Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1915-07-09
AMERICAS FINANCIAL INDEPENDENCE

AMERICAS FINANCIAL INDEPENDENCE
B. c. Forbes, a financial writer in the New York American, has
written the following interesting articie IN the independence o. A mere
from the financial chains which have heretofore bound ne to Europe;
America this year as ever before a celebrate its financial indie
pendence.
America heretofore has leaned financially upon Europe. Today
Europe is leaning upon America.
The transformation accomplished since lstl Independence Day-one
short years. without parallel in all history.
One year ago-as we'll as ten years ago and twenty years ago and
thirty years ago-we were borrowers abroad.
Today we ire lenders.
One year ago we were sliding deeper and deeper rnod debt Today
we are climbing the credit ladder.
debtedress 70 Eurone and have repurchased perhaps s75ooooooo OF our
securities from Europe and have granted loans or credits to Europe
aggregating OF far short of SOoNNNO.
The American dollar is the oil most sought in the whole world
today; it commands a premium in every important country in Europe,
in the Orient and in Latin America.
One year ago and heretofore W lived under a constant menace of
European selling of u securities on a scale that could have plunged
this country into financial panic without a moments notice.
Today we are begging Europeans to give us opportunity to buy
back the American investments they hold.
We have gold than W a use nationally and proftably; in
this matter of gold W e ire the only country enjoying independence In
every other land gold is al a premium and its expectation virtually for
We are today growing bread to feed W "a ravshed Europe; but for
our surplus, millions in Europe would this year face starvation.
lehal curse of war.
Our people are the only people of a world power % under the
ger enjoying genuine Independence.
Financially, re have adopted a Magma Charta in the form of u
Federal Reserve banking system; it insures is a measure of financial
freedom and independence not known before.
American citizens have thrown off other shackles
The people have overthrow the role of the political destructonHts
after a reign that a threatening disaster to all classes, rich and poor,
Business is having restored to it a healthy measure OF independence;
our courts demonstrate this
Enterprise is beginning o enjoy freedom from stultfying harass-
ment; herafter honest effort, n matter on how gigantic a scale, seems
likely to be permitted to hoursh-although dishonesty n high places
has been dethroned as far as it is possible to dethrone it in a world
composed of frl motals
Important industries, driven by the mother of invention, necessity,
have been laboriously throwing off their dependence upon Europe.
Our chemists and II scientists and or inventors and II engn-
eersh have shaved since last Independence Day to win for America indie
pendence in many fields, and have succeeded in credhabe measure
Americas place in the world has rsen immeasurably within the last
twelve months, and risen, too, not as has too often been the fashion IN
Europe, by using the smitten backs of weaker nations. as stepping stones,
but by melting nut even-handed justice to the powerful and mercy md
generosity to the weak. .
The New Worlds independence of the Old World has been strength
ened by the recently proclaimed policy of "The Americas for Ameri-
cans" a policy enthusiastically subscribed to by all the republics O this
western hemisphere.
Lastly, there has sprung up another species of independence not
less worthy than any here chronickd: The individual independence that
comes from intelligent thrift, the independence without which all the
other forms of freedom cannot be enjoyed o the full, the independence
that makes lei men
Being human, we are still slaves in several respects; yet as a nation
and IS individuals we have made progress sufficient to warrant IL in
observing Independence Day with good grace and with grateful hearts.