davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

hundred miles OF bitches and levees in
this district
In Louisiana, the committee con-
tinues. the matter of drainage is usu-
ally simplifed by the absence Of high
surrounding water sheds since the
aluvial plains have regular contour.
The lack of much slope to the sea. so
that the drainage may not be one Of
gravity. is made up by the numerous
bays, bayous and rivers. which offer
easily accessible outlets for the run
off.
The district TO be drained has al
ways TO be protected entirely by en-
circling levees, for the many streams
in Louisiana have fashion of wan
dering all over the surface Of the sur
rounding country. In addition TO a
comprehensive system of canals and
lateral bitches. there is always a
pumping plant to take care Of the run
of which is led into reservoir and
then pumped into some bayou. lake
or outfall canal. Even in compare
lively fiat land. the drainage bitches
soon dispose Of the surplus water.
BY natural seepage and capillary at
traction the water in the wet land
presses steadily toward the ditch, and
the level Of the ground water is low
cred accordingly.
Land so reclaimed admits Of the
irrigation necessary 20 grow rice. a
sure and good paying crop for the
farmer ii produced under conditions
adapted 70 It's culture. The current
issue OF Commerce and Finance"
says: There are vast spaces in
Louisiana and Texas from the Bayou
Teshe 70 the Rio Grande Ideally
adopted for rice culture. Tho land
is low lying and is cut I'D by many
streams that would furnish water for
the necessary irrigation. Ii these
lands were developed and planted in
rice America might begin 20 take her
place as one OF the great -produc-
ing nations
Rice IL one commodity which so far
has not participated in the general
rise in food prices and, and business
interests IN the South are making an
effort TO encourage its increased pro-
duction.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

American dollar, only about 2l2 per
cent. the French franc only about
II per cent and the German mark
about p per cent. Moreover, it is
not likely that these depreciations
will be rapidly diminished in view of
historical presidents after the Ma
poleonic wars. after the Civil War,
etc.
Even if a policy of rapid resump-
ton of specie payments should be
adopted. / have little doubt, assum-
ing that the initiation at the close Of
the war is not much more than at
present. that, for many years after
the war is over. there will be gen
eral rise in prices, a general period
Of expansion and with it high rate
of interest. such as almost invariably
accompanies boom periods. II would
not surprise me if within year
after the close Of the war the gen
eral rate of interest in England,
France and Germany should average
7 per cent or above.
What has been said applies pri-
marily 10 the warning European
countries and not to the United
States. SO far as the United States
is concerned, the effect will, | be-
lieve. be in the same general direc-
ton but not so pronounced. The
credit relations connecting the two
sides of the Atlantic will be re-
versed. we becoming lenders to Eu-
rope instead of borrowers from Eu-
rope.
The level of interest rates in Eu-
rope has hitherto been below ours,
and therefore tended to draw ours
down. Hereafter it will be above
ours and will tend to draw ours up.
We have already bought hundreds
of millions of European securities
or bought back American securities
held by European owners. Mr.
Loree. president of the Delaware &
Hudson Railroad, estimates that a
half billion of dollars worth Of
United States railroad securities
alone were returned to this country
from abroad inside of six months.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
WaxingRich and Crumbling Still
Farmer Protests Against Breaking HI.
Back" to Feed People Who Make Eight.
Hour Laws for Themselves

IERE epic of envy. The agrculturist is arcua,.
/ 1 looks upon the city and finds words express hi. th
city soft extravaganza protected and selfish caring M,
what conditions its food produced. Also it organized
hat gives it power Its ways bad but its method
useful he way fight it with its weapons Th.,.
here State Farmers Unions. There is also Aooias
State Farmers Union Presidents. And at the summit =
President of the Association of State Farmers Union Pres
His name is H. n. Pope. He is Fort Worth, Tex H.
produced a pamphlet denouncng the Adamson Eight
Measure because may be good for man to limit h.
TO eight hours in the twenty four but because the legs
that direction for the benefit exclusively Of those who u
food. He says:
If expand the horizon Of this form Of sss
benevoence to all railroad employees well to the employees
other lines Of industry it will take the American wheat era,
finance the ghhour law. This annual contribution xh
farmers Of the nation financially unable to make II. -
should be taken off the look.
We do not envy the good fortune of the tranmen c
ourselves and families enable share Of the fruits Our
We protest being forced by law contribute unreas
of earnings the prosperity Of those who transport
products the market
AT the end he draws pictures and holds them up toge-
parallel columns that look first upon this and then u
that and see for yourself
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
Total U. S, 7e,O05,023 acres.

drainage bonds, as they are called, are
issued, for the continuing costs and
for the completion Of the work. Taxes
are levied annually to pay the interest
and the principal on the bonds, which
are first lien or the land. the same
as any state taxes. The bonds bear
from 3 10 6 per cent interest, and run
from twenty TO forty years. being gen
orally on the amortization plan. They
are usually regarded as sound securi-
ties and safe investments. Both laws
and methods of procedure differ some
what in details in the various states,
but are essentially the same I'm the
principles involved and the results at
tanned.
In the engineering problem Of drain
age. according 10 the report. there are
usually three principles involved. First,
provision for the disposal of the water
from the surrounding watershed or
more elevated land; second, taking care
Of the surplus precipitation upon the
drained land. or run off" as il is tech
nically called; third. protection against
bsckwster or overflow from neighbor-
ing rivers IN times of food, 70 which
may be added pumping station to
dispose OF the run of when the waters
Of the enighboring river are so high
that they will not take the run OF from
the district
The drainage districts in Southeast
Missouri and Southern Louisiana en-
body all Of these principles, the com
mttee reports. and may be taken as
typical OF the difficulties and accom-
rlishments Of the drainage problem.
The Little River district IN South.
east Missouri is the most important
drainage project now in operation in
this country. Il embraces $50 900 acres
Of swamp lands. has an area Of l.l3s
square miles. ia 90 miles long. from
70 30 miles vide. and covers a large
part Of seven counties in Southeast
Missouri. The cost Of construction
will be about $4,000, 900. and the work
is now nearing completion. When COM
pleted there will be more than seven
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
Long ern VS..
Short ERIN Loans

There should be noted, however,
an important distinction between
short-term and long-term loans, and
this distinction is especially impor-
tant during war. When, in war
time. "A business man makes loan
70 run for time so short that re
payment is expected to occur before
the comparative opulence of peace
the contrast between the needy pres
ent. when the loan is contracted,
and the stu needy future, when 1t is
repaid. is not as great as in the case
of long-term loan. the repayment
Of which is expected 10 be made after
peace and prosperity have come.
One is willing 10 repay more liberal
" after the crisis is over than dur
ing il. II has thus come about, as
we should expect, according 70 thes
principles laid down, that the rate
Of interest on long-term loans has,
in general, risen more as well as
fuctuated less than that on the
short-term loans.
As soon as peace is in sight, or
within few weeks thereafter, long
and short term loans will be more
normally related that is, the rate
Of interest on the two classes will be
more nearly equal. For both the
rate will, believe. rise Immediately
or soon after assurance Of peace,
the rate on short-term loans rising
most. so as TO catch up with the
rate on long-term loans.
IL should be noted that we are
here speaking Of pure interest and
not Of interest with the alloy of in
sursnce against risk. The test of
the correctness Of our results must
be made therefore. by reference 10
industrial securities rather than TO
loans Of governments engaged in
wsr. Undoubtedly the announce
nsnt Of peace Will raise the price Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

credit, which will tend to create a
period of rising prices and a high
rate of interest which usually goes
with such boom" periods. In or
der to conserve gold Europeans are
trying to get the public more used to
the check system. Such a change,
which has long been overdue on the
Continent, will probably, after the
war. 60 on by leaps and bounds.
The French government, for in
stance, is urging the people of
France to practise deposit banking
in order to mobilize the national
cash" i. e.. to draw it out of French
stockings into French banks. The
Bank of France is distributing a
pamphlet of explanation and in
struction in the American system.
If this representation proves 10 be
correct the credit expansion will
lead to continued rise in prices,
except so far as this result may pos
sibly be checked by the resumption
Of specie payments, by a policy OF
contraction and by the cancellation
of paper money. But up to the pres
ent time paper money initiation has
not progressed far. According to
Professor Whitaker, whose figures
relate to the close of 1915, the paper
pound sterling had deprecated rel
atively to gold, as measured by for
e;gn exchange rates against the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

II should be added that the pres
ent low level Of the rate of interest
in the United States is abnormal.
Owing 70 the very sudden increase
in our gold reserves, which could be
utilized by the banks only by ex-
tending their credits, these banks
have extended their credit by offer
ing low rates until their deposits be-
come the requisite multiple of the
reserve. The low rate is simply a
temporary incident connected with
the adjustment in the loan machln-
cry. When the present readjust-
ment is complete ] anticipate that
the rate of interest in the United
States will be considerably higher
than at present, quite irrespective Of
the ending of the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
hARSEILLE PLANS MUCH
BUILDING AFTER WAR
Rhone Canal Will Give water
poute TO Interior Of France

Various projects. including the ere
alton of direct water commuhied''o"
with the interior of France and an I'M
Variant extension Of the port. viii give
considerable impetus 10 the building o.
factories and other industrial estao-
rshments in the vicinity Of Nurseries
after the war. Vice-Consul Paul H.
Cram reports.
About ss.492 900 is to be spent ~
the renovation Of certain quarter OF
the city which. situated between the
Stock Exchange and the postoifce'
forms a quadrangle Of 699,66O square
feet in the heart Of the business sec
,ion In this quarter 543 old, anti
ouated houses dating from the seven
teenth and eighteen centuries, occu-
pied 473.616 square feet, leaving only
226.044 square feet for thirty-siN
streets and squares. The new project
assigns 1854 square feet 10 new
streets and squares, and leaves 3oZ'-
ll6 square feet for building purposes.
Provision is made for the formation OF
q public square $50 feet by 344 feet in
the centre of the quarter together with
the erection of a passenger station
which will serve as terminus for most
Of the street railway lines.
The Rhone Canal, which will be open
to navigation within few years. will
connect Marseilles with the Rhone
River.
When the canal is completed barges
Of 500 tons will be able to penetrate for
a distance of $40 kilometres $3.50
miles, into the interior of France.
Barges Of lesser tonnage may continue
northward to Paris, Havre and the
British Channel.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
The Lender
Turned Borrower

The foregoing are some OF the rea-
sons why | cannot share the opinion
of those who believe the rate of in
terest after the war will be low. 1t
has been argued that Europe will be
so crippled after the war as not to
have much borrowing power. Now,
it may we'll be that the borrowing
power of Europe will be smaller If
the war is prolonged than if it were
to end to-day. But the important
point is that Europe, whether she
be a big borrower or a little one,
will be borrower instead of a lend
er. Moreover, an outlet for Ameri-
can funds seeking investment will be
found in those outlying countries
formerly accustomed to borrowing in
Europe. The Argentine and other
South American countries and the
Orient will tend to borrow hereafter
in the United States. This result
will also tend to raise the rate of
interest in the United States.
In closing | would repeat that |
realize the existence of unforeseen
elements and the fact that those
which can be foreseen are unknown
in their relative Importance. This
fact makes such forecast as | have
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
ARBITRATION

When the trainmen agree TO ar
bitration. they are usually given
representation on a committee. the
railroads a representative, and
third dsirterested party is chosen
This committee determines TO what
extent wages are TO be increased.
The logical attitude of employers
is TO give the employees anything
they ask for, provided the expense
can be shifted TO the producer or
consumer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

The farmer, who pays the t.
crease in wages, has no representa-
ton on the committee and Is never
invited before il. We contend that
the men who pay the increase ar
as much entitled 20 representstio',
on the committee and have as nue.
right to appear before il as re
men who receive the increase. Tk.
men who finally meet the payr'll
are as much a factor as the mes
who sign the payroll.
Neither should such quesuers
be settled by so-called eeonons
experts or those whose decisions
represent the attitude OF any polit
ical party. but by practical mes
dealing with economic problems y
u business way.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
WOMEN LABORERS

The city woman is encompassed
with legislation limiting her hours
Of employment. She lie provided BY
law with comforts and convent
ences that tighten her burdens, and
much IS done 10 make her sur
roundings agreeable and pleasant.
end American craftsmanship Is
ever mindful Of her welfare.
There are many laws governing
child labor, limiting age, hours
and service.
Our government IS 20 be com.
mended for its watchful care OF
the women and children laborers
Of the nation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
Effect Of Inventions
on Investment

The rare opportunities for invest
ment which will present themselves
soon after the end Of the war prob
ably will be further enhanced by a
number Of technical inventions 10
which war always stimulates the
mind Of man. Inventions originally
made for military purposes often
have industrial uses, while, in add
ton, blockades and other Interrupt
tons Of ordinary industry and COM
merce lead directly to industrial in
ventions. An example OF the first
type may be seen in commercial sub
marines and seFoplanes as by-prod-
ucts of military submarines and
seroplanes. Examples Of the other
type are also before us. American
watch and clock manufacturers for
merly imported their crystals, but
the supply having been cut off by the
war and necessity being the mother
Of invention" they have devised new
and improved methods of making
crystals themselves. How many and
how important may be the CONNER
cial inventions growing out of the
war no one vet knows. ] shall be
surprised if in the aggregate the in
fuence OF new inventions is not con-
siderable. Inventions, by offering
big future returns for comparatively
small present sacrifices in developing
the inventions, tend TO raise the rate
OF interest.
Finally one important result Of
the ending of the war will almost
certainly be = rapid expansion Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

attempted only very tentative az
fair. While | feel considerable con-
fdonce that the rate of interest in
Europe for many years after the
ending Of the present war will tend
IN rise and that this country Will
feel some effects of the rising ten
dency, no cumulative prediction as
to the magnitude of this result can
be other than a guess.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

The farm woman lsborsrs sen
is never done. She rises VITA Vs.
lark. works with the mules ~
retires with the owls hoot ',s
gress cannot hear her voice. -
natter what may BE- her grisv,n'',.'
fhe must take II all TO Coo
PRAYER.
There are farm children vhonn
lips are vet with mothers rs
who are forced BY family power,
to hoe in the field or tug A. '"
plough from sun up TO sunco's,lh ,..
The farm women and ehlia'i
have labored beyond the pss
American statesmsnship.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
EDUCATION

The trainmen's children can
attend the best schools and uni
versities in the land free of charge,
for higher educational facilities
are usually available at cities
where terminals are located.
The churches. Y. VI. c. AS. IL
braries. museums, theatres and all
modern influences which build
human character. develop thought
and elevate the mind. are available
for his children. free OF charge, or
~ a minimum cost.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05


Of these countries. But such phe-
nomenon means a lower risk and not
a lower rate of interest properly so
called.
The Influence
of Patriotism
Additional reasons for these con
illusions concerning a high rate of
interest after the war are to be
found in other directions.
During the war patriotic fervor
keeps the pure rate Of interest be-
low what it would be if the war loans
we're made on strictly business ba-
SIS. In fact, it probably Is true that
most Of the subscriptions to govern
ment loans are made not so much for
investment purposes as Ito help the
cause As soon as the war is over
this element tending to keep the rate
of interest down will vanish, or, at
any rate. greatly diminish. Govern
ments will have TO renew their loans
at real market rates.
Thus far | have spoken chiefly Of
the psychologist causes operating on
the rate of interest, but these psy-
chologic causes are conditioned on
objective physical conditions. |
nave spoken Of the war as cutting
down the income stream Of society
and leaving at the end Of the war,
therefore, a prospect of rapid as
cent out of the depression.
The rate and manner of ascent,
however, are not rigidly prescribed.
There will be many different oppor-
tunities open to the survivors Of the
war from which to choose, and the
nature of this range of choice will be
an important factor in fixing the
rate of interest. Those who have
the task of reconstructing Europe
will be confronted with alternative
methods and degrees of possible re-
construction. The manner in which
the existence of many different OPP
tional methods of production, and
therefore of investment, enters into
the determination Of the rate Of in
terest is very subtle, but very i'm
portant.
A land owner in the devastated
regions of France or Belgium may
find that to rebuild, restock, replant
and fertilize his farms in a certain
specific manner and degree will Of
fer returns in the future out Of all
proportion to the required sacrifices
IN the present. That is, contrasting
what he can expect from prompt
and full repairs with what he can
expect without them, he notes vast
gain in the future for a small cost
in the present A present outlay on
his land of $4,000 may offer a re-
turn in future years equivalent TO,
say. $4,000 a year, making a rate of
return on sacrifice Of 20 per cent.
If, therefore, by mortgaging his land
he can borrow the desired $4,000
even at high rate-indeed at any
rate less than 20 per cent-he will
be glad to do so. lie will be an eager
borrower because he has a great OPP
portunity. Such great opportuni-
ties for large returns on small in
vostments from the rapid rebuilding
Of Europe, the reconstruction of her
cities, ships, warehouses, factories,
railways, roads, bridges, the restock
ing of dealers, presumably will be in
evidence almost everywhere. The ex-
istence Of such opportunities-that
is, of large possibilities of future re-
turns on present sacritices-will
make men impatient, impel them to
borrow and tend to raise the rate of
interest.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
CONDITION OF LABOR

The trainmen are summoned 10
work by a callboy knocking upon
the door.
When the trainmen take charge
Of train it is made up and ready
for the run.
When the trainmen arrive az
destination they turn engine and
train over 70 another set of en-
ployes for attention. and their
days work is done.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

The farmers are summoned 70
work by the ROSTERS Growing !"
day.
When the farmer wakes up "
must hunt the pasture for hn
team-feed. curry and harne" y
the horses and get started ploas'
ing with the rising sun.
When the farmer stops plocg'.
ing he must unhitch and care io'
his team, milk the cows. SOP w
hogs and eat supper by lamplisa'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05
FULL CREW LAWS

The farmers have opposed n,
passage Of this law in many STATE,
have taken IL Off in some states,
and there should be no law plAe,t
upon a statute book requiring ar
person or concern 20 unnecessary
increase expenses.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

The farmers children must ~
tend poorly equipped eosnu,
schools and to send his childrsn 70
high school the farmer must pr
board and tuition. which worc
great hsrdships upon his fsmny.
The children OF the farmer hs'.
an opportunity OF going 70 ehsfss
once q month. and other fseilinc
available 10 those living IN tes.
are unknown except when he VS."
The city.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-05

LABOR union leaders. represent
ing the highest paid labor in the
world, stood at the portals of Con-
gress and demanded that the gov
eminent give them a ransom or
they would wreck society, and Con-
gress in fear and trembling deliv-
cred the goods.
There was no emergency--no
occasion for the increase and no
argument in favor OF it except
demands and threats.
In scarcely more than twenty
four hours Congress passed a law
giving the trainmen outright suf-
iicient sum Of money per annum TO
have bought up the surplus cotton
OF 1914 and saved the cotton
farmers from ruin.
Against this discrimination We
complain and especially when the
cotton farmers pay much of the
Increase which the trainmen are
TO receive.
The statute books OF Congress
and state legislatures are teeming
with laws that increase pay, in
crease jobs. improve facilities and
provide for the comfort Of labor
at the expense Of industry.