Show DRAIN OFIn OF MONEY FROM FROH THE COUNTRY In his Cooper Union speech Secretary Taft speaking ns of the recent panic said We We are arc suffering now from a panic It Ii was brought brought on in my judgment by br the exhaustion o ot of f free capital the world orId over b by the lack of an elastic elastic elas elas- elas- elas tic system of currency and also by a lack of oE confidence confidence con con- in In our ari fa fabric brie produced in Europe Europ through the revelations fain in ill certain great eat corporations o of f business dishonesty str corruption and unlawfulness unla That may be true but a close study of the facts ought to have the effect of making a dull man mm conclude con con- elude clude that there are ample mple causes at work ork all an the time in our country to make a n. p panic nie at almost any time lime We read of our surplus of export exports over imports im inn- ports every eel every y year ear and hug to our souls the belief that that we cc are slowly but surely drawing ving the worlds world's wealth to us What arc are the facts Y The interest on American railroad oad bonds which has to be annually paid and andl andst mo l most st of which is sent abroad amounts fo 0 o on manufacturing plants on f freights i paid aid to foreign ships spent abroad by hy tourists carried back backby by emigrants last year Jear We have then in I five fi items which our country pa pays s 's sto to foreign n countries annually which was vas paid last year rear What That nand Jand and under the sun can stand a drain like that 7 Is it not easy enough t to sec see where the a great eat profits which we e have ha been exulting over dura during during dur dur- ing luo g the past ten years ears have really gone 7 s If the interest were paid here the mone money would enter at once into circulation among our C own Cn n people peo peo- Pie pic It would be the same were the he passenger an and freight fleight money r paid to American ship owners If Yf we built our own ships and sailed them there would be room for thousands of w working men skilled and unskilled and less emigrants would go abroad It is a clear case that we arc are being plucked on c every ever hand b by foreigners and if it wel were not for the bread and meat we sell ell our country would be stranded in a year And there will Rill be no relief until there arc radi radl- cal eal changes in our fiscal system And the change should be along the lint line to make such a disposition that the indebtedness held abroad against our corporations can be taken up and brought to this side so that when the interest is paid it will gill still till remain a part of the volume of our own country's mone money Then the need of a merchant marine so that American ocean freights and fares can be paid to American ship owners and kept in our own country is is so manifest that we do not sec bow how congress hesitates hesitates hesitates hesi hesi- tates for a day da- about passing the needed legisla legisla- Hon tion We suspect that not one congressman in m ten ever er thinks that prices advance and recede just precisely as a country's advances s ami luri money itc re rl c cedes edes That is a fact which controls the tho gL or Ill England and of France Franc and English and French financiers day in the Our every cery year ear country in productive capacity has no equal Field and factory factor Y and m mine inc are re yielding unparalleled d riches But i if if f we we pa pay lout tout all that is received oed from these sources i what does it avail We cannot stop the dr drain in from fro co the tourist trade but hut we could save at home the fares The railroad indebtedness which in i interest terest equals all that is js taken from rom our got gold d and silver mines should on some terms be transferred transferred trans trans- f to this side Provision should be he made t to tomake tomake o make maho the needed advances for railroad imProvements improvements improvements improve improve- ments and nd c- c extensions tensions and this is to be so tremendous dons dous a SU sum that could it be obtained from abroad the interest would swamp vamp our country A great central bank and an increase by a billion of fiat money begin to seem inevitable in the near future |