The Liberal democrat. [volume] (Liberal, Kan.) 1911-1924, 1915-01-08

become pressing-but the great trag
edy across the seas has suddenly
resolved into an acute crisis a prob
lem which might otherwise have
been solved gradually and without
any far-reaching Industrial disturb
ance.
The United States is heavy
debtor Nation. During the average
year our balance of trade against
the rest of the world amounts to
approximately 100000, 000-but on
top of this we always owe approx
mately another S500,00O,0O0 which
heretofore we have been able to
stand off by selling Europe industrial
securities to that amount Now,
however. the great warning countries
have served notice that they not only
expect us to pay our debts above our
trade balances in gold-but that in
| addition they look to us TO buy back
from them hundreds of millions OF
dollars worth of American securities
which are now held abroad. 1t was
TO deliver this grim message that Sir
George Paish, of the English Exche-
| luClg paul lCtful Nlbll W lUc
United States, and when he got
through making his statement to a
group Of big New York bankers, an
old veteran financier who has sur
| vived many a financial storm re-
marked to his profoundly silent aud
itors-"The sheriff, with q writ, is
on the doorstep"
That great nationwide crop next
year will give us the largest trade
| balance We have ever known is un-
doubleday true-and yet, with hay
Ing to finance all our monetary needs
at home from this time on and buy
ing back millions of foreign owned
| securities, the future at best is pre-
carious. However, the heaviest strain
of all will come when the war ceases
and when Europe begins to rebuild
the hundreds of millions of dollars
worth of property which has been
destroyed-for this period is certain
to force the highest interest rates the
world has ever known, and If at that
time American railroad securities
are not earning a fair return upon
the investment, nothing can prevent
them from going into the financial
scrap heap-and it is to prepare for
this emerg ancy--to keep railroad Sc
curlties from becoming a point OF
national weakness which will bring
the whole temple of American invest
ments tumbling down over our heads
Ito protect the hundreds-of banks,
life and fire insurance companies
etc, whose assets are largely in
vested in railroad bonds as well as
the railroad themselves-this Is the
fear which is gripping hundreds of
financlers, and students of economic
conditions in the present hour
men, many of whom heretofore have
never seriously concerned themselves
over the troubles OF American rail
roads, In the present instance
therefore, the railroad crisis is oil
| tremendous importance because in
it is involved the still greater prob
lem Of the integrity and safety oil
| the whole superstructure of Ameri.
can business. That we cannot shove
1t aside by broadside of demagogiC
platitudes or minimize 1t by employ.
ing the strategy of an ostrich is APP
parent to all thinking citizens who
are seriously concerned in their own
and their countrys future welfare.
Up to People of Kansas
| In no other commonwealth have
the railroads had a larger share in
progress and development than In
Kansas. They came in the early
days when its broad prairies were the
habitat of rowing herds of buffalo
and savage Indians--and from that
hour to this they have played their
part in a drama of thrift and enter
prise which is without a parallel In
the history of the Republic won
drous story of progress which has
travelled upon the four winds to the
ends of the earth and which swells
with pride the breast of every true
Kansan.
And yet, marvellous as have been
our accomplishments in the past, is
not Kansas today merely standing
upon the threshold of her true des-
tiny? Have we not ample room for
thousands of additional tillers of our
fertile soil, and do not our splendid
inland cities plead for factories In
order that we may ourselves produce
some OF the finished products for
which Kansas people spend scores of
millions every year? Do we not need
hundreds of miles of additional rail-
road mileage before we can make
the most of our agriculture and com
merce-and will the millions of out
side capital necessary to the con-
struction of these additional facili-
ties be forthcoming If the people of
Kansas do not treat fairly the mil
lions already invested within their
midst? In short, have not the peo-
pie Of Kansas a splendid opportunity
to set the pace for the rest of the
country over these troubled corporate
problems by saying to investors ev-
erywhere that Kansas-first con-
vinced Of square deal for herself
demands that from this time for
ward every dollar honestly invested
in her enterprises shall be permitted
to earn a fair return for its owner?
And, should she proclaim such a SEN
sible doctrine, would not half the
people between the two oceans and
L.