Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-07-16
A BILLION-DOLLAR ERA

WHEN England two centuries ago
w began to create a formidable national
debt many Of her economists became
Jeremiahs. They could see in the future
nothing but a bankrupt Government a
people overwhelmed by taxation and the
general ruination OF everything. But
England, strange to say did not gasp
for breath. On the contrary, never had
she witnessed such prosperity. Wealth
grew by leaps and bounds. Fortunes
were gained such as not even the fiction
writer's had dared imagine and industry
began to spread in overwhelming circles.
We would not go so far as to say that
the Indebtedness incurred by nations rep
none of it does. save in so far as pur-
chasers Of bonds have denied themselves
daily comforts and have transformed
usual current expenditure into savings
But it is very apparent that the paper
evidences of wealth overtop by many bill
lions today the paper evidences Of wealth
three years ago. No old securities have
disappeared, and to the worlds stock
have been added billions upon billions of
bonds, issued by responsible Govern
ments, bearing interest and available
either for purposes of borrowing or for
the direct purchase of machinery and
materials.
The intricacies of finance are such that
probably not ten men in the history Of
the world have understood them thor.
oughly. All laws seem to go by the
board in great crises, and the financing
of the last few years has simply over
whelmed the theory that for generations
had been accepted as absolutely sound.
We do not attempt to explain the paradox
by which war, the greatest of all de-
structive agents, is also so often a
miraculous accelerator of industry and
business, 1t may create new capital.
Whether it does that or not 1t certainly
makes more capital available.
The miracles in financing which this
generation has seen must give rhen here
after a wider vision and a sturdier
faith in proposed adventures. No longer
win they ridicule such projects as tun-
mel connecting Asia and America, or a
subway under the English Channel, or
q railroad from Buenos Aires to Halifax,
or aerial lines, with floating stations at
intervals, across the Atlantic. Nothing
that appears likely to add to the happi-
ness and comfort of the human race
will seem too costly, but by common
impulse wealth will flow into new and
vast avenues OF investment.
We look for such development of manu-
featuring cities and ports within the next
twenty years as no era and no nation
has ever heretofore witnessed. About us
every day are the auguries OF this truth.
The normal Industrial growth of a decade
in Philadelphia has been compressed into
the activity Of two years. And we are
only at the beginning. The shipyard OF
which we boasted yesterday will seem
pitiably small tomorrow. Capital and in
vention laugh at conservatism, and poll
tics, with it's meanness, its narrowness
and its graft, is facing a regeneration
which will bring It into reasonable har-
mony with the spirit of progress every
where else in evidence.
We do not know when peace will come
lit is nearer than is generally supposed
but we do know that the future belongs
TO the cities that make ready for It We
do know that Philadelphia is no longer
provincial. but is moving into an imperial
position. She will need in the new era
the best leadership to be found within
her borders, and she will expect that 500
OF the patriotism which men of genius
ana talent and education have been pour
ing out so lavishly in the national in
terest viii be dedicated unselfishly to her
service.