The comet. (Johnson City, Tenn.) 1917-19??, 1917-10-18

way system is similarly demonstrate
able. In 1869, there were In France
1918 miles of railway track; in 1912
there were 81, $40 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 100000
| 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
| Of the world, the Bank of France; sec
end, the ingrained thrift and frugaliry
of the French people as a whole, to-
gether 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 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
Gefray 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
ont conflict, This continuity IF pAr=
PpSe, doubtless, will prove rehssuflh9
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, $1,000,000,00O,
was raised within the republics con-
fines by its 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
reached the amazing total of 100000
individual subscribers. Perhaps no 9TH
er country, in proportion to its popula-
ton, 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
nlent rentes, in France are perpetu-
al, and this Characteristic seems to OBJ
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
tions. 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 mightiest 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 7,000000,000 francs with which
to further the cause of democracy. 1t
is in keeping with Americas traditions
that since the date on which we for
mally aligned ourselves with France
and her allies in the great struggle,
our government has lent to France
1t Is eminently 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
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 |
finance that historic
1t was with entire JUS !
tice that Washington wrote to Rocham-
beau, ITO the generous aid of your ma
ton and to the bravery of its sons is
to be ascrlbed in very great degree
that independence for which we have
fought"