The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-07
adequately to meet the public need.
Failures i'm Public Ownership.

adequately to meet the public need.
Failures i'm Public Ownership.
We should not forget that in on
country in the world where govern
ment ownership of railroadc has been
attempted has 1t been successful, with
the single exception of Prussia, where,
under the arbitrary mandates OF a
military autocracy. some degree OF
efficiency and profit has been secured.
Further, it may be stated that in on
important instance has the experience
of our own government In business OPP
Grafton been such as to warrant the
concluSi ion that such activity could be
proftably extended. Still further, IL
can be maintained that there ia suf
ficient majority of failures in public
ownership of other public utilities In
this country clearly TO demonstrate
its wastefulness and tnefficiency un~
der our present form OF government,
and at our present stage of political
and social progress.
The hour has arrived for the sug-
gestion of come. plan which will be
ready for adoption when the crisis of
was has passed, and the pressing needs
Of business demand the return of
normal business conditions and the
operation Of economics. rather than
martial law. Somewhere, within the
meaning of the words cooperation"
and partnership" lies the answer,
The public interest In transportation
Is paramount and must be protected,
but public interest and private need
not be in conflict If intelligently re-
garded.
Regional companies representing
both private and public capital under
private operation with governmental
+E.4.z s~ kn yaySaG yNf u nd
earnings hove Just guarantee would
seem to assure the necessary extern
sion OF railroad facilities. In unity
Of interest and understanding, progress
toward the desired goal should be pos
sible.
Our Foreign Investments After War
Il will be our privilege. as we'll as
our gain. to aid the less fortunate peo-
Piles Of other countries in the indus
trial and economic reconstruction af-
ter the war More OF our future ma
tional development. in fact. is con-
tingent upon the extent and kind of
our foreign investments after the war
than may generally be appreciated,
The greater our ability and willing
neSs to lend money to other people the
| greater will be our own prosperity and
| the securer our position as the fore
most financial. commercial and indus
| trial nation. Foreign investments will
| he not merely an aid but an absolute
| essential to the full realization of our
unprecedented national possibilities,
| We should not forget that the dis
| turhance OF credit equilibrium any
where Is felt, more or less, every
where. and our interest in the sound
ness of credit conditions abroad can
be second only to our interest in such
vital matters at home
Our enormous gold reserve, which
exceeds one-third of the coined gold
and gold bullion in existence. has been
acquired because European govern
ments have been unable to pay for
their purchases from us in merchan-
| dice and have had to surrender their
precious metal. Upon this reserve we
have built a credit structure of I'M
| equalled strength. A large outflow OF
| gold. therefore. would seriously dis
turh our credit structure and domestic
| bank credits reared upon IL.
But the recovery OF a part of the
| gold which the extreme eNigencies OF
war have forced Europe 10 send here
| will be essential to the restoration of
| European prosperity after the war. II
! is certain that those countries which
| have been drained OF their gold will
/ GEEK to buy il back through stimulat-
temporary reduction of our present
| favorable trade balance seems inevt-
! table when peace permits a resump-
l tion of overseas commerce by all bell
/ ligerents
/ The best safeguard, perhaps, which
we can have for the preservation of
| our gold supply consists of foreign
! billS. short-term obligations. and other
| investments abroad. Furthermore. by
/ investing capital outside our own
! boundaries we shall lay a solid foun-
| dation for ultimately increasing both
| our exports and imports. regardless
| of the violent Establishments which
| may occur in foreign trade at the be-
ginning of the economic struggle
I which Is destined TO succeed the pres
ent war. For IT follows that by max
I ing judiciouS investments in other
I countries we will not only provide a
fund of money TO he drawn against in