Licking Valley courier., 1917-10-25
rha inreaalng activity Of her rnIl.

The increasing activity Of her rail-
way system is similarly demonstrate
able. In 1869, there were in France
1913 miles of railway track In 1912,
there were 31,546 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 53,000,000
tons.
Leaders in American finance ascrlbe
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 frugality
of the French people as whole, to-
gether with a national economic vlgor
not elsewhere surpassed; third, wise
supervision, and patriotic cooperation
by the government with banking and
business interests.
The government does Its part to war
rant and retain the confidence of the
holders of its securities. One of its
wise policies Is to impose new taxes to
defray the interest charges on new Sc
curity issues. It began this practice
after the FrancO-Prussian 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-Prusslan 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, S1,000,000,000,
was raised within the republics con-
/ fines by its own inhabitants and paid
off more than one year before the time
| Supulateu Dy the Germans.
The habit thus acquired has never
been forgotten by the French, and to-
daylthe aggregate number Of investors
purchasing the French war loans has
reached the amazing total Of 100000
individual subscribers. Perhaps no 9th
er country, in proportion to its popula-
tl0n, can make so good 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.
creaslng 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 na.
tons. 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 mightlest 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 7.000,000,000 francs with which
to further the cause of democracy. Il
is in keeping with Americas traditions
that since the date on which we for
mally aligned ourselves with Franc,
and her allies In the great struggle
our government has lent to Franc,
$370,000,000.
II is eminently fitting that Americ,
should now be fighting on French sol
to make the world safe for democracy
The liberty that America has enjoyed
for 40 years France helped her t,
achieve. The swords of Lafayette ant
Rochambeau, aided by the guns Of D.
Grasse upon the high seas, assisted II
cutting the foreign ties that bound tn
American colonies prior to the War TO
Independence, and from the privat
purse Of King Louis himself came tn
first loan to America-unsecured an,
unconditlonal--to finance that histori
, undertaking. It was with entire jus
tlce that Washington wrote to Rocham
beau, ITO the generous aid of your ma
tion and to the bravery Of its sons |
to be ascribed in very great degre
that independence for which we hav
fought"