Evening journal., 1915-04-16

am very glad to meet you and
thank you heartily for the courtesy
Won have shown me today. II is good
for Wilmington that your society has
been established here and ] shall hope
in common with all our fellow citi-
zens that il will increase in member
shin and influence The application
of the principles OF your organiza-
zion i'm public affairs. we may hope
will bring about many needed re-
forms Many mistakes in business
generally and i'm the administration
of goyernment-w whether national,
state or local-have been due IN some
measure at least TO the absence OF
that good fellowship and TO the lack
of that stimulation of honest desire
ia he of service to your fellow men
and to society I'm general, which your
cIub as / understand, is laborine
10 restore to their proper places IN
our national life. For such help as
they may be TO you in your COM
mendablc work, wish 10 submit to
YOU few facts and figures which
7 believe show that our public deDt
as whole has become a real men
ace to our nation.
Debt in General.
We arc a debtor nation. We are
not only heavily in debt to ourselves
but We owe a big bin abroad. Let
mo quote from the Financial Age
one OF ou- leading banking puDlicaT
ions: a.,
We still owe not far from five bill
lion dollars to Europe, that hgure IN
Guiding all the European investments
in this country. upon which we nave
10 pay interest and dividends to the
amount of perhaps S250,00O,OoO an
nually. As our trade balance IN
creases. we shall have to absorb lar-
ger quantities OF securities OF one
kind and another that will be tend
cred i'm payment, aud thus ne' remit
tances 10 cover interest payments
abroad viii grow proporuonalell
small But IL is Obvious That tnai
process viii delay for good whlie
the time when we shall emerge from
the class of debtor nations ana be IN
q position TO extend loans 70 anu
make investments in foreign couh-
tries in the development OF our inter-
national trade.
submit that debt in any torn ls
undesirable The individual may, as
a matter OF right. do as he pleases III
his own affairs. and we have no right
to question his motives, but you Know
&, was only clown who SAID my
word is as good as my note ana my
note is AS good as my bond, and
o,,o,.obod,- has nv bond" We cant
hone to huild our nation strong nnal.-
ciallv ie our individual accounts are
All on tile debit side of the ledger
'rhen there is the element of mort.
GAGE debit What is its aggregate ane
ho,v much of the actual value OF rea
estate does il represent? The facu
and figures necessary for full an'
complete answer to this question ar
not available. but those VINO hnoV
how general the practice has becom'
Of mortgaging real estate estimat
that in the aggregate debts OF I'M
class represent a fair portion oI ~
actual value of our lands and bullu
ings. .,..
THE debt OF corporations IS ais
10 be considered. Who will estlmau
the aggregate debt of this class, whicl
IS now monumental in it's proper
tions? I believe il safe 70 say ina
II eouals the real worth of corpor
ate property. Al.
We STALL not be able to stand ia
burden of public debt if we are weak
oned bv personal or individual III
debtedness. The man who is away
IN debt and always struggling I
get out of it presents piiiapie pi.
ture. A community Of such unlor'
unates would be most unhapp'
place of residence.
Home Rule.
n has become quite popular no
10 call acts passed by the state Les
tslatures authorizing the local bodie
10 issue bonds without special PEI
mission "H0me Rule" measures. III
IS the strangest use OF the term
have ever known and I have bee
something of a student OF hoin
RuIe" in its various applications 10
many wears. "Horne Rule" 10
into debt at will might under SON
circumstances prove to be HON
Ruin." The "Home Rule" hay
read about and heard about nearl
all my life is the right Of the pei
ple 10 govern themselves IN the
4 purely local or home affairs But IN
"Home Rule" that empowers a orane
of the local government, without III
consent or instruction of the people
sometimes perhaps against cohcre
public sentiment-tO place an aud
tional burden upon the whole peopi
& may. in good fortune, not prove
had as il seems: the exercise OF u
mower TO do so NAV not be tyrani
in q dangerous form; hut subm