Dividends and wages should go up together; and the relation of rates to them should never be forgotten.

This of course does not apply to dividends based on water; nor does it mean that if foolish people have built a road that renders no service, the public must nevertheless in some way guarantee a return on the investment; but it does mean that the interests of the honest investor are entitled to the same protection as the interests of the honest manager, the honest shipper and the honest wage-earner.

All these conflicting considerations should be carefully considered by Legislatures before passing laws.

One of the great objects in creating commissions should be the provision of disinterested, fair-minded experts who will really and wisely consider all these matters, and will shape their actions accordingly.

This is one reason why such matters as the regulation of rates, the provision for full crews on roads and the like should be left for treatment by railway commissions, and not be settled off hand by direct legislative action.
APPENDIX SOCIALISM As regards what I have said in this chapter concerning Socialism, I wish to call especial attention to the admirable book on "Marxism versus Socialism," which has just been published by Vladimir D.Simkhovitch.
What I have, here and elsewhere, merely pointed out in rough and ready fashion from actual observation of the facts of life around me, Professor Simkhovitch in his book has discussed with keen practical insight, with profundity of learning, and with a wealth of applied philosophy.