Crittenden record-press., 1917-10-18
The Increasing acr,v,,, ,r o,r !, .

way system Is sl,nilarly demonstrat.
able. In 1859. there were I'm Franco
1918 miles OF railway track; in 1912.
there were 81 .548 miles
Between 1869 and 1912, inland nayi.
CATION increased loo per cent; while
the traffic Of her mercantile marine
mas amazingly expanded. The tonnage
entering French ports In 1869 Is set
down as 100000 tons. In 1912
this had been Increased to $4,000. 900
tons.
Leaders In American finance ascribe
this solidarity OF the French republic
to three Influences first. a thoroughly
sound banking system. centralized In
one OF the greatest banking institutions
or the world, the Bank OF france; sec.
ond, the ingralned thrift and frugality
OF the French people as whole, 10.
gethcr with a national economic vigor
not elsewhere surpassed; third. wise
supervision. and patriotic cooperation
by the government with banking and
business interests.
The government does It's part 10 war.
rant and retain the confidence OF the
holders Of Its securities. One OF It's
wise policies Is to impose new taxes To
defray the interest charges on new SO.
curlty Issues. II began this practice
after the Franco-PrussIan war. and IL
today following the same rule In regard
to securities issued 10 finance the pres
ent conflict. This continuity OF pur.
pose, doubtless will prove reassurlng
to all holders OF French governments
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-
mnnded by Germany, $1,000. 900,
was raised within the republics con.
fines by It's own inhabitants and paid
onnore than one year before the time
stipulated by to 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.
er country. In proportion 10 It's popula.
tion. can make 10 good a showing.
France In particularly fortunate In
That her small Investors prefer "safe"
investments rather than Offerings
which promise high returns. Govern.
ment rentes, In France are perpetu
nl and this Characteristic seems 10 oh.
tain for these government bonds In.
creaslng favor In the eyes OF the
French people.
The points OF sympathy between
France and America are too many 10 |
cnumernte, but the spirit OF liberty and |
liz resultant democracy are. today as
always, the major ideals OF both ma.
tions. Seeking no victories but those
of pence, no territory except their own.
no sovereignty except sovereignty over
themselves - the independsnce and
equal rights OF the weakes, member ~
The family Of nations are 10 the people
N the United States and Of France on.
Titled 10 ns much respect ms those OF
he mlghilest empire. In defense NJ
ihese principles. France Ia engaged in
, death struggle With militant au,oc.
'acy and ruthless aggression. and II ,s
no, surprising TO learn that sh. has
oancd 20 her allies and 10 other frlendlyl
states 7.OoOOOOOn0 francs with which
a further the cause Of democrncy II
: In kecplng with Americas traditions
hat since the date on which we for.
nally aligned ourselves with France