The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1917-10-10

Inc increasing activity OF ner rh1I-
way system is similarly demonstrate
able. In 1869, there were in France
10,743 miles Of railway track In 1912,
there were 1916 miles.
Between 1869 and 1912, inland navi-
cation increased $50 per cent; while
the traffic Of her mercantile marine
has amazingly expanded. The tonnage
entering French ports in 1869 is set
down as 100000 tons. In 1912
this had been increased to 53,OOO,OOO
tons.
Leaders In American finance ascribe
this solidarity of the French republic
to three influences; first, thoroughly
sound banking system. centralized In
one Of the greatest banking institutions
of the world, the Bank of France; Sec
ond, the ingrained thrift and frugaliry
Of the French people as a whole, to-
gether with a national economic vigor
not elsewhere surpassed; third, wise
supervision, and patriotic cooperation
by the government with banking and
business interests.
rant and retain the confidence of the
holders of its securities. One of its
wise policies Is 70 impose new taxes 10
defray the interest charges on new Sc
curity issues. II began this practice
after the Franco-Prussan war, and is
today following the same rule in regard
to securities issued TO finance the pres
ent conflict. This continuity Of pur-
pose, doubtless, will prove reassuring
to all holders of French government
securities.
The Franco-Prussian war of 1870
1871 taught the French people the
meaning of thrift and economy. So
well did they learn this lesson. that
the whole sum Of the indemnity de-
manded by Germany, S1,OO000O,000.
was raised within the republics con
fines by its own inhabitants and paid
Off more than one year before the time
stipulated by the Germans.
The habit thus acquired has never
been forgotten by the French. and to-
day the aggregate number of investors
purchasing the French war loans has
reached the amazing total of 1900, 900
individual subscribers. Perhaps no 9th
err country, In proportion TO its popula
ton, can make so good a showing.
France is particularly fortunate in
that her small investors prefer "safe"
investments rather than offerings
which promise high returns. Govern
ment rentes, In France are perpetu-
al, and this characteristic seems to OBJ
tain for these government bonds in
creasing favor In the eyes Of the
French people.
The points Of sympathy between
France and America are too many to
enumerate, but the spirit of liberty and
its resultant democracy are. today as
lions. Seeking no victories but those
of peace. no territory except their own,
no sovereignty except sovereignty over
themselves - the independence and
equal rights Of the weakest member of
the family of nations are TO the people
Of the United States and of France en-
titled to as much respect as those OF
the mightiest empire. In defense Of
these principles, France Is engaged in
a death struggle with militant autOc-
racy and ruthless aggression, and IT is
not surprising to learn that she has
loaned to her allies and to other friendly
states 7.OOO,OO0.O0O francs with which
to further the cause of democracy. II
Is in keeping with Americas traditions
that since the date on which we for
mally aligned ourselves with France
and her allies In the great struggle,
our government has lent to France
$37O.OOOOOO.
1t Is eminently fitting that America
should now be fighting on French soil
to make the world safe for democracy.
The liberty that America has enjoyed
for 140 years France helped her to
achieve. The swords Of Lafayette and
Rochambeau, aided by the guns of De
Grasse upon the high seas, assisted In
cutting the foreign ties that bound the
American colonies prior to the War for
Independence. and from the private |
purse Of King Louis himself came the
first loan to Amerlca-unsesured ond |
uncOnditional--tO finance that historic |
undertaking.. 1t was with entire Jus
tice that Washington wrote to ROcham-
beau, ITO the generous aid of your na-
ton and to the bravery Of its sons is
TO be ascribed In very great degree
that independence for which we have
fought"