The record., 1917-10-18

Ilo increasing activity OF ncr rail-
way system is similarly demonstrate
nble. In 1869, there were in France
1918 mites of railway track; in 1912,
there were 31,54G miles.
Between 1869 and 1912, inland navi-
CATION increased 100 per cent; while
the traffic of her mercantile marine
has amazingly expanded. The tonnage
entering French ports in 1868 is set
down as 100000 tons. In 1912
this had been increased to 53,0OO,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 ingrainCd thrift and frugalfty
of the French people as whole, to-
gether with q national economic vigor
not elsewhere surpassed; third, wise
supervision, and patriotic corporation
by the government with banking and
business interests.
The government does its part to war
rant and retain the confidence of the
holders of it's securities. One of it's
wise pCIici - is to impose new taxes to
defray the interest charges on new Sc
curity issues. 1t began this practice
after the FrancO-PrusSian war, and is
today following the same rule in regard
TO securities issued to finance the pres
Cnt 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.G00000000,
was raised within the republics con
fines by It's 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
1cilNIcI llIc dslIuLIIiSS jpbI'l VI -f.lDp,OOO
individual subscribers. Perhaps no 9th
or country, in proportion 10 its popula-
ton, can make so SoOd showing.
France Is particularly fortunate IN
that her small investors prefer "snfe"
investments rather than offerings
which promise high returns. Govern
ment renteS, in France are perpotu-
81 oJ,o
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
always, the major ideals OF both ma
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 mighticSt empire. In defense of
these principles, France is engaged in
death struggle with militant autOc-
lacy and ruthless aggression, and it is
not surprising to learn that she has
$Daned to her allies and to other friendly
states 7,O00,000,000 francs with which
to further the cause Of democracy. It
lin keeping with Americas traditions
that since the date on which we for
nally aligned ourselves with France
our government has lent to France
! S3T0,O0G,O00.
II is emiIcntly fitting that America
should now be fighting on French soil
| to make the world safe for democracy.
| The liberty that america has enjoyed
| for 40 years France helped her to
achieve. The swords Of Lafayette and
| Bochapbeaa, 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 America-unSecured and
UncOnditiOnal--to finance that historic
undertaking. 1t was with entire JUS
tee that Washington wrote to Rocham-
beau, '"f6 the generous aid Of your ma
ton and to the bravery of its sons is
| to be ascribed in Il very great degree
| that independence for which we have
fought"