The Washington herald., 1917-12-29
WAR FINANCE
U.S.PROBLEM
Holland Says Resources
West Of Mississippi Must
Be Developed.

Be Developed.
Twelve years after David A. Wells
published the book IN which he dem
onstrated that the resources Of the
= North were % great that II would be
possible to carry on the Civil War for
ten years. even though the expenditure
was as much ss three billions q year.
he spoke In private conversation of
some Developments Of our natural re-
sources that had been made between
1856 and 1875. the latter year being the
one in which the conversation with
him took place
Although Mr.. Wells referred to the
new and IN many cases unexpected
development Of our national resources
which was made within the ten years
immediately after the close Of the war
between the States. for the purpose
Of making an argument in favor of his
view that the United States should
adopt as speedily as possible the policy
OF free trade. nevertheless some Of the
things he then said are applicable to
present-day war conditions. For II
creased development Of our national
resources. especially west Of the Mis-
sissippi River, that the Secretary Of
the Treasury BiGst in great measure
depend. Indirectly at least, for OBJ
tanning funds, many billions perhaps,
which the government will need II We
are TO carry the war to . triumphant
conclusion.
Bfr. C. W. Barron. who has recently
written a series OF articles upon war
snnance which have occasioned much
discussion. said this morning that
what the country needs today Is
clear thinking on war finance more
than anything else" Mr. Barron
meant. evidently. that wise and there
fore successful war finance would
make available for the United States
Treasury all the funds that are need
ed. no matter how large the amount.
and that there should therefore be
constantly kept In mind the need Of
speeding up the development Of our
natural resources.
Our stupendous Resources.
Mr.. Wells in the conversation above
alluded to said that the extraordinary
development OF natural resources west
OF the Mis-. rsippi. most of which came
too late kCr him to Include in his work
published in the mid-ycars Of the Civil
war, would so enrich the country as
to make IL imrC, ative. at least practi-
cable. to adopt a free-trade policy. For
these resources would after develop
ment enormously increase the wealth
OF the country. He did have know
edge of the influential part California
played in increasing the wealth Of the
country by millions in newly mined
gold from 1850 to 1862. But Mr.. Wells
had no idea Of the magnitude Of CAL
tfornia's resources or that, notwith-
standing the falling of in the produc-
zion OF gold. nevertheless the state
NfFould produce within a generation's
Sime in minerals alone, an output
which in 1916 ives OF the money value
Of almost exactly one hundred and
twenty-efsht million dollars. He spoke
Of gold and quicksilver as the princi-
pal mfnesa = iresorrccs -of California
then under development and also of
the astonishing growth OF that state
as a wheat producer. But he had no
idea. or IL he did he did not mention
IL. Of the magnitude of the natural
resources, not only OF the mountain
states but also of that part of the
country which was still commonly
known as the Great American Desert
California's share.
California's share in the increase
yearly OF the wealth of the United
States is especially noticeable by rea-
son Of the fact that in that state
probably q greater number Of miner
ais are to be found than in any other
The list Is q long one. Some of the
experts are of the opinion that the in
~ nj aI in
methods Of wheat production will en-
able California to regain her former
prestige as a wheat producing state.
She viii certainly maintain her pres
tige 50 far as export of lumber Is con-
cerned.
The development o the mineral
resources of the mountain states.
Especially copper, has increased the
wealth OF the United States by
many hundred million dollars. This
new wealth will either directly or
indirectly be Of service to the Sec
retary OF the Treasury when he
calls upon the people for new loans
which may aggregate many billions
before the war Is closed.
Mr.. Wells had faint, IL any. con-
eeption OF the part the Northwest,
then no more than . vague terri
IOr1aI possession OF Ine OnlIeQ
States. would play in the production
Of food. II was not until James ].
Hill, and q little after him Howard
Elliott and some others demonstrat-
ed the wheat-producing capacity OF
some Of the mountain States that
II was realised that this available
resource In land. most of It govern
mental land until sold or secured
as homesteads. would be so highly
developed as to furnish no small
part Of the wheat and corn harvest
of the United States. Nobody in
Mr.. Wells day had any but the
faintest conception of what the vast
area which afterwaTd BECAME the
State Of Montana would do IN the
way Of developing not. only very
rich mineral resources, but also,
strangely enough. in So turning to
agriculture that the State was to
be listed as one Of the important
: wheat producing States of the
Union.
II at the time of the civil war it
was possible for highly competent
experts. chief among them being
Mr.. Wells. to report that the natu-
raj resources of the United States.
chiefly east of the Mississippi, but
inclusive of California, were so
great as to make 1t possible for the