WH

Do or do you not think that "peoples not yet able to stand by themselves should be placed under the tutelage of advanced nations? If you do, to what extent would you say such peoples shonld have a voice in matters of vital concern to themselves?

46

Does or does not the question of the open door" in Mesopotamia indicate that the United States should be a member of the League of Nations?

Has Secretary Colby gone too far in his answer to the note of August 9 from Earl Curzon? Discuss this question somewhat at length.

you

What reasons have for thinking that what Secretary Colby said in his note will increase or decrease international good will? How do define the following terms: you Mesopotamia, exploiting, concessions, equitable treatment, diplomacy.

A specially valuable book to read in connection with international policies and politics is "World Politics," by Paul Reinsch (Macmillan)..

Senator Harding's Valedictory

Have you any suggestions to offer to The Outlook as to "what circumstances and what tendencies in American thought have kept the Senate from becoming a training ground for Presidents"? Would it be well for us to look to the Senate for Presidential nominees?

Unquestionably there are a great many people in the United States who regard the Senate as an oligarchy. Senator Harding holds decidedly to the contrary. Do you agree with the President-elect? If you don't, how could you prove to him that he is in the wrong?

Can you give specific reasons why Congress should make the three remaining months of the present Administration "fruitful rather than wasteful months"?

Do or do you not think the members of Congress should ever use their positions and Congress to serve party ends? Do you know of instances where this has been true of any of them?

What responsibilities belong peculiarly to the Senate? To the Executive? To the two branches jointly?

Can you show by concrete illustrations drawn from American history since 1916 how necessary it is that Congress and the

1 These questions and comments are designed not only for the use of current events classes and clubs, debating societies, teachers of history and English, and the like, but also for discussion in the home and for suggestions to any reader who desires to study current affairs as well as to read about them. -THE EDITORS.

Executive work in the spirit of co-operation?

Has Mr. Harding's course since the election justified the overwhelming majority of votes cast for him?

If you care to pursue further the points raised in this study, consult the following books in the order given: "Constitutional Government in the United States," by Woodrow Wilson (Columbia University Press); "The Federal Executive," by J. P. Hill (Houghton Mifflin); "Principles University Press); "American Political of Politics," by J. W. Jenks (Columbia Ideals," by C. E. Merriam (Macmillan).

Liberal Movements in Modern

Japan

What comparison can you make between the course of liberal movements in Japan and the course of similar movements in your own country?

Would or would it not have been better had Japan remained distinctly Oriental?

It is evident that class distinctions in Japan are undergoing change. How important do you consider the breaking down of such distinctions as necessary to the development of democracy? Can you show how democracy has been advanced in Japan?

What is the meaning of the term liberalism as used in this article by Professor Ukita? He believes that there are common enemies of liberalism everywhere. Who and what are they?

Define with care the following expressions: Cosmopolitanization, Occidental, innovations, bureaucracy, feudalism, Bushido, capitalism, prerequisite, manhood suffrage.

Here are four valuable books on Japan: "Modern Japan," by A. S. & S. W. Hershey (Bobbs, Merrill); "Japan in World Politics," by K. K. Kawakami (Macmillan); "Japan Foreign Policies," by A. M. Pooley (Dodd, Mead); "Democracy and the Eastern Question," by T. Millard (Century).

President Wilson's Final Message; The Duty of Congress

Do think President Wilson defined you democracy very well in his last annual Message, summarized on another page? Would you define it differently?

Do you think of any important legislative matters which the President failed to recommend? If so, what would you say to Congress about these matters ?

What is your opinion of granting independence to the Filipinos?

What do you think of the duty of Congress as suggested by The Outlook on another page?

What would be the value of a National budget system?

What, in a few sentences, is your opinion of Mr. Wilson as President?

In answering some of the questions in this study you will find "The Budget and Responsible Government," by Cleveland and Buck (Macmillan), and "Woodrow Wilson and His Work," by W. E. Dodd (Doubleday, Page) and "The Peace Tangle," by John F. Bass (Macmillan), three suggestive books.

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THE RAINBOW IN THE

FINANCIAL CLOUDS

BY THEODORE H. PRICE

(From an Address delivered before the City Club of Cleveland, December 4, 1920)

W

HEN I came to look into my subject I was surprised to find that very little is really known about rainbows even by the scientists. The wonderful story in Genesis tells how when the deluge had subsided the Lord promised that "when I bring a cloud over the earth the bow shall be seen in the cloud" as his guaranty that "the waters shall no more become a flood to destroy all flesh." But upon turning from the Bible to a book upon "Geometrical Optics" I learned that, while it was a fact that the sunlight was decomposed as it shone through the spherical raindrops, no one exactly understood why, and that the secondary rainbow which sometimes encircles the more vivid and primary bow was even harder for the physicists to explain.

We know that white light passing through a prism is resolved into seven primary and twenty-one secondary colors, but this is about all we know with certitude, and the difficulty that Newton and, his successors have had in explaining just why the same result follows the passage of the sun's rays through the spherical raindrops inclines. even the skeptical to accept the Biblical story as conclusive.

And the first thing to observe in this story is that there can be no rainbow without a cloud. The world had been submerged in the flood. Noah and his company in the ark alone survived, and when the flood had subsided immunity from another deluge was vouchsafed to mankind by the rainbow.

Just now there are some who are predicting a commercial and financial deluge that will engulf the world. A German has written a book entitled "The End of Western Civilization," in which it is asserted that the history of the dark ages is about to repeat itself in Europe and that humanity will shortly revert to barbarism, made more terrible by the use of the death-dealing machinery developed during the war.

The complete breakdown of the world's economic organization is also predicted by those who choose to take a gloomy view of the future. It is prophesied that the already depreciated currencies of Europe will become entirely worthless and that primitive barter will shortly be the only method by which business can be conducted.

That there is some basis for this expectation, especially in the countries whose paper money is worth less than five per cent of its par value, is to be admitted; but it will not be a new experience, and civilized society has in the past survived equally severe shocks to its economic machinery.

But certainly the cloud is overhanging us. Is there a bow to be discerned in it that will negative the pessimistic predictions of a deluge that are to be heard in so many quarters?

To this the answer is, Yes-the bow is there if we can but see it. Some of us are, however, color blind, and cannot see a rainbow. Others have been so dazzled by the white light of prosperity that shone in the cloudless days of high prices that their vision is really impaired, and still others there are who are always depressed by darkness and do not understand that clouds are as necessary as sunshine and

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Leading dentists everywhere advise this new-day method. Millions now employ it. You see the results in glistening teeth wherever people gather. Now let your own teeth show them.

You must fight film

Brushing does not save the teeth if you leave the film. That's why wellbrushed teeth so often discolor and decay.

Film is that viscous coat you feel. It clings to teeth, enters crevices and stays. The ordinary tooth paste does not end it, so very few people have escaped its damage.

It is the film-coat that discolors, not the teeth. Film is the basis of tartar. It holds food substance which ferments and forms acid. It holds the acid in contact with the teeth to cause decay.

Millions of germs breed in it. They, with tartar, are the chief cause of pyorrhea. So dental science has in late years sought ways to fight that film.

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THE RAINBOW IN THE FINANCIAL
CLOUDS (Continued)

that for most of us eternal day would mean eternal death.

But if we look hard enough the bow will become visible, and as we gaze upon it we shall discover many analogies between the white light of the sun as it is resolved into its component colors in its passage through the raindrops and the white light of prosperity that is decomposed as it penetrates the clouds of the present depression.

For prosperity, like light, is composed of many elements. It is a compound of material, labor, capital, transportation, intelligence, economy, and expenditure. These are its primary colors, but, as in the rainbow, many secondary colors are produced as labor converts material into what men require, and capital and transportation distribute the resulting product to those who by intelligence and economy have become able to purchase it, and so complete the circle around which production and consumption forever follow each other.

But we know that the white sunlight contains seven colors in certain proportions, and that any variations from these proportions indicate abnormality. And so the rainbow that is visible through the clouds of business depression to those who are intent upon seeing it may have its practical uses.

While it is a guaranty against the complete submergence of a deluge, it may show that the prosperity from which it is resolved was abnormal or defective in that it did not contain the requisite elements in their proper proportion. And here, to leave the metaphorical and get down to realities, is the chief value of such reactionary periods as the present. They provide us with opportunity and time to examine and analyze policies and processes and ascertain wherein they have been wrong.

In our previous prosperity we may have used too much or too little material, labor, capital, or transportation, and we may have been mistakenly economical, unduly extravagant, or less intelligent than necessary in the management of our business.

་

It is generally admitted that there is an outrageous waste of material in America. I am told that in our use of coal nearly ninety per cent of its potential energy is wasted, and I know that in the textile industry the waste of cotton from seed to loom is fully twenty-five per cent. I should say that the waste of raw material in American industry averages fully thirty per cent. Not all of this is reclaimable, but a large portion of it can be saved by those who are willing to introduce scientific methods and machinery. And as to the labor element. Well, we have a long way to go before we can even glimpse the addition to our wealth that would result from the intelligent utilization of human labor. Employer and employee,

those who work with their heads and those in solving the problem, for the only way that the war's cost can ever be paid is by making it possible for one man to produce as much in the future as two did previously..

who work with their hands, must co-operate

It was the invention of the steam-engine and the power-driven labor-saving machinery that followed in its train that enabled Great Britain and Continental Europe to pay the expenses of the Napoleonic wars, and it is only by increasing our collective earnings through the invention and introduction of labor-saving machinery and processes that we can hope to amortize,

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All of us waste capital by carrying an unnecessary amount of money in our pockets, tills, and other places where it is idle

and unproductive. I was speaking to a company of ninety men in Dallas, Texas, a month ago. At my request, they counted up the money they had with them. It amounted to nearly $2,700, almost $30 each. None of them required anything like such an amount, for nearly all their purchases were made on credit. I told them so, and pointed out that they ought to put the money in bank and so help to relieve the scarcity of credit .of which they and every one else in Texas was complaining.

And then there is the waste of capital that results from keeping eight billions of gold tied up in idleness as bank reserves. Our Federal Reserve banks alone hold two billions of gold as a reserve. If it were in circulation, it would earn at least one hundred millions a year in interest, to say nothing of the stimulus to business that it would furnish.

I know that the belief that the banks ought to keep a gold reserve is so sacrosanct to some that it seems almost blasphemous to question it, but we shall some day come to understand that wealth-producing or consumable property is the only reserve worth having, and that the value of gold is traditionary rather than real. That we have made some progress in this direction is indicated by the fact that we have sold twenty-five billion Liberty Bonds without providing that a dollar of gold re serve shall be held against them. insist, nevertheless, that the Federal Reserve banks shall keep forty per cent in gold against the three and a half billions of Federal Reserve notes outstanding.

We

There are many other ways in which capital is wasted or inefficiently employed. Taxation, Government expenditure, and an unwillingness to insure are some of them. Just to touch on insurance. Every one realizes that. he ought to insure his life for the benefit of his family and his property against destruction by fire, but most men are so neglectful of this duty that the insurance companies have to employ agents to whom they pay hundreds of millions yearly to persuade people to insure themselves. In the fire insurance business alone the resulting increase in the cost of the indemnity provided is about $250,000,000 a year, which could be saved if insurance were obligatory.

In the life insurance business the waste of capital from the same cause is of course much larger, but I have not had time to calculate it. Then there is the unnecessary fire waste due to carelessness. No one knows exactly what it is. Some say $200,000,000, but we shall probably be well within the mark in assuming that our insurance companies could save a billion dollars a year if insurance were obligatory and unnecessary fire losses were avoided.

Of our waste of transportation we ought to be ashamed. Why, I know, and I expect you know, of a certain article that makes four journeys between New England and

There was once

Published in

the interest of Electrical Development by an Institution that will be helped by whatever helps the Industry.

a substance called coal

It doesn't take a Jules Verne to imagine the time when our present-day fuel will be gone. But there is nothing frightful in the prospect. Already the world's engineering brains have cast ahead and discovered a new fuel in rain drops and dew fall-water power.

Nor is this source of power a hazy dream of the future. It's here.

In California, for example, 942,000 hydroelectric horsepower are right now turning wheels, lighting cities and harvesting crops.

In the United States as a whole there are 9,000,000 hydro-electric horsepower actually at work-and this is but fifteen per cent of our available supply.

It is to the other eighty-five per cent we must look against the day when coal and oil are museum curiosities.

Just how soon hydro-electric development will come to any community must depend on local conditions-such as how long the coal supply there can advantageously compete with water power.

But in the many places where coal is scarcely to be had, sane common-sense thinking about the relative economy of water power will hasten its coming-to the common good.

We should all understand that water power is not the interest of any particular business -that it is not a political issue, but a great economic one which affects us all.

So its support must come from the people, whose money will be needed to finance it. And rightly so.

Conservation of our national resources is one of the first benefits of water power development. The preservation of forests, the avoidance of floods, the irrigation of arid lands are part and parcel of this program.

Truly, unharnessed water is a national possession which goes to waste as long as we do not use it-and in this day of inadequate production and the high cost of living, any waste is an economic crime.

Western

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Company

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