Letter from Frederick W. Whitridge to Theodore Roosevelt
Frederick W. Whitridge is not familiar with the laws of the ten states mentioned by President Roosevelt as providing for state valuation of railroads. Whitridge agrees with Roosevelt that more states may move to require valuation, but he does not believe that this justifies a move by the national government to make such a valuation. He refers to court cases, and encloses extracts, which have required valuation of a railroad to determine whether a given rate was reasonable; but he notes that such actions are quite different from requiring valuation of all roads. In his opinion, valuation of the railroads would be a means to one of three ends: taxation, setting rates, or limiting or controlling capitalization. The first is not necessary, and the others would cause fear among holders of railroad securities for the value of their investments. He urges Roosevelt not to discuss it further.
Collection
Library of Congress Manuscript Division
Creation Date
1907-04-15