Daily capital journal. (Salem, Oregon) 1903-1919, 1911-08-29
SHIP OWNERS
ARE SORRY FOR
THE COUNTRY
THINK THE WAY THE COUNTRY
SHOULD SAVE ITS MONEY Is BY
GIVING THEM A BONUS TO COM.
PETE WITH FOREIGNERS.

The New York Times, the other
day, received a dispatch from Paris
announcing that American tourists
would this year spend 800, 900, 900
inEurope, and the greater part OF that
in Paris, whereupon the Times felt
is necessary TO publish an editorial
defending the tourists for the expen-
diture.
That all seems most unnecessary.
III man or woman has surplus
money and pleases to spend 1t abroad
that Is but one OF the prerogatives of
citizenship in this country. 1t is not
that Of which people complain. But
most OF those tourists sailed away
in foreign ships and will return in
foreign ships, and the money they
pay In fares and tips will all go
abroad, which ought not to be- 1t
Is the same way with what is sent
abroad and what is brought in from
foreign lands and the whole amounts
20 quite $3.50, 700, 900 per annum.
Could the savings banks Of New York
receive that sum, they would will
ingly pay $10,00O,000, probably
10000, 900 for the use OF 1t, and the
original $3.50, 900, 900 would likewise
be here. What that means can be
understood by remembering that
when the big New York plungers,
four years ago, precipitated the panic
upon the country, there was frantic
rush TO Europe to borrow 800, ,000,-
900 to tide the trouble over. Had
our country been handling our own
freights and passengers for four years
prior to that panic, II would have had
on hand ten times the amount needed
TO meet the emergency.
And still, let any one arise in con-
gress and propose TO expend annually
for few years the amount now lost
in interest, In order to restore our
merchant marine and TO extend trade
In foreign countries, especially in
South America, which our people
should expand in, and from all sides
will come the protest that members
of congress will not be parties to a
plan TO give men already rich more
money.
The rich foreign ship owners are
being made richer annually by the
stupidity which on that subject rules
congress, does not count with those
Reubens.
Again, We are sending quite $780,
100000 abroad annually to pay in
terest on American securities held in
Europe, while at home money is so
difficult to get with which TO carry on
needed enterprises, that 1t has ceased
TO be measure OF values or sufIl-
cient medium of exchange. Suppose
the government should issue a bill
Hon OF one and one-half per cent gold
bonds In small denominations, make
the bonds OF the size of greenbacks
or national bank notes, that people
might use them as money, pay the
expenses OF the government with
them, and use the money received In
taxes and customs In buying those
bonds held abroad, Ia II not clear
that the money now sent abroad In
interest would grow less and less,
and very soon cease altogether And
that saving would I'm ten years All
our country with money. Then no
more straw enterprises should be per-
mitted 10 issue and sell bonds, be-
cause they gravitate to tho old world
and the interest has To be sent an
nually, whic HIS n drain upon the
money of his country, which should
not be permitted,
II would not hurt American bank
ors to Issue those low-rate bonds, for