,840,000; Pull man and private cars $123,000,000; shipping and canals $846,489,804; pri vately owned waterworks $275,000,000; privately owned central electric light and power stations $562,851,105; ag ricultural products, $1,899,375,652; man ufactured products $7,409,291,668; im ported merchandise $495,543,685; min ing products $408,066,787; clothing and personal adornments $2,500,000,000; furniture, carriages and kindred prop erty $5,750,000,000. The total public indebtedness of continental United States in 1902 was $2,789,990,120, and the total per capita indebtedness was $35.50. The total in debtedness of the national government for the same year was $925,011,637, and the per capita indebtedness was $11.27. The indebtedness of the United States government is its gross indebt edness less cash in the treasury. The WATSON’S WEEKLY JEFFERSONIAN. Gobernor-Elect Hoke Smith of Georgia. state. Its authority to exercise the right of eminent domain and to charge tolls was given primarily for the bene fit of the publiclf a railroad corporation has bonded its property total indebtedness of continental Unit ed States in 1890 was $1,989,112,842, of the national government was $851,- 912,752, and the per capitas were $31.76 and $13.60, respectively. In 1902 the annual interest charge on the public debt of continental United States is shown to have been approximately $115,206,558, or an annual payment of $1.46 for each individual. In Great Britain the per capita in debtedness of all classes, national and local, was 3.93 times that of the United States; in France, 4.86, and in Italy 2.25. The assessed valuation of property subject to advalorem taxation has in creased from 1850 to the present time, but it has not kept pace with the increase in the actual national wealth. The total assessed valuation of prop erty in 1902 was $35,338,316,833. while in 1890 it was only $25,473 173,418. The estimated true value of all property in 1902 was $97,810,749,590, against $65,037,091,197 in 1890. The total levies of advalorem taxes were in 1902 $724,- 736,539, and the tax rate was per SIOO of estimated true value, 74 cents. for an amount that exceeds its fair value, or if its capitalization is largely fictitious, it may not impose upon the public the burdens of such increased rates, as may be required for the pur pose of realizing profits upon such ex cessive valuation or fictitious capital ization The public can not prop- erly be subjected to unreasonable rates in order simply that stockholders may earn dividends.’ “Governor Smith thinks additional powers should be conferred on the in terstate commerce commission. ‘Bond and stock issues,’ he declares, ‘should be submitted for their approval, and none should be permitted unless the money derived from their sale is to be spent upon the property made liable for them. Transportation com panies should not be permitted to load down their properties with stocks and bonds for speculative purposes.’ Gov ernor Smith here touches upon one of the most difficult problems connect ed with the whole question. There is no doubt that a large part of the outstanding bond issues of many rail roals, based on their present income producing capacity, represents nothing more than the capitalization of the public’s patience and long suffering. Some way should be found to prevent resort to this familiar device of high financiers. But whether this can best be done by lodging the power of direct prohibition in a body like the interstate commerce commission is open to ques tion. Perhaps, after all, the best meth od of accomplishing the desired re sult would be for the government and states to devote themselves just now mainly to the task of securing reason able rates —rates whose reasonable ness is determined by a reference to the value of the property and not the capitalization. Once such rates are se cured, we have no doubt roads will find it difficult to float merely specula tive bond issues, not intended to pay for improvements, and it is more than probable a re adjustment of the enor mous issues outstanding would be nec essary. Such a process would not be concluded, however, without violent wrenches.’’ WITHOUT A PRECEDENT. The par value of all railroad stocks has been ascertained, says the Birm ingham Age-Herald, to be $6,554,000,- 000 —six and a half billions, in other words. The decline that began last December has brushed away two bill ions of this amount, leaving the act ual market value of the stocks of the country’s railroads at four and a half billions of dollars. In other words, the scarcity of money and political condi tions have operated without special legislation to let a great deal of the water in railroad stocks flow out in one big and ample popular crevasse. THE DAILY WRECK. Lloyd’s mournful motto, “Every day a ship is lost,” will have to be changed to suit American conditions before long. “Every day a train is wreck ed’’ will be the version here, unless the ghastly procession of accidents is stopped.—New York Tribune. In the last ten years this country’s iron output has increased 162 per cent. 7