The Washington times., 1914-04-02
CONTINUED FROM FIRST PAGE.

A great international war might set bus-
ness going, and so might change in our tar
iff-the kind of change that gives courage and
confidence to home industries. But we have
just had a revision downward, so there is no
probability of an immediate revision upward,
and there are no instances on record where
revision downward, or low tariff, or no tariff,
has ever re-energized anything here at home
On the ground of precedent, therefore, we
haven't much to look for from our recent
tariff legislation, and we are not now at war
with any nation; so just what is there in
sight, when we get .own to the raw, cold
facts, to justify belief in an immediate on
rush Of good times?
Agriculture cannot bring it about; war is
not likely to bring it about; our new tariff
is certain not to bring It about; the iron and
steel trade cannot bring it about; the textile
manufactures cannot bring it about; mining
in all its different phases cannot bring it
about and all the scattered. smaller manu-
factories cannot bring it about.
1t may we'll be doubted if anything can
bring it about. as matters stand today, ex-
cept the railroads, and the railroads can bring
it about if they are allowed freight rates and
passenger rates that will enable them to do
business at rational and fair profit such
profit as will give place and value to their Sc
curities in the markets Of the world. 4
This is what we want at this juncture to
give US good times, temporary good times,
at least and good times for long run, if
the policies of the Government with regard
to business, the tariff, the currency and in
other respects are right If these are not
right, it is pretty safe to assume that We, as
people, have the good sense and the patriot
ism, irrespective Of politics and politicians,
to make them right.
But just why can't agriculture give this
impetus to business, and why is it that rail-
roads alone can give this impetus to busi-
ness? Briefly, the answer is this: Agricul-
ture is producing and selling industry. II
we were growing vast surplus beyond our
own requirements and could sell it abroad,
the new money flowing across the ocean
would give US the impetus we need. But,
unfortunately, we have no such surplus, and
are not likely to have.
The steel and iron industry, vast as it is,
in the aggregate, and we'll concentrated as
it is, cannot in and of itself revitalize busi-
ness. Like farming, j. is a producing and
selling industry. This is equally true of the
countless scattered enterprises of one kind
and another. Merchandising doesn't even
produce anything 1t has to do merely with
barter and SALE Banking, likewise, produces
nothing. 1t is parasitic in its very nature.
The railroad, unlike these other enter
prises, has nothing to sell but service. 1t
buys, buys, buys, and all the while buys. 1t
is purchasing and consuming business,
which ranks next to farming in its vast scope.
The wages of railroad employees have so far
increased that now they call for practically
one-half of the gross receipts of railroads.
The sum total paid out to labor by the Amer
lean railroads is greater than that paid to
labor by any other enterprise in any country
of all the world. The railroads hold the key
to the present business situation. Give them
a chance and they will set the wheels Of in
dustry going. But they can do nothing for
business and nothing for themselves impov-
er;shed and starved as they are by the Gov
ernment.
With chance to live and earn enough
TO make their securities safe and attractive
to investors the world over, they could sell
them like shot.
What We need and must fave at this
juncture is new money and lots of it. The
railroads alone can find this new money.
But it is up to the Government to decide
whether they shall find it Or not. So far the
Government in its non-constructive, or, il
you will, destructive, policy, has refused the
railroads chance for their lives.
If the Government would get back of the
railroads and give them lift, the railroads