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taneously offer its services to that effect, and
in such case it shall notify both governments and
request their cooperation In the investigation.
The high contracting parties agree to furnish
the permanent international commission with all
the means and facilities required for its investi
gation and report.
The report of the international commission
shall be completed within one year after the date
on which it shall declare its investigation to
have begun, unless the high contracting parties
shall limit the time by mutual agreement. The
or report shall be prepared In triplicate; one
copy shall be presented to each government, and
the third retained by the commission for its files.
The high contracting parties reserve the right
to act independently on the subject-matter of
the dispute after the report of tho commission
shall havo been submitted.
ARTICLE IV
The present treaty shall be ratified by the
President of the United States of America, by
and with the advlco and consent of tho senate
thereof; and by Her Majesty tho Queen of Tho
Netherlands; and the ratifications shall be ex
changed as soon as possible. It shall take effect
immediately after the exchange of ratifications,
and shall continue in force for i period of five
years; and it shall thereafter remain in force
until twelve months after one of the high con
tracting parties have giveL notice to tho other
of an intention to terminate It.
In witness whereof, the respective plenipoten
tiaries have signed the present treaty and have
affixed thereunto their seals.
Done in Washington on the eighteenth day of
December, in the year of our Lord nineteen
hundred and thirteen.
The prediction Is made by the Washington
correspondents that the present session of con
gress will last into the dogdays. If this happens
nobody can blame it upon the house, which has
slioWri a commendable desire to do the work cut
ut fOr it without unnecessary delay. The pop
ular branch of congress is Apparently actuated
by the belief that there is something more than
iere rhetoric in -not putting off until some time
rfextf week what carl be done at once.
lv:
The exposure df the crookedness in the New
Haven railroad" management of past years and
of the reckless waste of money expended makes
all the more imperative tho bill now being pushed
through tho senate by the president. The right
to regulate the revenues of a railroad ought to
carry with it tho right to regulate their expendi
tures, in such a way as to protect the stock
holders from spoliation.
J 'A number of estimable citizens and many
newspapers were real sure that before Huerta
could be eliminated the United States would bo
'Involved in war with tho dictator and that riot
''and rapine would mark the last days of the re
gime in Mexico City. What really happened was
so diametrically different that nobody sneers any
longer at "watchful waiting" as a wise govern
ment policy.
DID YOU
Did you give him a lift? He's a brother of men,
,-And bearing about all the burden he can.
,DId you give him a smile? He was downcast
and blue.
And the smile would have helped him to battle
it through.
Did you give him your hand? Ho was slipping
down hill,
And the world, so I fancied, was using him 111.
Did you give him a word? Did you show him
tho road,
Or did you just let him go on with his load?
Do you know what it means to be losing the
fight, "
When a lift just in time might set everything
right?
Do you know what it means just a clasp of a
. hand,
When a man's borne about all a man ought to
- - stand?
Did you ask what It was why the quivering
lip?
Why the half suppressed sob, and the scalding
tears drip?
Were you brother of his when the time came of
- need?
Did you offer to help him t didn't you heed?
Tid BItl.
Secretary M'Adoo Interviewed
on Our Financial Conditions
Below is a reproduction of an Intorviow given
by Secretary of the Treasury McAdoo, to tho
Now York World of July 13, which was pre
sented to tho Unitod Slates sotiuto by Senator
Simmons of North Carolina for publication in
tho Record.
(By S. S. Fontaine)
Secretary of tho Troasury McAdoo has given
to Tho World tho first comprohonslvo Interview
to which he has submitted sinco ho nssumed
office on March 4, 1913. A list of interrogato
ries covering a wide range of subjects in which
tho business men of the country aro deeply in
terested at this time was prepared under tho
advice of leading bankers and financial experts,
and tho. socretary answered them with groat
frankness.
The result Is a document which will doubt
less prove of engaging Interest to all tho read
ers of The World, but especially to thoso who
aro seeking light on tho attltudo of tho treasury
department on many Important questions affoct
ing the country's financial and political economy.
The questions as submitted by a World staff
correspondent and as answered categorically by
Secretary McAdoo follow:
MONEY FOR MOVING CROPS
What steps aro yon prepared to tuko to assist
tho banks of tlio country In financing tho un
precedented crop yield of tills season?
Answer. If the necessity appears, I shall
again deposit government money in tho banks
to assist in moving the crops. On Juno 29 a
letter was sent to tho president of each of tho
sbventy-fivo hundred national banks .in tho coun
try, asking if ho expected any, unusual demand
in his locality for monoy during,, tho next six
months; if, so, fqr whajb,, purpose, and., in w,hut
month ft wquld bo, most, needed Jho replies
will enable thedopartment totfqtqrmiuo Intqlll
gontly what assistance is required. ,. ,-
It is my purpose to deposit government funds,
not only to movo crops, but to help every kind
of legitimate business in every section of tho
country whore I am convinced that assistance
is necessary or desirable.
This will be done in a sane and rational way
with duo regard to conditions and not.improvi
dently. In spite of partisan statements to tho
contrary, this administration has, done moro di
rectly to help the farmers and business gener
ally by using treasury money to relieve strin
gency, to restore financial equilibrium and to
promote confidence, than any' other administra
tion within my knowledge.
LAST YEAR'S RELIEF
In fact, this administration, for tho first time
in the history of government, pu1. money di
rectly in thoso sections of the country whero
crops wero to be moved and where it was most
needed, taking commercial paper as security.
Every business man and every banker knows
what relief that gave, because It made available
a vast amount of self-liquidating paper growing
out of trade operations and provided a supply
of money In direct response to. tho demands of
business. For the first time since the' war wo
had in effect a flexible currency which came Into
existence when needed and automatically re
tired when the demand eased This was a valu
able object lesson Tho country has secured tho
permanent benefits of an elastic currency in tho
new federal reserve act
FEDERAL RESERVE SYSTEM SOON IN
OPERATION
Do yon expect tho new federal reserve banking
system will bo in full operation In time to facil
itate the crop movement?
Answer. The new federal reserve banks
should be in operation In tlmo to materially help
the crop movement. Whether they are or not
tho treasury Is ready and can extend all the aid
that may be needed. The financial condition of
the country Is so exceptionally sound now and
money is so easy that no concern wbatejer need
bo felt about the immediate future. You havo
not heard this year, for the first time in many
years, anything about tight mpney this fall or
any expressed fear of inability to handle the
big crops that are in prospect.
The federal reserva banks will be ready for
business muck sooner than expected. An ira-
a'
SECRKTAItY McADOO KMlMfASIZRS
NOTAISIjI? FACTS AND OPINIONS
Tho troasury department will if neces
sary again deposit government monoy in
tho banks to aBslst In moving tho crops,
and to holp every kind of legitimate busi
ness. Tho financlnl condition of tho country
is exceptionally sound.
Tho rovonuos of tho country aro nqt
dwindling; thoy are increasing.
The troasury has a surplus of $33,000,
000, and Its gold holdings havo Increased
$17,000,000.
Wo shall in time havo 100 por cent, in
gold behind tho greenbacks.
No necessity for an Issue of govcrrunont
bonds oven for tho Panama canal, Is In
sight.
Now fedoral ronorvo system, very noon
to bo put into operation, promises a won
derful period of financial stability.
Methods of collecting tho Incomo tax
will ho simplified next year.
Thero will bo no tlnkorlng with tho
tariff.
Tho passage, not tho postponement, of
anti-trust legislation will establish confi
dence. Prodigious crops aro beginning to
move, and business stimulation Is already
reported from nearly ovory soctlon of tho
country.
Enactment of the right corroctlvo
measures now will put agitation to sleep
and give business tho rest It craves.
. Thoro is no excuso at this timo for.
"nervous systems."
Wo can faco tho futuro with absolulo
-rconfid'onco.. - ' j ...
W
monso amount of work has been done that does
not appear on tho surface. When tho fedoral
resbrvo board organizes it will find comprohon
slvo information, selected and prepared by tht
reserve bank organization committee, and re
ports jnado by a commlttco of exports, composod
of II. Parker Willis, chairman; Edmund D. Fish
er, Andrew A. Benton, A. Howard Wolfe, Josoph,
A. Brbderick, Ralph Dawson and Stephen H.
Fnrnhnm of Now York, on a system of uniform
accounting, clearing houso functions, commer
cial paper, &c. Also briefs from Important
clearing houses and commercial bodies on the
definition of commercial paper. Tho reBorve
board will bo able to get down to buslnesf
quickly and oxpedlto the final stops in. tho or
ganization of tho brinks.
COMMERCIAL PAPER AS COLLATERAL FOR
GOVERNMENT DEP08ITS
It has been stated that you will bo willing thin
year to ncrcpt commercial paper as collateral
for government deposits In tho banks. Will the
falluro of tho Clnflln company, with Its great
quantity of unredeemed paper In tho hands of
banks, bo likely to restrain you in any way in
carrying out this policy?
Answer. r-Tho Claflln falluro will not deter
mo from again accepting commercial papor as
security of government deposits. All papor ac
cepted by tho government Is passed upon by a
clearing houso commltteo In each city and a
special representative of tho government. And
in addition, each pleco of papor must bo Indorsed
by the bank offering It So tho government has
not only all tho assets of tho bank behind tho
paper, but tho responsibility of tho makers them
selves. Last year tho treasury deposited $37,
386,000 almost wholly against this kind of papor.
Every dollar was paid back to tho troasury on
April 2, 1914, and the government received as
profit, at 2 per cent interest, $267,844.51.
Tho Claflln failure, by the way, simply prove
all over again what has. been proved thousands
of times before the futility of over-expanaioij.
Neither tariff laws no alleged ieyre&km wm,
responsible for that failure. It is th old jte
miliar cry. U "biting off mor tfca yon '
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