I had that point in mind, as any honest trustee for other people’s property should have. But I also had in mind a much broader consideration, namely, that the country can not attain its best growth unless the people can be made to see that adequate and safe transportation is absolutely necessary, and that it cannot be obtained through private ownership unless, under honest management, enough money is earned to pay approximately the same return to the investor as is received by investors in other classes of business in the same territory, and in addition lay up a fund to provide for bad times, when earnings are poor. If we are to continue to have privately owned railroads supervised and regulated by governmental authority, and if we are to avoid ownership by the Government, the owners and users of the railroads must all work together. Personally, I do not believe in governmental ownership in a country like the United States, where our political methods are still in need of improvement.
The policy of the Government, national and
