Page:Walter Renton Ingalls - Current Economic Affairs (1924).pdf/186

172 for the railways receiving higher wages than other men get for the same work in the same vicinities. In some states competition for work is restricted by license requirements. In many states and industries the right to work is restricted by the terms of labor unions. Immigration is restricted by national legislation. Business is irritated by unnecessary federal and state supervision. The railways are harassed by multifarious regulations by both federal and state governments, which stifle their economic development, and while intended to be in the interest of the public are to a large extent contrary thereto in the broader conception.

We believe that experience has proved that governmental operation of public utilities and industries is inefficient and wasteful and consequently uneconomic. While we recognize the need for a certain degree of governmental supervision and regulation, especially in public services which are founded on franchises and by their nature are outside of the bounds of competition, we believe that such regulation should be reduced to the minimum. In all economic affairs that are open to competition we believe that the national welfare will be promoted by the removal of artificial restrictions that tend to counteract free competition and are in opposition to the, free play of the law of supply and demand.

I believe that the engineers of the country will, in great majority, endorse the declaration of principles in the above statement and will agree that the direction of national economic and political affairs in conformity with them will promote the national welfare. I believe moreover that a majority of the workers of the