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inoculate them with our ideas, America for war; his attitude is eminently that of would have been better off, and probably diplomacy and peace, but he has not been China would not have lost anything. slow to avail himself of the results of war

In China, the conventional, high- and violence; and so to-day he looms large class mandarins regard Dr. Wu Ting out of the misty conflict in China as the Fang with suspicion. His de

biggest figgrees and titles are to them

ure in the ridiculous. This, how

Empire. ever, is to be ex

He is big pected. The man is

enough to a radical. Also, he

advise the is a cosmopolitan,

Prince Reand it is worth

gent to rewhile to note that

sign; and while he is in Amer

he is big ica, he wears the

enough to Chinese costume,

name his but in China a good

successor. smart American

And this suit suffices.

me a ns Wu Ting-Fang

that the does not stand

people

[graphic]

The latest portrait of J. Pierpont Morgan. The steady rise of Mr. Morgan's power is well exemplified by the contrast between his old offices on the first floor of his banking-house in the Drexel Building and his new quarters on the thirtyfirst floor of the new Bankers Trust Company Building, at Wall and Nassau streets. Only Mr. Morgan's private

offices are to be moved to the new building

[graphic]

will name him!

with the porHe built

trayal of the first rail

Benjamin road in China.

Disraeli, Wu Ting

Earl of BeaFang is an

consfield, economist by

good characnature. Indus

ter for him to trialism has been

portray would his hobby, and it is

be Wu Tinginteresting to know

Fang. If nobody that in a recent visit

else volunteers to to China of Charles M.

write the play, I will do Schwab, orders were given

it myself, submitting for American steel to be used

proofs to Wu Ting-Fang, who in railroading, steamship building, and sky- possesses a fine literary appreciation, alscraping for China, all to the extent of some though the idea is abroad that he speaks thing like ten million dollars, this largely English only with a chopstick. through the indirect influence of Wu TingFang, who never deals with his party di A Bad Financial Policy rect, but always at second hand. It is a wonderful psychology, this thing of never N the vaults of the Government at Wash

ington now repose twenty-five tons of

gold, coined in five-, ten-, and twenty-dollar When Mr. George Arliss gets through gold pieces.

showing your hand, but doing things you in the vaults of the Government at Wash

The amount represented is over one thou- absolutely necessary in order that panics sand million dollars.

may be things of the past. Russia has always been given the credit There will be no great, general, and wide for having the greatest hoard of money in prosperity in America until the Government her Ginger Jar of any country in the world, is ready to come to the support of the busibut Russia now takes second place.

ness fabric in time of threatened trouble, and The taunt against Russia has always been quickly too. that the money was there in her strong-box, This is the one thing that will restore coneven when famine stalked abroad among fidence. her people, and children, crying for bread, The idea that solvent and reliable busiroamed her roadways.

ness shall go down on its knees to certain Money has but one purpose, and that is individual financiers, in panicky times, the good of the people. The money in the when all the time our Uncle Sam has tons of vaults at Washington is for the purpose gold, is disgraceful.• of redeeming outstanding paper certificates and notes,

A Legal Suggestion The curious thing is that no individual ever applies to Washington for the redemp

SUPR

UPREME COURT JUSTICE POUND, tion of the yellow-back notes. The notes of Lockport, N. Y., recently held court circulate indefinitely.

in Buffalo. And before him, in one of If we need a little gold for a special pur those incomprehensible suits where all of pose, our banker makes the exchange, and the Italian population are interested, a certhere the money lies in Washington undis tain son of Cæsar's Tenth Legion appeared turbed,

as a witness. A banker who would carry th

same The man could not speak English, so am amount of cash that he has represented in in*erpreter was duly sworn in. liabilities would be deemed a lunatic. Ex The witness, however, insisted upon getperience shows that a banker can safely ting out of the witness-box and explaining loan 75 per cent. of his deposits and, in fact, the matter to the judge and jury in pantowhen he has loaned 85 per cent. he is not in mime and classic Latin. a desperate condition.

He tore his hair, swung his arms, fell on America has no way of giving confidence the floor, arose, jumped in the air, and, in to the business world in time of financial fact, reënacted the Camorra tragedy. stress. During the panic of 1907, the gold Justice Pound at last begged the attorwas there in Washington as it is to-day, and neys for the prosecution to restrain the man. business men were forced to pay a premium Said the learned judge, “This testimony can for money or else depend on emergency cur not possibly be incorporated in the record. rency, in the way of Clearing House certifi without the aid of moving pictures.' cates. In times of panic, the poor suffer first,

The Panama Canal and often they suffer even for food and raiment and shelter. Of these things the rich

THAN

THANKS to the engineering skill, the unalways have enough, but when a panic tiring energy of American enterprise, comes the first result is that a vast number and the American dollar, the Panama Canal of people are thrown out of work.

is soon to be an actual fact. The Citizens' League of Chicago now sug The principal thing is ready and waiting, gests a National Reserve Association to and that is the water; the rest will follow. which the Government will loan money. As soon as the Canal is completed, the This reserve association will, in turn, dis President's authority over it ceases.

Concount prime commercial paper for bank gress must take the matter in hand, and ers at a fixed and moderate rate of in quickly too. terest.

We have agreed with the nations in adThe endeavor is to have the bankers and vance that the rates of toll shall be uniform, and Government coöperate, so that the peo and that America shall have no special ple can get money when they want it and advantage over the commerce that floats a when they need it most,

foreign flag. This is a great and crying need. It is Already, England is busy building ships:

[graphic]

that will take advantage of the Canal. We own the Canal, but we have no ships to use it.

The question of tolls has not yet been settled or even considered. There is nothing in the agreement with the nations, however, to prevent our giving a subsidy to American shipping. In fact, England now subsidizes various steamship lines and we could follow her high precedent.

Let Uncle Sam stand by Big Business, and this nation will work out a prosperity that will make

'HE State De

partment at Washington has received information that Japan and Russia are conferring with intent to establish a non-combatant zone of large area in China.

Japan and Russia

agree to take upon themselves the responsibility of good order;

little merger.

that is to say, they are willing-aye, anxious, danced. Shooting up Big Business never to divide the Chinese Empire between them. made a small city great, nor a rich state richer.

Russia and Japan are pretty well acquainted with each other. Each knows the Canadian Water Power strength of the other and what the other can do.

THE

"HERE are a good many people in The combining of enemies to whip a third America who do not realize that Canparty is no new thing in psychology, as ada has a greater available water-power many a man knows who has endeavored to twice over than has the States. take part in a little Donnybrook marital Her best water-power perhaps is in the misunderstanding.

province of Columbia, but the rapids in the The War Department at Washington, St. Lawrence have never been utilized, exhowever, has signified its disapproval of the cepting in a very small way. extension of the non-combatant zone in Now, English capital is incorporating a China, and, therefore, has declined to send company, with a capital of one hundred troops to China, even to protect the prop million dollars, to utilize three rapids in the erty of Americans. And it is not likely that St. Lawrence River. These are entirely in either Germany or England will agree to Canadian territory. They are the Cedars, allow Russia and Japan to bring about their the Cascades, and the Coteau.

The plan is to build an ideal manufactur

ing city. Engineers and architects will work Railroad Regulation together. The general plan will be very

much like that of the Central ManufacturGOV

OVERNOR COLQUITT has recently ing District in Chicago. There will be water

issued a message to the Texas Legisla- facilities for every manufacturer, and railture cautioning it against any further law road sidings as well. Parks, playgrounds, making that will tend to discourage the in- schools, clubs, opera-house, electric transvestment of capital in Texas properties. portation, and, of course, electric lights,

“What Texas needs,” says Governor Col- indefinitely and without reserve. quitt, “is more capital and not less.”

The land along the rapids at the points The attitude of the Democratic governor named has been secured, and options taken of Texas seems to be about the same as that of on a big acreage. The present value of this most governors in all the states of the Union.

acreage is very slight, and so, as a land proEight Western governors have recently motion scheme, it is one of the biggest things made a little journey through the Eastern ever attempted on the American continent. states, stopping at a hundred or so towns In view of what we now know of the and cities. Everywhere, these men ex value of electricity, our knowledge of pressed the assurance that Big Business architecture as well, the whole scheme is. would meet with no opposition in their one that will attract world-wide attention. respective bailiwicks.

Here is Big Business that proposes to There is a tide of tendency setting in favor build a city avowedly of an industrial naof the railroads, where up to 1909 the spirit ture, and one in which art will play an imof the state legislatures toward any pro- portant part. nounced business success seemed to be in the It will be a city without slums, without line of interdict, mandatecurtailment, injunc- poverty, vice, or disease. Sanitation, hyture, fines, forfeitures, and imprisonment! giene, health, and education are each and

In the year 1908, in the various state all to have careful consideration, and behind legislatures, there were introduced 926 bills it all will be capital enough, and an earning for the regulation of railroads. In 1909, 626 power sufficient to keep beggardom at bay. bills were introduced for the regulation of The world has had inspired poets, inspired railroads. In 1910, 280 such bills were writers, prophets, orators, agitators, and introduced, and most of these were quietly reformers, but the inspired business man and pigeon-holed.

industrial leader is a brand-new thing in the Altogether, the idea is abroad that the evolution of the genus homo. railroads have been over-regulated and that The world will watch with great interest the people at large have had to pay the the evolution of this ideal city on the banks ·legal piper who played while the railroads of the St. Lawrence.

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