| Show NO LAW CAN PROT PROTECT BOOB FROM HIS FOLLY IS N OF LEDGER S Here Is I the thc way a In which the thc usually conservative Philadelphia Evening Public Pub Pub- lie lic lc Ld Ledger JC r discourses upon the phase that No 10 law lass can protect a boob from his fol folly It I says Tho The Arabians l knew what the they were cre talking about abouL when the they said that If Ir Irth th the thc camel once gets ets his nose in the thc tent lent his bod body will wil soon follow Many Ian camels have hase been nosing about In America during the thc war The They have havo got sot their heads In the thc tent and unless something is done to check them thor there will wIl soon son be no room for anono any any- anyone ono one else under the tho kindl kindly covering as the whole bod body will fill all the available avail al able space The capital issues committee Is Il Illustrating 1 Il- Il thc the truth of the tho Arabian proverb proverb- for or after aCter more than a ayears years ayears experience of control over all aU public and private financing In the thc country outside of or that of tho the federal government govern govern- ment ment It Is a asking Secretary Glass to urge that a law Jaw be passed which will wIl give to a n government go bureau permanent permanent permanent per per- manent supervision over all aU such tuch se securities se- se sold In the states tates outside Of or orthe the thc state o of issue Plausible arguments arc are advanced In support of or tho plan We are arc told that that hundreds of oC schemes of or a a highly questionable ques nature have been launched to appeal to time the cupidity of oC holders of Liberty bonds through the time offer ocer to them of oC shares ghares i in exchange for tor t their government securities it I is ms same said that mat something should be e done by tho tIme government government gov gov- to prevent the thc consummation of these swindling schemes No one ono will wi dispute this but th thc thenay way to punish a swindler Is to enforce enCored tho the present laws against getting geling motleY money under false ale pretenses and not b by passIng pass- pass log Ing ng a a. dangerously paternalistic law lass In Intended Intended intended In- In tended to protect fools tools from the thc con- con of their own folly 01 And t way tl wa to preserve this nation naton as a a federation of sovereign n slates plates isto isto is isto to resist time the encroachment of tho the federal fed fed- eral cral government upon the thc domain in which tIme the states are arc now supreme Federal Fed Fed- oral eral control of or tho the Issue of corporation securities would ultimately lead to the tho chartering of federal corporations and th the destruction of tho the power of or time the states slates over time the corporations which they have created The Thc revenues ot of man many states are arc derived almost entirely entire entire- ly y from taxes on corporations entre- entre within their Jurisdiction If I their jurisdiction jurisdictions is s taken awa away their sources of or revenue will wl also alo disappear and the thc money needed to maintain the time state tato governments governments governments govern govern- ments will wt have to be raised b by a direct tax tax on real and personal property The Time camel of or federal control Is as dangerOUS danger danger- ous as the thc camel of paternalism He Ire has not got his nose very far tar In the tha tent lent and he can be kept out Je if the states arc are properly alert The regulation b by law of ot the issue of or all al corporation securities in such a wa way as to protect the Investment pub pub- lie lic lc from loss Is difficult I if not Im Im- im- im possible If I we had had such a law la as the thc capital issues committee desires It would have been impossible to float the first stock Issue of of the telephone company compan There was nothing back of this company but lUt the hope that a device device de de- de ot vice patented for the thc purpose of making a It possible to communicate b by word of or mouth with wih a deaf mute might be so o perfected as to be generally useful The Standard Oil 01 company In 1 its earl early days das was just jUt as speculative and un un- un- un certain No o one knew whether there thera I was crude petroleum enough h underground underground under under- I ground round to justify the thc expenditure of ot largo large sums In getting It I. I and no one I knew new whether the thc petroleum could besold bo be bosold bosold sold after It I was put on time the market Great organizing commercial geniuses have developed dc the telephone and the oil 01 business out of or nothing The They capitalized capitalized cap cap- tho the blue lue sky plus liUS their genius and havo hao made mado enormous fortunes for Cor themselves and thousands of or others There Is a school of oC economic reformers reform reform- ers whose whoso prophets insist that no shares of or stock should bo be e Issued Isuel which do not represent actual Investment and that tho the sale of a chance to participate par jar In the gains of an undeveloped business must bo be forbidden us lotteries are banned This plan has hus been tried In Massachusetts where tho thio railroad companies companie are arc forbidden to issue new shares of or stock at less than titan par As Asa Asa a result railroad expansion In that state state- has been stopp stopped absolutely because be- be l causo cause the sale of oC new railroad shares at par was sas Impracticable Potato Ju IaM Dout Dont Work rork Ont Out No Xo law Jaw av can cami arbitrarily fix trio value of anything for an any length of or time It I cannot even een fix Cx the value alue of oC a dollar dolar measured by bj potatoes or labor It I takes twice as man many dolar dollars dollar's to buy aI a barrel of or potatoes as It did tIia a few fow years rs I ago and next year It nay may b bo JC Islo to half the buy uy potatoes at al present price I Paternalism will work ith r wi but no nation nalon was ever able to survive unless its Is citizens were ware full grown men They hey must be e treated aa as a. a men and not a as children If It disaster l 1 tobe tobe to tobe be avoided There will wil always alwa's be a. a certain percentage o of fools willing topa to pa pay good money mone for gilded brIcks and anda a certain percentage of or wise vise men r o. o The Tho h list of ot securities held b by fn tue estate estale of ot the lato late J. J Pierpont Morgan Iona included worthless shares in a large num number ICI of corporations which were t with started art with fine prospects Morgan organ l bought them themI I and lost his mono money But who would I say a that thal a a. a government bucu u au should 1 be established in Washington ton to protect pro Iro- tho the Morgans of oC the from I exercising their own Judgment ir it I. I the thc Investment of oC their mono money Such a proposition would be laughed out of or court The Thc Idea of or putting th th-j rest of or ofus ofus orus us in financial leading strings I Is just justas as ridiculous It Ils Is a H Rind kind o 0 of i Ism lem that Is repugnant to common sense Tho Time old rule Let the buyer buer beware bEH although discredited by many social reformers at tho the present r da da Is II v pretty good one When hen properly Understood un understood un- un It does docs not justify the time dealer In swindling his customers when h ho he can Swindling is not the rule of If bust busi ness If H It were no hu business would be possible We 0 have havo criminal laws alread already that deal lh man who Iel geL geta mone money on on false Calse pret pretenses n g. g And nd th the average citizen trades with the theman theman theman man who gives Ji cs nun nim f fr r his money and amid avoids the tIme exceptional man manshO who shO cheats him Ho lie Invests In hi his mone money according ac according according ac- ac cording to his best Ind ment rind sometimes loses It It as ashe a he the most skillful ski ski- skill skill- ful UI and experienced also lose Jose JOle anI theirs There h rc are bureaus enough h in Washington Wash Wash- rash In ington on alread already with long lomg list of or job- job hollers without creating one Oe onelo oneto t lo to look after time the financial boobs who do not know enough to pr prevent ent a slick promoter from separating them theta from Irons Ieh Veir c 1 h. h from Irons copper smelters have havo always been looked upon with wih apprehension lon because of oC the acids which the they contain which affect harmfully vegetable and animal life It I Is a curious fact fact that just U t at atthe atthe the tho time when the United States Stales was seriously concer concerned ed lest the thc blockade of Germany stint shut off orf our supplies of oC potash Dr Cottrell Cotrel discovered that In Inthe time the un s or dust lust which rise from cement coment mils mis or blast furnaces arc rc IJ largo large o quant quantities of potash Invention Immediately Im imn- mediately perfected apparatus by means of oC which much of or this potash can be recovered Some of the best hest authorities believe c belc that within a few years time the United States will wil be reclaiming from dust cinders ocean plants and other s enough pota potash h to make malc tho the United States Independent of What hat U Men n of oC Science l nce Are Arc UI Doing nl Scientists ha have been heen reau stimulated sum sum- since the war bc began an to re research earch work and to tho the perfecting of oC tons Some ome of oC were of value to this countr country during the war SUCh for Instance as ns the lie manufacture or of vcr very dangerous pol poison on gas gas The They will wi also be bo of Industrial and ammil commercial cl l advantage to the United States in Iii n times of peace Many Ian romances arc associated asso cia tel with wih these discoveries One of tho the most Interesting is connected connected con con- with wih the time recent recently perfected process process proc proc- ess of or extracting J gas gs s helium from rom tile the atmosphere Long ago discovery ry wa was made that amon among tho the other gases tho time combination of which forms Cornu our atmosphere atmosphere atmos atmos- phere Is one of somewhat mysterious nature nature helium Sometimes imes Instructor at universities or researchers In laboratories labora labora- tories tried to abstract helium from Crom room tho the atmosphere The rise methods were crude tho the process wa was expensive and as there to be no commercial use for Cor this was only interesting as a demonstration A After cr time the w war wr r be began began be- be cIan c- c gan Ian men of oC science began legan to t tim irn their attention to helium lod that it would woul be bc pos possible to extract extra t it ft from Crom the thc atmosphere so as to be e of commercial com cons mercial advantage Their hea showed that time the gas as contains a quality of or hup buoyancy far In excess of oC that thit of or hydrogen cn or an any other gas and fUrth furthermore further further- r- r more moro that unlike hydrogen It could not be he set on fire fre Here then coincidentally lh with the great reat development of the airplane airplane nir air air- plane sand and the dirigible haloon was a demonstration that It I would be pos pos- ibio to secure buo buoYant and arId noi explosive gas as at a Very er low Jow cost cost Un n- n be almost y helium gas gas will wi In due time el used for ing g dirigible or other oIlier aircraft thereby mal making ing their degree development t to a high of efficiency possible ble |
