properties were bought outright and the owners at least paid something for their interests, instead of being permitted only to nominally hold a worthless property without hope of reward or increment.

A Railroad should be permitted to be managed and operated by its owners, whether the Government or private individuals. If the Government owns the Railroad, it may do with the property as it wishes, and the Railroad becomes a part of the federal machine to be dealt with as other national objects. But if the Railroad is to be owned by private capital, then its owners should be permitted to manage that which belongs to them as they please, subject only to the obligation that the Railroad, as a public servant, give adequate service at a reasonable price, and without discrimination, irrespective of the profit which its owners may make out of the operation of their property. The purpose of the Railroad, of course, is to make money for its owners by rendering service to the public. If the public be served at reasonable prices, all public concern in the operation or management of the Railroad should cease, and it should be permitted to earn, like any other private enterprise, whatever it can. The profits of the business are the concern of the investors, not of the public. Any other system than this will be unsound economically, and will result disastrously.

The trend of legislation has been to protect private property, until it become a Railroad property, when it loses all the attributes of private property, and becomes subject to all kinds of legislative exploitation. At present no conservative person is willing to invest money in the stocks and bonds of Railroads, and consequently these securities have become almost purely speculative. Business seems to require that it be removed from legislative influences, because the tentacles of the law-making bodies are stretching out in other directions than the Railroads, and this has brought about a tremendous stagnation in all business.

We appear to have passed from an age of "Antlered Vandalism" or menagerie performances, through a period of recrudescent standpat absolutism, into an era of grape juice diplomacy and transcontinental legislative junkettings. Well may the pessimist roam through the land prophesying and presaging

calamity and disaster, especially if he be so unfortunate as to be financially interested in public service corporations or hot house industries, like sugar or wool.

If the Government covets the Railroads, and wants to own them, let a fair and just price be paid for the properties while they are still parts of operating entities, but it is highly immoral for the Government to pursue a policy of destruction until the Railroads are financially wrecked, and then buy them at ruinous figures thus arbitrarily and artificially created.

Mr. L. D. Smith:-Notwithstanding the fact that the author of this distinguished and most valuable paper is an active member of this Association, I think we are indebted to him, in a large measure for the great interest he has excited in this most interesting paper, and as an expression of our appreciation of it, I move to make him an Honorary Member of this Association.

Motion seconded, put before the Association and carried unanimously, and Mr. Pierce declared forever an Honorary Member of this Association.

The President:-I will call upon the Secretary for his report before we adjourn for lunch, but before doing that, a telegram has just been handed me from Walnut Ridge, Arkansas, reading as follows:

WALNUT RIDGE, ARK., JUNE 25, 1913.

HON ALBERT W. BIGGS,

President State Bar Ass'n,

Memphis, Tenn.

We are instructed by the Bar Ass'n of the Eighth Chancery Circuit of Arkansas in session here to extend to your honorable body fraternal greetings.

John B. McCaleb, Pres.
Lyman F. Reeder, Sec'y.

I shall request the Secretary of this Association to thank the Arkansas Bar meeting of the Eighth Chancery Circuit for its kind message, and to reply in kind.

JUNE 26th, 1913

JOHN B. MCCALEB, President,

Bar Association, 8th Chancery Circuit,

Walnut Ridge, Ark.

The Bar Association of Tennessee by resolution duly passed has directed me to express to you its appreciation of your kind greetings and to extend to you the fraternal greetings of this Association.

Chas. H. Smith, Secretary.

The Secretary:-Mr. Chairman, I have a report of the Committee on Grievances, which is very brief, and I will read it.

To The President and Members of The Bar Association of Tennessee:

Your Committee on Grievances begs leave to submit the following report:

Your Commitee has received no complaint of any character, and therefore conditions have not been such as to call for a meeting of the Committee.

Respectfully submitted,

Ed. T. Seay,

Chairman.

On motion the report was adopted.

The Secretary:-The next report, Mr. Chairman, is from the Committee on Publications, Mr. Rankin being the Chairman of that Committee.

Mr. Rankin:-The making of this report, Mr. Chairman, reminds me of my college days and of a report that was accustomed to be made by the Adjutant of our military department. In making our report to him on the occasion of a parade-a pub

lie parade-he would always require us to say "so many present or accounted for," whether there were fifty present or 100 present. So, Mr. President, this Committee takes pleasure in saying or reporting all publications required to be published have been published by the Secretary.

Moved and seconded that the report be received and filed, and on being put before the Association by the Chair was carried.

The Secretary submitted the report of the Secretary and Treasurer and same was adopted and approved, and ordered spread of record on the minutes of the Association, which is accordingly done in the following words and figures:

To The President and Members of The Bar Association of Tennessee:

As Secretary and Treasurer of the Association, I submit the following report for the period ending June 23rd, 1913:

Collections from admission fees, annual dues

and other sources to date

1008.25

We have examined the books, papers and accounts of the Secretary and Treasurer and find the same to be correctly kept. There is a balance on hand, as per his report of June 23, 1913, of $551.76.

Proper receipts have been taken for disbursements and disbursements have been made for proper accounts.

Respectfully submitted.

Recess until 2 o'clock.

This June 26, 1913.

CHAS. N. BURCH,

Chairman of Central Council.

AFTERNOON SESSION.

Call to order by the President.

Mr. Acklin recognized by the Chair.

Mr. Acklin:-Since I have had the honor of being a member of this Association for over thirty years, it has been the custom of the Association to alternate the President between the three Grand Divisions of the State, and it has also been the custom of the Association to suggest, through the Bar of that Grand Division, the name of some one acceptable to the Association, as President. I therefore, in accordance with the precedent so long established, move you, Mr. President, that you appoint a committee of five, to suggest the name of our next President, if I can get a second to that motion.

Motion seconded.

Moved that the motion be tabled; motion seconded and by an aye and nay vote same was carried, and the Chair declared the motion tabled.

The President:-I take pleasure in introducing to you the next speaker of this meeting, a distinguished lawyer from the middle section of the State, who is the first of the speakers on this occasion to live in the State of Tennessee.

We are delighted to have with us Hon. John Bell Keeble, well known, not only as a member of this Association, but as a member of the Bar throughout the State. He needs no introduction to you. I present to you, gentlemen and ladies, Mr. Keeble.