All such plans of reorganization should carefully respect existing railroad property values, unless the management of those railroads obstinately and uncompromisingly opposed all concessions necessary to the realization of the national interest.

In that event the nation would be as much justified in fighting for its essential interests as would under analogous circumstances a municipality.

Furthermore, any such reorganization should aim at keeping the benefits of the then existing private organization--whatever they might be.

It should remain true to the principle that, so far as economic authority and power is delegated in the form of terminable leases to private corporations, such power should be complete within certain defined limits.

If agents of the national economic interest cannot be trusted to fulfill their responsibilities without some system of detailed censure and supervision they should be entirely dispensed with.