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moment, then sat down on the floor and tragedy below did the chief give time to cried.

the human one above. Neville, pretending not to see Dan's “Where 's that man that 's hurt?” he distress, brought more waste. As he asked as he came, slowly, from an inspecplaced it beneath his head Larry groaned. tion of the burned-out bearings down the Dan, still on the floor, wrung his hands, shaft alley. calling on the saints and the Virgin to Neville went with him to the storelighten the pain of this man it had been room. Dan, sagging under fatigue, clung his joy to torture.

to the bench where Larry lay moaning. Neville turned to him.

"You can go now, Sullivan," Neville "Get up from there!” he cried sharply. told him. “Go see what you can find to help him.” Dan raised his head, remorse, entreaty,

Dan left the room, rubbing his red- stubbornness in his look. Alanneled arm across his eyes.

“Let me be! I 'll not leave him!” turned quickly with a can of cylinder oil, The chief turned to Neville. and poured it slowly over the horribly “What 's come over that drunk?” he burned limbs.

asked. "There ain't no bandages, sir; only "Ever since the Mouse got hurt, Sullithis.” He held out a shirt belonging to van 's acted queer, just like a woman.” the engineer; his eyes pleaded his ques- “Get to your quarters, Sullivan,” the tion. Neville nodded, and Dan tore the chief ordered. “We 'll take care of this shirt in strips. When he finished the task, man." strange to his clumsy hands, Larry had Dan's hands closed; for an instant he regained consciousness and lay trying piti glared rebellion from blood-shot eyes. fully to stifle his moans.

Then the iron law of sea discipline con"Does it make you feel aisier, Mouse?" quering, he turned to Larry. Dan leaned close to the quivering lips to "The blessed Virgin aise you, poor catch the answer.

Mouse!” he mumbled huskily
"

and "It helps fine," Larry answered, and slouched out through the door. fainted again.

"You'll be leavin' me stay wid him, At midday the San Gardo's captain got a sir?” Dan begged. “'T was for me he 's shot at the sun. Though his vessel had come to this.”

been headed steadily northeast for more Neville gave consent, and left the two than thirty hours, the observation showed men together.

that she had made twenty-eight miles

sternway to the southwest. By two in the BETWEEN four and five in the morning, afternoon the wind had dropped to half when Neville's watch had lived through a gale, making a change of course possithirty-three unbroken hours of the fearful ble. The captain signaled full speed grind, a shout that ended in a screaming ahead, and the ship, swinging about, belaugh ran through the fire-room. High gan limping across the gulf, headed once above the toil-crazed men a door had more toward Galveston. opened and closed. A fórm, seen dimly Neville, who had slept like a stone, through the smoke and steam, was moving came on deck just before sunset. The backward down the ladder. Again the piled-up seas, racing along the side, had door opened; another man came through. lost their breaking crests; the ship rose Every shovel in the room fell to the steel and fell with some degree of regularity. floor; every man in the room shouted or He called the boatswain and went to the laughed or cried.

store-room. The engine-room door, too, had opened, They found Larry in one of his conadmitting the chief and his assistant. Not scious moments. until he had examined each mechanical "Well, Mouse, we 're going to fix you

in a better place," the engineer called with what heart he could show.

"Thank you kindly, sir," Larry managed to answer; "but 't is my last voyage, Mr. Neville." And the grit that lay hidden in the man's soul showed in his paintwisted smile.

They carried him up the last flight of iron stairs to the deck. Clear of the engine-room, the boatswain turned toward the bow.

"No. The other way, Boson," Neville ordered.

The chief, passing them, stopped. "Where are you taking him, Mr. Neville?"

"The poor fellow 's dying, sir," Neville answered in low voice.

"Well, where are you taking him?" the chief persisted.

"I'd like to put him in my room, sir." "A stoker in officers' quarters!" The chief frowned. "Sunday-school discipline!" He disappeared through the engine-room door, slamming it after him.

They did what they could, these seamen, for the injured man; on freighters one of the crew has no business to get hurt. They laid Larry in Neville's berth and went out, leaving a sailor to watch over him.

The sun rose the next day in a cloudless sky, and shone down on a brilliant sea of tumbling, white-capped waves. Far off the starboard bow floated a thin line of smoke from a tug's funnel, the first sign to the crew since the hurricane that the world was not swept clean of ships. Two hours later the tug was standing by, her captain hailing the San Gardo through a megaphone.

"Run in to New Orleans!" he shouted. "I cleared for Galveston, and I'm going there," the San Gardo's captain called back.

"No you ain't neither."

"I'd like to know why I won't."

"Because you can't,"-the answer carried distinctly across the waves,—“there ain't no such place. It's been washed off the earth."

The San Gardo swung farther to the

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ing in pain; then with both hands clenched blood - Mary, the child of the woman I he went on, his breast heaving at each beat when I was drunk an' left to starve word hurled at Dan:

when I got ready!" Do you think I followed you from Through the state-room door the sun's ship to ship, dragged you out of every rum- Alat rays struck full on Larry's inspired hole in every port, for your own sake!” face. He swayed on his elbow ; his head

He lay back exhausted, his chest rising fell forward. By a final effort he steadied and falling painfully, his eyelids flutter- himself. His last words came in ringing ing over his burning eyes.

command. Dan stepped back, and, silenced, stared "Go back! Go-" he faltered, gasping at the dying man.

for breath— go home sober to Mary an' Larry clung to his last moments of life, the child that's comin'!" fighting for strength to finish. He strug- The fire of anger drifted slowly from gled, and raised himself on one elbow. Larry's dying gaze. The little man fell

“For you!” he screamed. "No, for back. The Bunker Mouse went out, all Mary! For Mary, my own Aesh and man, big at the end.

War Debts and Future Peace

By JOSEPH E. DAVIESI

Formerly United States Commissioner of Corporations, and now a member of the Federal Trade Commission

TH

THE European War is being run on they could gather together. That is borrowed money.

That is the start- changed, and large modern industries are ling fact, of which but little is thought. generally projected and financed to a large In the determination of the terms of degree out of the funds derived from longpeace, however, it may be of far-reaching term bonds, which are expected to remain and impelling force. There are many al- virtually a permanent charge upon the truistic and humanitarian forces addressed property. Formerly wars were financed to effecting permanent peace, but, power- out of current revenues. Napoleon, for ful as these forces may be, they may not instance, was able to make his wars virbe as potent in peace councils as the forces tually pay their way. Modern wars, howof unrest that are being generated by the ever, are financed by modern methods, accumulation of war debts, the interest and the money is generally raised by loans, charges upon which future generations either direct or by paper-money issues, will have to pay, and which will be a which are, in fact, loans forced from the heavy burden upon the incomes, and per- people by the government that issues the haps even an overwhelming encroach

money. ment upon the living wage, of the peoples

WAR EXPENDITURE AND CURRENT of the various governments now engaged

INCOME

It is easy to spend borrowed money. UnBOND ISSUES FINANCE MODERN INDUSTRY

der such a financial arrangement neither AND MODERN WAR

the Government nor the people feel the This war is the greatest business project immediate pinch of war costs. If these of all times. Formerly men financed their costs were paid out of the annual income enterprises on the immediate capital which of the warring nations, the true cost 1 This article is the personal expression of the writer, and does not in any manner purport to be the

opinion of the Federal Trade Commission.

in war.

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would be more nearly appreciated. The to the extent to which the burden of taxa-
direct cost of the war to all the belligerent tion may go. It is essential to the preser-
countries is about 110 million dollars a vation of government itself that in the
day, as contrasted with a daily income of long run taxation must be confined within
approximately 130 million dollars a day. reasonable limitations. It is a considera-
The cost is more significant when com- tion to which the statesmen of the war-
pared with the daily savings out of in- ring nations are giving much attention.
come. The aggregate savings of all the The per capita indebtedness of the Fed-
peoples of the warring nations have been eral Government of the United States is
estimated at twenty-one million dollars a ten dollars and fifty-nine cents ($10.59).
day. In other words, the daily direct war The per capita indebtedness of the war-
cost is a sum nearly five times as great as ring nations at the present time will vary
the daily savings of these nations in peace from six to forty times that amount.
and in times of greatest prosperity. If

ENGLAND'S DEBT AND HER POLICY costs were to be paid out of income, every

OF PEACE day of the war would take the total savings of every man, woman, and child of The Napoleonic wars lasted twenty years the warring countries, and requisition in and added 500 million pounds to Engaddition thereto the accumulated savings land's debt. In 1816 the interest charge of four other days. If the direct war costs on the war debt of England alone abwere paid out of income there would not sorbed more than one half of the whole be enough left to provide for even the public revenues from taxation.

It was physical minimum of subsistence.

doubtless this fact that gave to English The expedient of using borrowed money statesmen pause, and then caused them to disguises the facts, places the burden to a give very grave consideration to the queslarge degree upon the future, relieves im- tion of the degree to which a government mediate pressure, and makes possible still could withstand the strain resulting from greater expenditures.

the taxation that the payments of interest

on war debts necessitated. It was probINTEREST ON WAR DEBTS, TAXATION,

ably these conditions that caused Robert AND PEACE

Hamilton of the University of Aberdeen SOME day, however, these debts have to to write his famous “Essay on the Nabe retired. The interest charges at least tional Debt." There is no doubt that the must be paid every year. Borrowing may necessity for retrenchment in public exgo on and on, and the pressure be not penditures was reflected in the manifest much felt. When the interest charges policy which England adopted, with a rethemselves become burdensome, however, sult of thirty-nine years of peace. then it is that statesmen and those con

WAR DEBTS CHARACTERIZED BY RAPID ducting wars begin to feel the limitation

GROWTH AND BY SLOW RETIREMENT of their power. For it is generally through taxation that the money must be raised to War debts grow with tremendous leaps pay the interest charges, and there is a in very short periods of time; but it is limit to the taxation which any represen- equally true that they have been retired tative government may impose upon its most slowly. Following the Revolution subjects with safety. This is especially of 1688, for a period of 128 years Eng. true in democracies, though it is also true land alternated between periods of peace where governments are more autocratic. and war. During the sixty-four years of The menace of military power, the shadow war approximately 825 million pounds of the man on horseback, may hold back were added to the national debt, and durthe social pressure arising out of the eco- ing the sixty-four years of peace the debt nomic unrest of burdened subjects, but was reduced by only thirty million pounds. even under such conditions there is a limit The Crimean War, lasting twenty-seven

months and seven days, added thirty-three four billion dollars that existed at the bemillion pounds to the public debt of Eng- ginning of the war. It was one of the land. Thirty-three months of the Boer axioms laid down by Hamilton that to the War wiped out the savings of thirty-six cost of the war up to the treaty of peace years that had been applied to the reduc- there would have to be added an addition of the national debt. England's most tional year of expenditure to cover the brilliant statesmanship has always been total cost of the war. If the present war, addressed to the British Exchequer and to in Europe, then, were to end within the the retirement and reduction of the na- next six months, the total war debts of tional debt, and yet the most remarkable the warring nations would probably apachievement of her fiscal statecraft did not proach the enormous sum of 130 billion succeed in retiring a

sum greater than dollars. eleven million pounds in any one year. This is a sum greater than the total naLess than two days' expenditures of the tional wealth of either England or Gerpresent war wipes out that entire amount. many; it is in excess of the national wealth All of the savings of the imperial govern- of France and Italy combined. The inment of the richest country in the world, terest charge on this sum alone would exfrom the Revolution of 1688 down to ceed the total expenditures of all the 1914, a period of 226 years, would be suf- warring nations for all governmental purficient to finance only eighty days of the poses, civil and military, during the last present war. The taxpayer of Great year of peace (six billion four hundred Britain to-day is still paying taxes to cover million dollars). If to the annual interthe interest on the debt incurred by his est charge which this indebtedness entails forefathers in the American Revolution, there were to be added a sum equal to the the wars of the Napoleonic era, and current expenses of the governments for Queen Anne's War.

the last year of peace, it would represent If the experience of England in the last a sum to be raised by taxation which 200 years in the retirement of national would probably exceed one fourth of the debt is to be taken as a criterion, it will total gross annual money income of all the probably be safe to conclude that a thou- nations engaged in the war. However, sand years in the future the English peo- if, in addition to this, it were necessary ple will be paying taxes to meet the inter- to resume the same degree of military exest on the debts now incurred.

penditure as existed prior to the war, the Consideration of these facts makes interest on the war debt and other govclearer the economic significance of the ernmental charges would, in time of peace, present unprecedented war expenditures, take twenty-five cents out of every dollar with the enormous national debts which from the income of every man, woman, are now being piled up.

and child in the warring nations. If to this annual sum that had to be raised by

taxation there were to be added sums in NOW DECLARED

addition for the preservation of the presOf the total war cost of the first two ent armaments or naval equipment which years, three fourths, or approximately would be in proportion to the present war forty billion dollars, were raised by loans footing, the burden on the taxpayers of of the warring nations. Upon the same the nations at war would be increased to basis it may be conservatively estimated an incredible amount. Even if the armathat the combined loans of all the warring ments of all the nations at war were to nations at the end of this, the third year

be abolished by the terms of peace, the of the war, will be at least ninety billion additional cost to the governments arising dollars. To get the aggregate indebted- through pensions and expenditures for soness of all the nations there would have cial amelioration would be equal annually to be added the indebtedness of twenty- to, or in excess of, the sum formerly spent

BURDEN OF DEBT IF PEACE WERE

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