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Ting

inoculate them with our ideas, America
would have been better off, and probably
China would not have lost anything.
have lost anything.
In China, the conventional, high-
class mandarins regard Dr. Wu
Fang with suspicion. His de-
grees and titles are to them
ridiculous. This, how-
ever, is to be ex-
pected. The man is
a radical. Also, he
is a cosmopolitan,
and it is worth
while to note that
while he is in Amer-
ica, he wears the
Chinese costume,
but in China a good
smart American
suit suffices.

for war; his attitude is eminently that of diplomacy and peace, but he has not been slow to avail himself of the results of war and violence; and so to-day he looms large out of the misty conflict in China as the

[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]

road in China.
Wu Ting-
Fang is an
economist by
nature. Indus-
trialism has been
his hobby, and it is
interesting to know
that in a recent visit
to China of Charles M.
Schwab, orders were given

for American steel to be used

in railroading, steamship building, and skyscraping for China, all to the extent of something like ten million dollars, this largely through the indirect influence of Wu TingFang, who never deals with his party direct, but always at second hand. It is a wonderful psychology, this thing of never

good character for him to portray would be Wu TingFang. If nobody else volunteers to write the play, I will do it myself, submitting

proofs to Wu Ting-Fang, who possesses a fine literary appreciation, although the idea is abroad that he speaks English only with a chopstick.

A Bad Financial Policy

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

indirection.

N ington now repose twenty-five tons of gold, coined in five-, ten-, and twenty-dollar

When Mr. George Arliss gets through gold pieces.

The amount represented is over one thousand million dollars.

Russia has always been given the credit for having the greatest hoard of money in her Ginger Jar of any country in the world, but Russia now takes second place.

The taunt against Russia has always been that the money was there in her strong-box, even when famine stalked abroad among her people, and children, crying for bread, roamed her roadways.

Money has but one purpose, and that is the good of the people. The money in the vaults at Washington is for the purpose of redeeming outstanding paper certificates and notes.

The curious thing is that no individual

absolutely necessary in order that panics may be things of the past.

There will be no great, general, and wide prosperity in America until the Government is ready to come to the support of the business fabric in time of threatened trouble, and quickly too.

This is the one thing that will restore confidence.

The idea that solvent and reliable business shall go down on its knees to certain individual financiers, in panicky times, when all the time our Uncle Sam has tons of gold, is disgraceful.

A Legal Suggestion

UPREME COURT JUSTICE POUND,

ever applies to Washington for the redemp Lockport, N. Y., recently held court tion of the yellow-back notes. The notes circulate indefinitely.

If we need a little gold for a special purpose, our banker makes the exchange, and there the money lies in Washington undisturbed.

A banker who would carry the same amount of cash that he has represented in liabilities would be deemed a lunatic. Experience shows that a banker can safely loan 75 per cent. of his deposits and, in fact, when he has loaned 85 per cent. he is not in a desperate condition.

America has no way of giving confidence to the business world in time of financial stress. During the panic of 1907, the gold was there in Washington as it is to-day, and business men were forced to pay a premium for money or else depend on emergency currency, in the way of Clearing House certifi

cates.

In times of panic, the poor suffer first, and often they suffer even for food and raiment and shelter. Of these things the rich always have enough, but when a panic comes the first result is that a vast number of people are thrown out of work.

The Citizens' League of Chicago now suggests a National Reserve Association to which the Government will loan money. This reserve association will, in turn, discount prime commercial paper for bankers at a fixed and moderate rate of interest.

The endeavor is to have the bankers and and Government coöperate, so that the people can get money when they want it and when they need it most.

This is a great and crying need. It is

in Buffalo. And before him, in one of those incomprehensible suits where all of the Italian population are interested, a certain son of Cæsar's Tenth Legion appeared as a witness.

The man could not speak English, so an interpreter was duly sworn in.

The witness, however, insisted upon getting out of the witness-box and explaining the matter to the judge and jury in pantomime and classic Latin.

He tore his hair, swung his arms, fell on the floor, arose, jumped in the air, and, in fact, reenacted the Camorra tragedy.

Justice Pound at last begged the attor-neys for the prosecution to restrain the man.. Said the learned judge, "This testimony can not possibly be incorporated in the record. without the aid of moving pictures."

The Panama Canal

THANKS to the engineering skill, the untiring energy of American enterprise,

and the American dollar, the Panama Canal is soon to be an actual fact.

The principal thing is ready and waiting, and that is the water; the rest will follow.

As soon as the Canal is completed, the President's authority over it ceases. Congress must take the matter in hand, and quickly too.

We have agreed with the nations in advance that the rates of toll shall be uniform, and that America shall have no special advantage over the commerce that floats a foreign flag.

Already, England is busy building ships:

[graphic]

Mrs. Pankhurst (in the center), the prominent English suffragette, addressing a crowd in Wall Street from an automobile. Above, at the left, Mrs. Pankhurst and her daughter, Miss Christabel, are shown in prison garb; and in the cut 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 Busi

ness, and this nation

HE State Department 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

will work out a prosperity that will make themselves the responsibility of good order;

that is to say, they are willing-aye, anxiousto divide the Chinese Empire between them.

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

The combining of enemies to whip a third party is no new thing in psychology, as many a man knows who has endeavored to take part in a little Donnybrook marital misunderstanding.

The War Department at Washington, however, has signified its disapproval of the extension of the non-combatant zone in China, and, therefore, has declined to send troops to China, even to protect the property of Americans. And it is not likely that either Germany or England will agree to allow Russia and Japan to bring about their little merger.

Railroad Regulation

GOVE

OVERNOR COLQUITT has recently issued a message to the Texas Legislature cautioning it against any further lawmaking that will tend to discourage the investment of capital in Texas properties. "What Texas needs," says Governor Colquitt, "is more capital and not less."

The attitude of the Democratic governor of Texas seems to be about the same as that of most governors in all the states of the Union.

Eight Western governors have recently made a little journey through the Eastern states, stopping at a hundred or so towns and cities. Everywhere, these men pressed the assurance that Big Business would meet with no opposition in their respective bailiwicks.

ex

There is a tide of tendency setting in favor of the railroads, where up to 1909 the spirit of the state legislatures toward any pronounced business success seemed to be in the line of interdict, mandate curtailment, injuncture, fines, forfeitures, and imprisonment!

In the year 1908, in the various state legislatures, there were introduced 926 bills for the regulation of railroads. In 1909, 626 bills were introduced for the regulation of railroads. In 1910, 280 such bills were introduced, and most of these were quietly pigeon-holed.

Altogether, the idea is abroad that the railroads have been over-regulated and that the people at large have had to pay the legal piper who played while the railroads

danced. Shooting up Big Business never made a small city great, nor a rich state richer. Canadian Water Power

THERE

HERE are a good many people in America who do not realize that Canada has a greater available water-power twice over than has the States.

Her best water-power perhaps is in the province of Columbia, but the rapids in the St. Lawrence have never been utilized, excepting in a very small way.

Now, English capital is incorporating a company, with a capital of one hundred million dollars, to utilize three rapids in the St. Lawrence River. These are entirely in Canadian territory. They are the Cedars, the Cascades, and the Coteau.

The plan is to build an ideal manufacturing city. Engineers and architects will work together. The general plan will be very much like that of the Central Manufacturing District in Chicago. There will be water facilities for every manufacturer, and railroad sidings as well. Parks, playgrounds, schools, clubs, opera-house, electric transportation, and, of course, electric lights, indefinitely and without reserve.

The land along the rapids at the points named has been secured, and options taken on a big acreage. The present value of this acreage is very slight, and so, as a land promotion scheme, it is one of the biggest things ever attempted on the American continent. In view of what we now know of the value of electricity, our knowledge of architecture as well, the whole scheme is. one that will attract world-wide attention.

Here is Big Business that proposes to build a city avowedly of an industrial nature, and one in which art will play an important part.

It will be a city without slums, without poverty, vice, or disease. Sanitation, hygiene, health, and education are each and all to have careful consideration, and behind it all will be capital enough, and an earning power sufficient to keep beggardom at bay.

The world has had inspired poets, inspired writers, prophets, orators, agitators, and reformers, but the inspired business man and industrial leader is a brand-new thing in the evolution of the genus homo.

The world will watch with great interest the evolution of this ideal city on the banks of the St. Lawrence.

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