Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-07-09

one does not receive service to which
| he Is entitled unless he pays extra Tor
1t. This is wrong. It is un-Amertcan.
Tipping has also reached such a
point that many wealthy corporations
pay starvation wages TO their employees
knowing that a generous and lonG-sut-
fering public will make up the differ
ence in gratuities. Manifestly this 10
also wrong. 1t is forcing the consumer
to pay an exorbitant rate so that the
corporation may realize the more prof.
its-profits at the expense of the en-
ployes and profits to which the cor
poration Is not entitled.
If the anti-tipping law will solve
either Of these problems, 1t Is q good
law. Until it has been tested IN the
courts and declared unconstitutional. 1t
should be enforced to the letter.
MONEY SHORTER THAN POWDER.
dubuque Telegraph Herald.1
Is the end Of the war as far on AZ
the chancellories of the belligerent ma
tions grandly declare 1t u! Can
England, as her ministers have de-
clared, carry on the struggle until
Germany is crushed7 And can Ger
kaiser has said he can, for three years
more If necessary?
American financiers think not. and
they advance some very strong rea-
sons to support their contentious that
the end of the war is not far on and
that when the end does come 1t will
come. not because OF shortage OF
munitions or Of men, but because or
shortage Of money.
The currency Of every one OK the
belligerent nations Of Europe has TALL
en- to an unparalleled level OF depre-
citation. Russian money has shown the
greatest shrinkage in value, losing 20
per cent as compared with the Amer
lean dollar, since this nation Is the
only one with a stable government not
threatened by war. German money
has shrunk Is per cent: Austrian and
Italian still more; French money Is OIL
five per cent and English money. long
the worlds standard of value. has de-
preciated over two per cent since the
beginning of the war.
England has not begun to pay Tor
the gigantic war orders it has placed
in America, yet it's stock OF gold In
Ottawa. Canada, banks is depleted to
almost nothing. Its great flnanclaI
stronghold. the Bank Of Englad. which
normally carries a gold reserve OF forty
per cent, has now less than sixteen
per cent reserve on hand. not enough
10 pay for a single months merchan-
disc exports from the United States,
and there is not enough gold in all
Europe's central banks to pay Tor the
supplies already contracted for here
Great quantities of American securi-
ties are held in Europe. These the
belligerent nations have been endeav-
oring 20 persuade their people to sen
and to subscribe the money realized
10 the huge war loans which are beins
foated by every power. but, 50 1ar.
without success. In America "nicn -
profiting by Europe's misfortune, tnefe
is absolutely no desire to invest In iof-
eign securities and American bankers
declare that, with Britain, France,
Russia Germany, Austria and Italy al
ready on a bankrupt basis and peri
louslv near a reputation OF their IN
debtedness at home, they cannot con-
sis,ently advise American investors to
MI, their money into the questionable
naner ofrered as securities for the war
loans.
Every week that the war continues
piles additional financial burdens on
the nations at war, bringing closer the
threatened bankruptcy. international
exchange, already on the decline WIZ
continue to depreciate as the emo OF
the war grows more remote. thus auto
matically increasing the burden OF oeo.
nv decreasing the purchasing power OF
the national currency.
Max Nav. noted foreign exchange
authority, commenting on the sltuatloi1
.rhieh faces the European nations de-
clares:
1T IL all very well for European
governments to declare grandiloquent-
" that they will keep up the war TWO
wears or more II necessary.
.-rhey can't do it-not one OF them.
.They are approaching the end OF
their financial resources faster than
they may know.
IAN their currencies are depreciat-
ed already, and the Generalization
like a SNOWFALL running down hill.
will increase very rapidly.
American investors should stick TO
American inyestments-as Europeans
are doing, you win notice.
4Exchanee on more than one Eu-
ropean country IL already becoming
gamble.
when exchange breaks down the
war must quickly collapse.
With foreign exchange on sucn
nrecar,ous basis American bankers are
in a ouandary over how Europe is go
ing to be able to pay for the billions
of dollars worth Of grain and cotton
alone which It will need nom the
United States this year, even though
the expectation Of war munitions
should cease Immediately.