The Washington herald., 1909-08-31
AT THE HOTELS.


The curse OF the press is that it is
controlled by capitalists In the interests
Of capitalism, said Hugh F. Campbell
OF London, at the New Willard. last
night 1T was not always so. In the
first half Of the century the great Lon
don daily papers were controlled by capi-
talists. it Is true. but not exclusively In
the interests OF capitalism. They were
published for the most part for propa-
gandist purposes; they were the organs
Of great parties and Of great Ideas. and
they were conducted by thoroughly able.
honest and earnest men. Neither edi-
tors nor proprietors had then begun TO
play up for baronetcies OF knighthoods"
"One Of the chief aims OF an ideal
newspaper" continued the British news
paper man. would be 20 remove the re-
proach that journalism Is not literature.
Il ought TO be literature There was a
time when the mass Of the English peo-
PIE read nothing but the Bible: when.
therefore, they were well read IN great
literature That was Englands heroic
age-the age OF her greatest prophets,
poets, saints. and martyrs. The mass
Of the English people now. I am afraid
read nothing but newspapers. and 7 hard
ly think the ousting OF the Bible by the
press has helped TO ennoble nationa!
character. II the newspaper is TO be
the Englishmans Bible OF the future.
let US take care that Il models its style
or that OF the sacred book from which
all OF our best writers. poets. and ora
tors have caught their inspiration. You
ouu Tuvo uv-nof 1frnroTrrrn univ F1 orrnof
language-the strong and simple Ian
guage OF great men The language OF
Journalism IN England and America
compares, I think. badly with that OF
our best writer's
NY idea Of a great newspaper IS that
Il should be given up solely 10 the great
interests Of humanity, TO literature. 20
politics. TO religion and economies, to art
and science. 10 the drama and music. 10
education and labor. Such paper would
have very little room for sport or finance.
Many daily papers devoted wholly 70
these sordid interests already exist: and
n II pays 20 thus specialize sport and
finance. e would surely pay to specialize
subjects appealing TO the higher instincts.
the wider knowledge, and nobler sympa-
thies Of men,"
Raymond s. Fenton. q banker Of New
York, who is at the Raleigh. speaking OF
banks and banking last night said that
the largest financial institution in the
world IS the Bank Of France. which
had a circulation I'VE times as great az
it's deposits, amounting 10 a figure run
ming up toward a billion dollars.
There IS behind this enormous circu-
laton'' said Mr.. Fenton. mot a single
dollar Of required assets OF reserves. It
IS a credit currency pure and simple, and
yet It circulates dollar for dollar with the
Bank Of England notes. which are secured
by gold, and the original issues Of German
bank notes, which represent a mixed Sc
curity OF gold and commercial paper.
They have plenty OF money in France
and they do great things with II. There
IS a large gold reserve in the bank. but
Il is not required TO be kept BY law and
IL is there only because the di~sctOrs OF
this state-conroHed institution volun-
tarily desire 20 protect all OF their de-
mand obligations.
1T would probably be impossible 10
create IN this country anything like the
Bank OF France" continued Mr. Fen
ton, any more than we could have the
Bank Of England or the Imperial Ger
man Bank France is nominauy a re-
public. but IN reality il is a military
bureaucracy. The government Is so
strong that x can maintain a central
bank with branches IN all departments
and give 10 It the exclusive right TO Is
sue notes against its uncovered assets
There would be an opportunity for tbs
dangerous expansion OF currency II =
were not for the fact that Official su-
pervisiOn Of the bank is extremely mi
nate.
The Bank OF France IS q partnership
between private individuals and the
government. although there IS no d.
vision OF profts- The republic receives
a moderate income in the way OF taxes.
in addition 70 large advances OF cash and
assistance IN taxing care OF federal Sc
curities. X Is a great money-making
Z institution, beyond all doubt Its divi-
dends have run up beyond s. per cent
OF the par value. and the market value
OF shares frequently has run we'll be-
yond 400 cents on the dollar.
There would be a great outcry IN the
country II any one proposed TO trans
plant the French currency system here"
Fred T. Saunders. Of Cleveland. Ohio.
who is interested in the shipping trade.
discussing the American merchant ma
rine at the Arlington last night said
that no other nation with any pretension
TO mercantile or maritime greatness de-
Fends upon its foreign rivals for the
transportation Of nine-tenths OF its over
sea trade.
1T IS a conservative estimate con-
tinued Mr.. Saunders, that the United
States is now paying every year TO for
eign shipowners for freight mall, and
passenger service the great sum Of Sl75,-
/ o00.0o9-almost equivalent to our entire
customs revenues and four times the IN
terest on our national debt.
None but a very rich and prosperous
country could do this long. and such an
annual expenditure has come 70 be A very
serious drain on even our immense re-
! sources As a matter OF sentiment. Il
jars on the suscepubuIties that nine out
OF every ten deep-sea ships in our har-
bors fly foreign flags. Moreover. Il is
recognized by thoughtful men that by
yielding up TO foreigners almost ali OF
our carrying trade we not only strengthen
our commercial competitors, but help to
build UP a great sea power which NAV
be used against US IN time OF war.
In our war with Spain we saw great
German steamship companies which have
grown rich from American PATRONAGE sell
several Of their fast steamers 10 the
Spanish government. to be used TO harry
our coasts and our commerce Thou
sands OF American travellers had crossed
the Atlantic in these vessels. They had