The Cordova daily times., 1922-03-07

superior and incomparable, despite imperfec- tions due to mass ignorance and human frail- ties. Our ex-service men everywhere attest ( this fact an assurance of safety and progress. Mir. Hoover Prescribes Remedy rs 1
 Addressing the Interstate Commerce Con- mission on February ? Secretary Herbert Hoover 7, one of the worlds abest thinkers told how to restore prosperity, with the least delay, in America. He told how to provide immediate employment for at least 100000 of our idle men, and at the same time prevent the prospective loss of billions of dollars He was dealing ccldly with the economic facts in railway rate adjustment
 "We talk glibly of giving billions of cred it's to foreign countries in order to increase our oXports,' said Mr. Hoover. ''I wish to say, with all responsibility for the statement, 1 that billion dollars spent on American rail- ways will give more employment to our peo- pie, more advance to our industry, more as sistance to our farmers, than twice that sum expended outside the frontiers of the United States-and there will be greater security for the investor
 Proposing courageous program of broad visioned betternents, Mr. Hoover urged the government to give the use of its superior credit in the improvement and maintenance of l the Taifways-our greatest industry. "It would not cost the taxpayer a cent,' he said, flor the government to give guarantees to equipment trusts to be devoted entirely to construction and equipment'
 Proposal To Save Money
 This IS no proposal to take money from the l taxpayer as Mr. Hoover said. It is propos.
 al to save him from paying treble the amount
 of his guaranty in profiteering and losses It Will render reduction of rates earlier, he said, Tor unless something Is done the improvements will have to be paid for over years and out of increased rates. Nor would we lose a cent on the guaranty Mr.. Hoover declared, adding
 'for If the American railways cannot earn in terest on their borrowings, let us throw up
 our hands and prepare for second Hussia.'
 The Secretary asked all concerned to re
 member, with patience, that we are now in the midst of violent economic read juStmcnts, of profound industrial depression.
 He suggested, however, that if might be profitable for our people to get a clearer per Spectlve of our own and the worlds troubles
 and problems. Even a superficial survey, he
 said, must bring Us out of an atmosphere of
 gloomy introspectjon into an assuring reaza- tion, that great our dislocations may seem to be, we relatively are in an enviablo posi- l ton. Our nation is unshakcn, and as a people
 we are getting bearings in world of per
 pIeEin@ economic adjustments. While there 1 IS unemployment and lack of profit-making
 we are free of panic We are more restless 1 than injured. Our tax burden, heavy as it is, still IS less than one-half as great in propor-t ton to our national productivity as in the otl- cr great states in the war. He forecast early return of prosperity, and pleaded for the inn mediate adoption of his proposal for railway bettements before the need for them becomes acute. lie demonstrated that our experience of the 20 years before the war had shown that we must build an extension of lines every year equal to the construction of a new rail way from New York to San Francisco. We must add at least 10000 cars and 25OO loc- ! omotlves annuallyxt to our uipment to keep pace with the growth of the country. Since t we entered the war in 1917 we have construct [ ed at least 10000 miles of railway less than cur increasing population and economic devel- |, opment called for, and We are now behind in rolling stock by about 4000 locomotives and r 100000 cars. Unless we have an immediate re- n sumption of construction and equipment, Mir. Hoover warned, producers and business; men will pay treble the cost of the whole of | them in their losses of a single season.
 Penalties We Must Pay, Soon
 ''lhn Varv of ool,