THE NATIONAL CHAMBER OF COMMERCE 
Recapture should be exercised only upon payment of fair and 
just compensation. 
If recapture is not exercised, the investment of the permittee 
should be adequately protected. 
Rates and service should be regulated by state commissions 
where the service is intrastate, with federal regulations only where 
several states are directly concerned and do not agree, or there is 
no state commission. 
If any jurisdiction to regulate the issuance of securities is exer- 
cised it should be solely by the state. 
No preference should be granted as between applicants amount- 
ing to a subsidy from the government creating unequal competition. 
(Referendum No. 24, submitted February 1, 1918.) 
WATER POWER DEVELOPMENT 
Whereas, The Chamber of Commerce of the United States, by 
an overwhelming vote in its Referendum No. 24, endorsed recom- 
mendations which, in its opinion, would best bring about the utiliza- 
tion of the potential water powers of the country; and 
Whereas, The war needs of the government require large increase 
in power for industries, for the conservation of fuel, and for trans- 
portation; 
Therefore, Be it Resolved, That the Chamber of Commerce of 
the United States hereby earnestly urges upon Congress the imme- 
diate passage of legislation which will make available at the earliest 
possible date the water powers of the country. (Resolution, Sixth 
Annual Meeting, 1918.) 
Water Power LrecisLaTIoN 
True conservation of the water-power resources of the United 
States in the acceleration of its industrial and commercial progress 
awaits the enactment of appropriate legislation. After a referendum 
to the membership, this Chamber has announced the principles 
which it advocates in such legislation. Legislation very largely in 
accordance with these principles was practically agreed upon by the 
last Congress. The new Congress is urged to enact such legislation 
in the early days of its forthcoming session. (Resolution, Seventh 
Annual Meeting, 1919.) 
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