The Washington herald., 1917-08-23

terminal originally contemplated on
the Michigan side of Lake Michigan
to the young city Of Chicago, was
speedily confronted with intense COM
petition offered by the men of capital
who, inspired by Mr.. Forbes example,
built a railroad extending from Buff
falo along the south shore of Lake
Erie to Chicago. called the Lake Shore.
II ever there was an illustration of
the truth of the saying that competi-
ton carried to its logical end means
ruin to one of the parties and mon
opoly to the successful one. it was
the competition between the Michigan
Central and the Lake Shore.
At last Mr.. Forbes evolved, perhaps
borrowed from England, the idea of
ending competition by substituting in
its place cooperation. 1t was the kind
OF cooperation in some OF its features
in which the railroads of the United
States are now uniting so that they
may aid the government. One feature
of it was pooling. 1t ended the dis
astrous warfare. 1t brought prosper
ity to both railroad systems, and II
was OF very great service to the farm
ers. merchants and the infant indus
tries which have been established
along the line OF both roads.
Now, nearly seventy years since Mr..
Forbes taught the advantages to
everybody of railroad cooperation and
OF easonable pooling, the entire rail-
road systems of the United States are
brought together through co-opera-
ton, coordination, and utiliza-
ton Of a certain phase of pooling, the
results of which have been of extra
ordinary advantage to the government
and to commerce.
Although nothing is known officially
of the purpose of the Secretary of the
Treasury, Mr.. McAdoo, regarding the
next offer of the liberty loan, never
theless enough is known and reason
ably surmised to justify the prelimi-
nary work of organization for a ma
tion-wide campaign in order to aid
the Secretary in marketing the loan.
Only one thing is definitely establish
ed. and that is that the Secretary will
offer the loan some time in the fall
and that 1t presumably will be for
$3. .0O0, 900, 600. 1t Is also inferred that the
Secretary contemplates fixing the rate
of interest at per cent, although it
seems to be the opinion that he has
not made up his mind on that point.
But it is enough to know that the
government at Washington will some
time in the fall ask the American
people to lend it at least s., 900 0o0, 90,
represented by evidence of that loan
in the form of bonds. Not alone bank
ers, but business men and some of the
leading politicians of the country will
take part in organizations of one kind
or another all over the country which
will be made as strong and effective
as is possible with intent in this way
to approach every American citizen,
furnish him with information. appeal
not only to his patriotism. but his de-
sire to make good investment.
The loan cannot fail. for the bank
ers of the United States will see to 1t
that it does not fail, but it is the
earnest wish of Secretary McAdoo and
of all of those who are to aid him
voluntarily and without money recon-
pense in selling these bonds that much
the greater part of it be absorbed by
the American people. There undoubt-
edly will be a third offering some time
in the spring of next year, but the ex-
perienCe met with in marketing the
first two loans will be of great value
when the people are again asked TO
lend to their government billions OF
dollars so that We may carry the
war to a successful end. HOLLAND.