Obrázky stránek
PDF
ePub
[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small]

203286

COPYRIGHT, 1907, 1913

BY WILLIAM Z. RIPLEY

ALL RIGHTS RESERVED

713.10

The Athenæum Press
GINN & COMPANY. PRO-
PRIETORS BOSTON U.S.A.

PREFACE TO THE SECOND EDITION

There are two substantial reasons for recasting this collection of reprints originally made up in 1907. The first is that the rapid course of events, legislative and economic, in the United States, especially in the field of transportation, has rendered the old collection obsolete the later developments having since been described either officially in documents or else in the files of the economic journals. The second, and by no means less important reason to me, as an instructor in the subject forced constantly to face the problem of providing solid reading matter for large classes, is the completion of a systematic treatise upon the subject with which these selections may be closely correlated. Certain chapters of my own in the first edition, having been revised and brought up to date, are now transferred to my Railroads: Rates and Regulation or will appear in the second volume, Railroads: Finance and Organization. Others, like Taussig's classic on the theory of rates, have been so completely incorporated in the text of the former of these volumes, with such amendment as the progress of economic science permits, as to render their separate appearance unnecessary. And certain other chapters on legislation then incomplete, are now, in my judgment, preferably described in a more extended account of such matters in the above-named systematic treatises.

In place of these omissions, a number of substantial additions have been made. The admirable account of early conditions in Pearson's American Railroad Builder is too good to be lost on the shelves of general biography; yet it is impracticable on grounds both of time and expense to place the entire volume in the hands of each student. A number of significant recent opinions of the Interstate Commerce Commission have been added, because of the light they throw upon the radically changed economic and legal conditions since 1905. The admirable description by Theodore Brent of the complexities of railroad rate making and regulation, prepared for the late Robert Mather, president of the Rock Island system, affords an illustration of the manner

V

vi

PREFACE TO THE SECOND EDITION

in which competition generalizes almost at once any set of local conditions. In connection with the proper adjustment of relations between the states and the Federal government, now in process of settlement by the Supreme Court, this chapter is particularly illuminating.

Recent legal developments are also strikingly described in several new chapters added to this edition. The status of the carriers under the Sherman Anti-Trust Act would seem to have been pretty well defined in the course of the extended proceedings dissolving the Union-Southern Pacific merger. A fit sequel to the Northern Securities decision, already described in the first edition, is thus had. A second subject, yet in flux in the courts, is the determination of reasonable rates. The excellent review of judicial findings by Mr. Justice Swayze of the court of last resort in New Jersey covers this topic. And, finally, the most perplexing and interrelated subjects of physical valuation, reasonable rates and conflict of state and Federal authority are authoritatively treated in the recent Supreme Court Minnesota rate decision.

[ocr errors]

An effort has been made to tie in the illustrative material in this volume with my systematic treatise on the subject above mentioned. For it is believed that an exhaustive examination of a well-chosen set of typical examples - following, in short, the case system of the law schools - affords excellent mental training to the student. For this purpose, the cases may preferably be read before studying the treatise. Then the latter will assist in elucidating the difficult points and providing the proper historical setting. For the mature student of the subject, this order of reading may well be reversed. The bird's-eye view and general discussion may profitably be followed by a careful and minute analysis of particular incidents. Only thus may the great intricacy and the extremely delicate adjustment of commercial affairs in practice be duly appreciated. The detailed account of typical cases is one of the most certain correctives for the a priori philosopher and the zealous innovator. These several services to students and men of affairs, it is hoped, will be rendered by an extended set of cross references in all of the volumes above mentioned.

WILLIAM Z. RIPLEY

PREFACE TO THE FIRST EDITION

This collection of reprints, like its predecessor, Trusts, Pools, and Corporations, is directed to the accomplishment of two purposes: not alone to render more easily accessible to the interested public, valuable technical material upon a question of paramount interest and importance at the present time, but also to facilitate the work of the college instructor in the economics of transportation. The worst evil of modern academic life, particularly under the elective system, is that the student may so seldom be called upon to think for himself;—not merely to "cram" and memorize, to absorb information predigested by an instructor, but rather to actively use his reasoning powers in effecting recombinations of ideas. Mere passive contact for a brief period of life with cultivating influences and high ideals, as exemplified in books, general environment, and, it is to be hoped, instructors of the right sort, tends to produce the dilettante, unless at the same time the mind is constantly invigorated by action. This is especially true of the economic and social sciences. To provide material, preferably of a debatable sort, which may be worked over under discussion in the class room, instead of being merely committed to memory, constitutes the pedagogical aim of this book. Some of the extracts, especially the historical ones, are of course not susceptible of such treatment. They are merely reference readings for convenient use. But the others, notably the decisions of the Interstate Commerce Commission, usually provide debatable matter of an admirable sort. This is peculiarly true of cases or decisions with a dissenting minority opinion. Another advantage which many of these economic cases possess, over propositions in mathematics, logic, or even law, as material for training the intelligence, is that they are always charged with human, and often with great public, interest; and that they incidentally involve an acquaintance with the underlying business conditions and trade relations of the country at large.

« PředchozíPokračovat »