If the Federal Government is to fix the actual rate, it must always fix it high enough to pay to the owner of the property cost, depreciation, and interest. If the Government does not so fix each rate, then it must provide means in some way to reimburse the owner of the road for any loss. To-day in handling an expanding business, the railroad-owner takes the risks of business and handles some at cost or less, and if he loses he must blame himself and pocket the loss. The Government could not force rates upon him that are non-compensatory, and the result would be that under a system where the Government fixed the actual rates, there would be a checking of the movement towards lower rates by the voluntary action of the roads in meeting commercial conditions.
There are some abuses connected with the private car, but the private car has served a most useful purpose during the last ten or fifteen years in helping to care for the commerce of the country. The money and energy of the railroad-builder in the last forty years
