The evening world., 1920-08-07

V water over the wheel The
problem Of the railroads 10 still
with us. The Government and the
public should render every CO.
operation. in the utmost good
faith, to peterborough test to pri-
have had their lesson. Govern
mont regulation IL accepted now
as not only a safeguard to the
public, but as a conserving pro-
cess to the utility. Financial
credit 10 necessary to physical re-
Mobilization and u should be sufh-
Gent for the periods Of maximum
demand.
THE IMPORTANCE OF WATER
TRANSFORMATION SHOWN.
We should not lose sight, however.
of the vast possibilities OF supple
mentary service by water. The
Great Lakes and st. Lawrence navi-
gation project, particularly. should
claim the interest of the Government
About oue-third of our States would
be supplied with an outlet TOR every
ton of their exports. The opportun-
ity to make the lake harbors great
ocean ports of entry is Inspiring to
contemplate. In the crop moving
period the call on the railroads Is
staggering, Grain piles up in the ele-
vators. With stagnation more or less
general, the farmer sells his product
under the most unfavorable condi-
lions. The trackage and the term
mails, in Middle States particularly,
are clOgged with this traffic and in
reference with local movements OF
freight Is inevitable. The solution
would DO slmplified by utilizing the
waterways. Aside from this, the &C
cruing gain from every crop would
be a consideration for the reason that
the price of grain in this country is
made by the Chicago market and IT
Is determined by tho London quota
lions. The price in the British me-
| tropolis Is a stated figure less the
cost Of transportation. The routing
OF these commodities by water would
effect n saving OF approximately eight
cents n bushel. which means that
American grain would net just that
much more.
For more than forty years before
Woodrow Wilson was elected Presi-
dent in 1912. reform of our banking
and currency system had been almost
universally demanded and had been
year after year deferred or refused
by the standpat element OF the Re-
publican Party in obedience to orders.
The control OF money and interest
rates had long been held by favored
| groups who were thus able to domi-
nate markets. regulate prices, favor
I friends, destroy rivals, precinitato
and end panicS and in short through
their financial, social and political
outposts, be tho real rulers OF
America.
The Federal Reserve Act was orig
mated, advocated and made a law BY
1
against the hitter protests OF the Re.
publican stand -patters, who, almos
without exception, voted against II
Among these men are the familiar
names OF Senators Lodge, Penros,
and Smoot, the inside Senate caba
responsible for the existing status il
the leadership Of their party.
FEDERAL RESERVE ACT THE
BEST IN OUR HISTORY.
The Federal Reserve Act is ad
mitted to be the most constructiv,
monetary legislation in history. At
stroke 1t transferred the power owe
money and credit and all they repre-
; sent, from one financial district Oh
into the keeping OF the people them
, selves and instead OF one centre l.
which all paid tribute. there are twelv
citadels Of financial freedom wher
|
} where the principle that the credit o
: American business shall be free
the basis OF administration. Ever
hcitizen should be alert to guard thi
great instltu ton which Is his guar
antee Of credit independence.
should be kept from the hands O
those who have never been its friends
and who by changes in7a few obscur
phrases could translate it into
greater power for evil than it eve
has been for good.
D II Is almost unnecessary TO spea
= OF the Federal Reserve system in con
3 lection with the winning of the wal
: as next to the conservation of GU
D manhood and womanhood itself, tn
: greatest factor was the marshallin
/ into one unit through the Federal Re
serve banks OF the stupendous wealt
Of America. To those of vision VIII
v look out beyond our shores into tina
y commercial domain where we are 8
Justly entitled 20 enter in a time @
- peace, latent power of the Fedora
Reserve system can sbe seen promot
. ing in every quarter of the globe a
ever widening DOW Of American com
merce.
, MERCHANT MARINE AND TIL
a U. 8. CONSULAR SERVICE.
: We will soon have a merchant ma
rine feet of II 900 900 tons aggregate
9 every ship flying the American Ma
n ana carrying IN American bottom
n the products OF mill and mine an
|. factory and farm. This would seer
q 10 be a guarantee OF continued pros
: 1perity. Our facilities for exchang
!. and credit, however, in foreign part
4 should be enlarged and under tn
Federal Reserve system banks shout
be established in important tradln
centres.
3 I am impressed also with the i'm
portance OF improving, II not reor
y ganizing, our Consular Service. tn
u eertain Increase In foreign trad
a would seem to demand II. This sug
u gests another change. Our Ambas
: sadorA to foreign countries have ma
l. assigned 10 them a military and
naval attache. The stan should b
e enlarged so as TO include an once
n Of the Government whose eNclusiV
duty would be 10 make Observable
and report development and improve
ment in educational and social prob
- lens generally
y Government Bureaus during u
y war had close contact with the bus
y ness organization OF the countr
J. That experience revealed the model
need Of reorganization along pure
business lines. The advantages OF