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Page 266 - MASTER of human destinies am I. Fame, love, and fortune on my footsteps wait, Cities and fields I walk; I penetrate Deserts and seas remote, and, passing by Hovel, and mart, and palace, soon or late I knock unbidden, once at every gate! If sleeping, wake — if feasting, rise before I turn away. It is the hour of fate, And they who follow me reach every state Mortals desire, and conquer every foe Save death; but those who doubt or hesitate, Condemned to failure, penury and woe, Seek me in vain and...
Page 81 - ... operation should be determined and limited by a rate upon the investment which shall be equal to twice the rate per cent, paid on its bonded debt by the municipality in which the industry is located, in all cases where costs are calculated and allowed, as specified in number three. "Ninth. That all profits in excess of the legal profit should be divided equally between the municipality and the private owners. "Tenth. That in making contracts with private corporations for the purpose of carrying...
Page 80 - ... sold for less than its cost and no discrimination should be allowed between users taking service under like conditions. "Eighth. That the divisible profits of private ownership and operation should be determined and limited by a rate upon the investment which shall be equal to twice the rate per cent, paid on its bonded debt by the municipality in which the industry is located, in all cases where costs are calculated and allowed, as specified in number three. "Ninth. That all profits in excess...
Page 81 - ... investment used as the basis of calculations should be determined by process under the law of eminent domain, or by arbitration, as may be mutually agreed upon between the municipality and the corporation. "Eleventh. That this contract should provide that at the expiration of every period of five years the municipality shall have the option of paying to the corporation the full amount of its investment and thereupon taking possession of the property, and thereafter operating it as a municipal...
Page 79 - Second. That a system of accounting, uniform throughout the State prescribed and audited by authority of a general State law, designed to show the true and entire cost of every public service industry, identical in every particular for public and private ownership and operation, is an indispensable condition to secure intelligent and just regulation. "Third. That a general State law should specify that there shall...
Page 184 - Fifth Amendment's guarantee that private property shall not be taken for a public use without just compensation was designed to bar Government from forcing some people alone to bear public burdens which, in all fairness and justice, should be borne by the public as a whole.
Page 80 - State law should specify that there shall be included in all statements of costs, used as a basis for determining prices to users and taxpayers, interest on the investment at the rate paid on its bonded debt by the municipality in which the industry is located; a sufficient provision for insurance against loss by accidents of every kind; the amount of taxes relinquished, if a publicly owned industry, and paid if a privately owned industry; an ample provision for insurance against the impairment of...
Page 80 - Fourth. That price to users and taxpayers should be based on cost, plus a provision for the payment of all capital secured by taxation or the sale of bonds, in case of all publicly owned, and cost plus a legally limited profit in case of all privately owned industries. "Fifth. That price should be determined for periods of five years. "Sixth. That all services rendered to private and public users should be valued and paid for at prices determined as specified in number four. All free service should...