New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-09

adorted without much debate ana re
pardlcsS OF cost: with the UNDERSTAND
ING. however, that the sole purpose 10
h, subserved Is not conquest put sen
D defence. This sjmplheS and limits me
problem as well as the expense IL
means. obviously, a big navyLaS DIG
As any navy in the world-Wl'h every
fving diving, amphlbious auNlharS
that can add 10 its effectiveness, ana
,,,tb all the munitions and means TO
boot munitions for a years cam
naign at least always in cold storage.
at means as many naval ofncers anu
men as may be necessary easily 10 OPP
crate the machinery furnished by inc
government And inasmuch as most OF
the machinery will be complicated anI
scientific, il means officers and men OF
brains and technical training. But TINS
sort Of men can AZ all times find lucra-
tive employment in private me- "h,cn
means that the government must ouIDlu
the market for their services. lnsur-
ance will cost money, but IT is worth
"Washington's well adjusted plan
must likewise include a skeleton army
capable Of taking on flesh at a moment
rotice standing army, say loO,OOO' a
decimal Of a reserve army subject 10
call.
Federal Domination of Militia.
at has been suggested that the state
militia should be brought under Fed
eral domination. This ought 10 be
done, Of course. The first duty OF an
American volunteer should be TO his
country. not simply 70 a locality. IL
may cost the militia of our several
states the companionship of those VINO
ioin their ranks for a summer ou'ng
latkcr than for business, but those wh"
90 Join viii be soldiers neither OF TN
nor tinsol, bat Of a different metal
and a better metal The concerns OF
anv particular state are lnconsequen
tial compared with the concerns OF the
ration.
Think Of the habits that grow out Of
such discipline! Obedience, prompt
ness, sense of duty, temperance,
cleanliness, department - everything
that goes 20 make a useful and self
reliant citizen! In any walk Of life
these habits would be as valuable TO
them as all their knowledge, and in the
event of war they would not have to be
taught their 'hay-foot' and their
'straw-foot' A million or so Of such
citizens would rival the armies Of
Germany or Japan.
Permit me further to suggest that
there is no better auxiliary TO navy
than a merchant marine, nor is there
any fundamentally that contributes
more to the glory and riches OF a
country. Time was when the American
flag covered the seven seas; and the
ocean highways, which are always
paved and cost nothing for repairs,
were as much ours as England's. Now
the ship that flies our flag is lone
some spectacle subject of derislon
and such few ships as we have the
La Toilette act will soon put out Of
commission.
The La Toilette Act.
"The La Toilette act is the stupidest
piece of legislation in the history OF
the country, and all who are in any
way responsible for it share in the
culpabilty of its author. 1t should
not be entitled an act 70 encourage
our merchant marine. but to abolish
il and turn our shipping over to ia
pan, for that will be the sum total of
its omplishment. The La Toilette
act was perhaps expected to force en-
rlovment of only American sailors, at
better wages and easier work, amid
more luxurious surroundings than any
other sailors in the world. The fact
that to do this involved abrogating
treaties with nearly every country. as
we'll as regulating the usages and
commerce of those countries; the fact
that no American shipowner could live
UP TO the requirements Of the act and
nav the cost of operation mattered not
at ell to these Utopians. But the pur-
pose of the act <efeats itself. No
American sailor will be employed, be
cause there will be no American ship
to employ him. To repeal the act will
therefore injure no one. not even the
American sailor"
William A. Law, of the First Ma
tional Bank of Philadelphia, president
Of the association, in his address viewed
the worlds economic situation.
During the year you have seen ster-
linz exchange rise to its maximum
price of two generations and sink to Its
minimum" he said. "YOu have seen in
terest rates uncomfortably high and
again discouragingly low; you have
seen wide fluctuations in the values OF
our staple products; you have seen
economy practised till, as conse-
quence, retail trade suffered severely.
To Face New Labor Conditions.
Manufacturers in many branches
have not been able simultaneously ia
meet the combined effects of tariff
changes, the unusual shifting of prices
of both raw material and products un-
der war conditions. and recently the de-
moralizing competition for skilled labor
by the contractors for war supplies. As
htee cd la n
scale we are going to face most un-
usual labor conditions. Practically no
immigrants are coming in at the pres.
ent time; our normal movement aver
ages about 100000 per month.
Several of our strongest assump-
tons have proven erroneous. Om
stock of gold was not exhausted by
foreign shipments; in fact. interna.
tional exchanges gradually turned in
our favor. Our cotton exports were
not cut in five, as reported, but ex-
ceeded 90 per cent of the previous
/ years volume. Our copper industry
was not ruined but has been stimu
I lated. Our stock exchanges have no:
/ been overwhelmed by food of dis
I tressed American securities sold Al
sacrifice prices by European holders
: but we have readily absorbed all of
+ ferings. At present the iron market
/ the barometer OF our national trade
I is strong and active. The New Yorf
/ Stock Exchange is vigorously celebra.
/ ing its new lease upon life with q
| speculative orgy in some issues which
/ is causing thoughtful men no little
/ concern. This is caused mainly BY
I the unprecedented plethora of funds
congested in New York City, where
/ funds were loaned as low as l pei
/ cent on call
/ "The Federal Reserve system has
not yet been fully tested. The coun