Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-11-07

6NHE four tracks of the great
Pennsylvania railroad between
Pittsburgh and New York. with
q their thousands Of cars and
locomotives, cost considerably less than
half a billion dollars, the sum of the
loan to France and Great Britain.
When France. at the end of the Prus-
sian war. paid fine of billion dol
lars to its conquerors the world spoke
its admiration of the thrift and re-
sponsive patriotism of the common peo-
pie. whose boarded francs ransomed
Paris from slavery. From out of the
stockings of the peasants, history has
said, came the indemnity, computed by
Bismarck and collected by his legions,
which remained with unsheathed swords
and loaded guns. rationed on the in
habitants, until the payment was COM
pleted.
Five hundred millions to the allies in
1915 loses the majesty of It's proper
tons, however. when contrasted with
the two and a quarter billions which the
north provided fifty years ago to sup
port its armies then battling in the
south.
The thousand millions of France. an
ancient and finished nation, though con-
tributed by vinegrowers, shopkeepers
and mechanics. through Jewish bank
ers, shrink in glory besides the two
thousand millions and more brought
forth very largely from the pockets of
American workingmen and working
women. widows, and even boys
half century back, the United States
was poor. in the modern definition of
that word. But the civil war was fought
without the borrowing of money from
alien peoples. Some bonds, two hun
bred millions. perhaps to Germany, and
half as much to Great Britain, possibly,
had been sold by bankers In New York
on foreign account, but the war was
drawing TO close. the north was sure
of vfVory. and per cent looked ire
mendously large and comfortably safe
TO Europe.
The government of the United States
had nothing to do. however, with the
sale of American securities in London
and Berlin. Bankers like the Selig-
mans-old Jacob. and his numerous and
able brothers-with German connec-
tons sent bonds across the Atlantic.
charged their commissions. and were
favored and praised by Abraham Lin
coin. and Chase. his Secretary
All of the bonds would have been
taken by the Americans themselves.
had II been necessary, and 50 it can be
said that the north financed the civil
war with It's own resources. and in the
face, at first, of the unfriendliness of
IfSdt Britain ana It's CnleI pOlitfCfanS.
II was the genius of Jay Cooke as
salesman, though he was called a finan-
cier. that kept the Treasury in funds,
paid the soldiers and sailors, fed them
and bought them shoes. clothing, pow
der. bullets and guns.
No selling campaign of greater dash
- brtlliancy ever has occurred in this
country. The marketing OF the sharep
q the United States Steel Corporation.
N 1901. by James X. Keene. extraos-
1inariiy successful though it was, lack
Cd the element which made Jay Cookies
achievement not alone historical, but
remarkable. II Secretary Chase re-
puired a million a day. he got 1t. Also
he received four millions when the
armies were multiplied and the fleets
were augmented
The financial history of the United
states, behind its dull columns of fig-
Pres. Is alive with romance and adven-
3ure. The story of their borrowings is
the story Of the American people: their