c o *g The country has been 

 ,3 aroused too late to save the 



g o very richest of these points 



of vantage. Private power 

 is ' £ .B g companies hold the most ac- 

 ,? cessible of these sites under 



m c rights of which they can 



\j never be deprived. 



So much more compelling 

 the reason why we should 

 2 b.S"| not yi^d what remain un- 

 ^ §-2^ wisely. The temptation to 

 grant generously without 

 8 & 8"§ condition that which may be 

 5 ^ £ put to so beneficent a use 



M-l O Vh 



O <u 



3 ^ must be resisted if we are 



3 ^^'|> n °t to meet a spendthrift's 



& o fate. At the same time there 



g |^ must surely be a rational 



« x^'g way by which capital may 



S «3 be brought into this public 



o 'g service. The present condi- 



u .2 oj § tion of stagnation does no 



5 £ one good. Within a genera- 



2 ^ tion I believe the people will 



w sic be as alive to the value of 



^ Is ^ I public ownership of hydro- 



g £ 2 £ electric power plants as they 



p il rt are today to municipally- 



< ^ owned waterworks, 

 o The people not being pre- 



jn u m ^ pared, however, to proceed 



23 \g <C£h to put these lands to their 



§ £ c^j highest use, I am not in fa- 



o So > vor of keeping them from 



S ^ ^ being utilized by private cap- 



B ital in the public interest. 



u S"^ Because we do not know 



-| £ what is best to be done is not 



S £ R £ a reason either for doing 



g 2 I | nothing or for getting rid of 



w £^'-3 the trouble as soon as possi- 



to o ^ 2 ble, on the old "land-island" 

 policy. 



How may the needed ad- 

 op^ p . vantage be gained for the 

 o-o present and the needs of the 



oi & 



future be cared for? This 

 *o"g££ is the immediate problem. 

 v^ 0 £ What may capital reason- 

 o I' ably demand? A fair and 

 & £ ^ o, attractive return upon its m- 

 | £*g vestment yearly and the full 

 <u o-| rt return of its capital. And 



what may the public served 

 reasonably require? Good 

 ^ c a service and fair rates. Who 



o3 13 O 



