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business as a matter of course. They have, accumulating enormous liabilities for penbesides, the soldier's impersonal attitude sions. Interest on England's war debt, toward the man he may be called on to as it stands at present, will require an shoot. Where a militiaman on riot duty annual charge of about $500,000,000. In may waver at the thought of using force addition to this, pension charges already against his next-door neighbor, or where a demand $100,000,000 a year. That is sheriff or constable may hesitate to act the amount provided for in the latest for fear of political consequence, a state English budget. No one can foresee what policeman has no such doubts. He is appropriations will be needed in the next trained to restrain himself to the last ten, twenty, or fifty years. - In 1866, a year instant to which quiet determination is after the Civil War ended, we were paying safe, and then to shoot and shoot to kill. $15,000,000 a year to its survivors. Now, This aloofness and this certainty of action fifty years afterward, the cost is $166,in themselves almost guarantee that he 000,000 yearly. If England increases her shall not have to shoot. In the nine pensions at the same rate, she will pay years that the Pennsylvania Constabul- in 1966, about $1,100,000,000 every year ary has kept order in that state, the on this one item. number of times its men have had to use Meanwhile Canadians are demanding their weapons is relatively very small, better pension treatment for their soldiers. and the deadly effectiveness with which Compared with Europe, Canada treats they did use them when they had to her army with even greater lavishness than has made it possible, for example, for the United States. The private soldier six men to quell a riot of more than a gets $1.10 a day and his wife or widowed thousand strikers and sympathizers in mother has a separation allowance of $20 Pottsville by simply riding slowly and a month. Under the Canadian pension silently through the streets.

system, the rank and file soldier, in case The temptation to abuse their authority of injury, gets an amount ranging from is very small for a body of men that have $75 to $264 a year, a captain from $216 to so large a territory to patrol, whose mili- $720 a year, and a brigadier-general from tary discipline keeps them from forming $636 to $2,100. Canadian newspapers strong local attachments, and whose are already denouncing these stipends as political supervision rests in a distant niggardly and are pointing to the Ameristate capitol instead of in a near-by court- can pension list as the only respectable house or city hall. Probably no more model. Thus the Toronto Daily News effective method of safeguarding the rural “would like to see pensions to the rank districts of a state has yet been devised. and file increased. The Dominion is rich Riot duty in cities is the more familiar, enough to provide handsomely for its because the more spectacular, part of the disabled and partly disabled officers and work of a state police; but its most useful, men.” No Canadian statesmen have yet and by far its larger, work is the protection advocated pensions on any other ground of the lonely countryside in which sheriffs than disability; nothing like the American and constables alike have been conspicu- service pension has yet been proposed. ously ineffective.

But the war is not over yet-these things

are in the future. It was not until 1907, BIG PENSION LISTS FOR ENGLAND forty-two years after the Civil War AND CANADA

ended, that our service law was passed

by Congress. HERE are numerous indications In all likelihood the war will deprive

that, as was the case with our own the United States of its present preëm

Civil War, the burdens of the inence in pensioning soldiers. We shall European conflict will last many years probably be just getting rid of this burden after peace is concluded. This applies —that is, unless we have some new warsnot only to the unparalleled debts the as Europe is feeling the weight most nations are piling up. They are also oppressively.

If we add England's

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$60,000,000 old age pensions to her in beds. In a few years nearly all the $100,000,000 military bill the English leaders of Mormondom were wearini pension list is now about the size of ours. stripes in jail, the church property hac

been escheated to the United States on the THE MORMONS OF MEXICO ground that the institution was treasonable

and law-defying, and the whole organizzUR recent Mexican difficulties have tion, now extremely rich, went bankrupt disclosed one picturesque foot- This was the situation that produced the

note to American history. Most famous Woodruff manifesto of 18go, by Americans have now learned, for the first which the Mormon church promised to time, that there are large Mormon colonies abandon polygamy in the United States in Mexico.

However, many polygamous Saints hac There are Mormon colonies in Canada fled to Mexico. The land seemed inviting also, and the province of Alberta con- President Diaz, who was approached on tains two “Stakes of Zion." But to the subject, had no particular hostility the Mormons all over the world their to polygamy. He wanted good colonists Mexican colonies are things exceedingly and the Mormons understood sheep herdprecious. The sacrilegious Mexicans, in ing and grazing. Here, then, in northern assailing them, assail what are, in many Chihuahua and Sonora, was the place respects, the brightest jewels in the Mor- where the Mormons could "live their mon crown. There are Mormons in religion” and keep alive by practice the England, Denmark, Germany, even in great doctrine by which the Mormon New York City, but none fill the peculiar church rises or falls. The Mexican Morplace set aside for the Mormons of Mexico. mon colonies have thus been perpetually

For these Mexican colonies are "cities lighted vestal fires of this "new and everof refuge.” They are really shrines estab- lasting covenant” of polygamy. lished for the uninterrupted practice of In fact, ever since they acquired statepolygamy. They were founded, in the hood, the Mormons have secretly pracearly 'eighties, primarily as protests against tised polygamy in Utah. But in Mexico the treatment that the Mormons were re- they have practised it openly. These ceiving in the United States at that time. places are as obviously polygamous as was Then the United States, after temporizing Salt Lake City in the days of Brigham with the Mormons and their peculiar Young. The Mexican colonies have proinstitution for more than half a century, moted polygamy in the United States, for began to enforce vigorously American here the Saints have frequently gone to marriage laws in Utah. President Cleve- marry the plural wives they have afterland, after vainly attempting to persuade ward taken back to Utah. This is the the Mormons to become, as he expressed curious story of the origin of the colonies it, "like the rest of us,” sent United States which Villa's forces attacked. marshals and Federal judges into Utah. As Utah was then a territory, Congress REPRINTS OF FINANCIAL possessed jurisdiction over the marriage

ARTICLES relation, and the laws of Congress strictly limited the Saints, like the rest of Ameri- HE World's WORK several years cans, to one wife. Hunting polygamous

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ago a Mormons, arresting them, and confining

rule forbidding the reprinting of them in the Utah penitentiary became its regular monthly article on investan exciting industry. The polygamists

The polygamists ments except by newspapers and other scattered to the four winds of Heaven; current periodicals. Notwithstanding this Joseph F. Smith, the present head of the rule, unauthorized reprints have ber? church, took refuge in the Hawaiian made, without permission, by unknow? Islands, while others less important con- private agencies. All such reprints are cealed themselves in caves, in abandoned circulated without the consent or san. houses, sometimes between the mattresses tion of this magazine.

NVESTMENTS IN MUNICIPAL BONDS

ery month the World's Work publishes in this part of the magazine an article on

experiences with investments and lessons to be drawn therefrom.

W

HEN in doubt buy mu- taxes! Paradoxical as such a thing may nicipal bonds," is an old seem to those who are unacquainted with investment rule of thumb securities, it is the most widely accepted which experience has formula for safety in the investment world.

shown to be most widely Yet in undertaking to apply it, investors ractised at times when the doubt concerns are not infrequently led into unexpected le country's business and financialoutlook. perplexities.

If one runs over the history of the several One who wrote to the World's Work eriods of general depression that have not long ago presented a typical case of ccurred in the United States during the this kind. He had been charged with the ist twenty-five years, one finds that, at responsibility of investing a small sum of ne very first signs of uneasiness, the flow money for a nephew, recently left an f investment capital immediately sets orphan. The principal of the investment gainst securities dependent in any way was to remain undisturbed until the boy pon the earnings of private enterprise, became of age, but it would be necessary ind in favor of those backed by taxes, the to use the income meanwhile to help kind of earnings that do not fail.

toward his support. In fact, the circumThis tendency distinguished the invest- stances made the question of the investnent market of 1915. It was especially ment's yield of considerable importance. narked during the first half of the year The writer said that his own investment while the business of the country was going experience had been confined to the purthrough the uncertain process of readjust- chase of a few railroad bonds, none of ing itself to the unprecedented conditions which could be sold in the market for anycreated by the war. It continued as an where near the prices he had paid. He influence to be seriously reckoned with by said that although this gave him little the investment bankers, even after this concern about the safety of his own funds, readjustment appeared to have been he did not like to contemplate the possiaccomplished and industry of nearly every bility of having to face a similar situation kind had been stimulated to prosperity when the time should come to turn the proportions. Its importance is pretty money over to his nephew. What he definitely suggested by recently published wanted for the present purpose was an figures, showing that while the railroad, investment free from the vicissitudes of industrial, and public utility corporations active market securities, yet one which had to content themselves with about could be converted into cash with reasontwenty-five millions less new capital than able facility and without undue sacrifice, in 1914, the municipalities of the country even at a time of uncertainty. were able to command from investors He had first taken the matter up with more than forty millions more. the cashier of his bank, who had argued fact, the total amount of permanent convincingly that municipals were the municipal loans placed during 1915 was only securities meeting such requirements, larger than in any other year of the last and who had advised dividing the money decade. One authority places it at ap- among the following bonds: street improximately $489,000,000.

provement 4}'s of a large city in Ohio to There is something more or less axiom- yield 4.05 per cent.; municipal improveatic about the rule whose operation ment 41's of a California city to yield 4.30 is thus exemplified. An income from per cent.; the 5's of a school district in Missouri to yield about 4.30 per cent.; revealed a number of points about mut:and the 5's of a road district in Texas to cipal bonds, in regard to which a cleare yield 5 per cent.

understanding on

the investor's per The average yield on this assortment of happily proved a remedy for his resen:bonds figured out a little less than 41 per ment. The most

ment. The most important of these cent. With careful management the points may be referred to here in some de total income accruing at that rate might tail as one that has called for explanatie prove sufficient, but the investor, without in the correspondence of this department knowing exactly why, suspected he might with increasing frequency of late. do better. In any event he thought it the one involved in distinguishing between would be good business to learn more about the class of street improvement bonds the market for municipals before conclud- which the investor found to be available ing the transaction with his bank.

to yield as much as 7 per cent, and the class He started to make an independent represented by the issue of the Ohio city investigation, and, at the time he wrote to yielding only slightly more than 4 per cent. this department, he had progressed just Here is a somewhat unfortunate, even far enough to demonstrate what a danger- if unavoidable, duplication of investment ous thing a little knowledge can be, espe- terms. Both of these two classes of bonds cially when it pertains to the science of are issued for identical purposes. But investment discrimination. He was full there is an important fundamental differof resentment at his banker for having ence between them as far as the nature tried, as he believed, to make an unreason- of the obligation is concerned. Both are able profit on the proposed investment by payable out of special taxes assessed taking advantage of his inexperience, and against the real estate benefiting from a long-standing business relationship was the improvement. But in the one case on the point of being severed. The un- the obligation is that of the property pleasant situation had arisen in this way: owner, personally, safe-guarded by a lien

Among the bonds mentioned in the upon the particular property affected: advertisements and circulars the investor whereas in the other case the obligation is had collected, there were a number which that of the municipality itself, safeguarded appeared to him to bear striking similarity by its power to tax all the real and personal to those recommended by the bank, except property within its limits to meet any dethat their yields were materially higher. ficiencies that may result from defaults in He had picked out for comparison with the payments of the special assessments. four issues suggested by the cashier two No general rule can be laid down for street improvement bonds of Western distinguishing quickly between these two cities, both yielding 7 per cent., and one classes of bonds. Experienced investors. of each of the other two classes, yielding however, are accustomed to go on the respectively 51 and 5 i per cent.

theory that a "straight" municipal bond He said that he was fully aware that in can less frequently be bought to yield more all comparisons of the kind allowance than 5 per cent.; so that when they see should be made for such differences in offerings at the higher rates, they begin to interest rates as might be due to the rela- analyze to determine the kind of credit tive intensity of the competition for money upon which the bonds are based. It is for all purposes among the various locali- plain that the term "municipal," elastic ties. But where municipal credit was as it is, ought not to be stretched to involved, it seemed to him preposterous include the first of these two classes of to try to explain on that ground such wide bonds. And it is plain that much more differences as his comparison showed. He careful discrimination is called for in the wanted to know, therefore, if he did not selection of investments from this class. have a just complaint against his local despite the fact that it has an established banker for placing an exorbitant price record for safety upon which many careful upon his offerings.

bankers are found willing to stake their Analysis of this comparison readily reputations.

YOUR GOVERNMENT OF THE

UNITED STATES
THE DEPARTMENT OF COMMERCE

T

O THE remote tax-payer who marketing at the corner grocery it is the reads his

his Washington dis- duty of the Department of Commerce to patches in the morning's paper tell you, if you want to know, whether or not some of the departments of the you get the equivalent of an honest pound Federal Government appear

or bushel. What constitutes a yard, how to be continually asking for support or much is a gallon, is the Department's busicrying for help. The Department of ness; one of its bureaus will tell you acCommerce is one grand cry to help. Even curately the melting point of firebrick

superficial acquaintance with it impresses or the precise latent heat in the fusion the average person with the enormous po- of ice. And this same bureau, with a truly tential assistance to the individual citizen Baconian carelessness of limitations, now within the power of this one department. reaches out to a benighted people with

A great many of its good offices are precise standards of radium activity! generally appreciated and partially made Hatching fishes, protecting seals, surveying use of. A great many more are not only lakes and buoying channels, weeding out not appreciated; they are not even known. human defectives, and finding out what Somebody ought to introduce a bill in kind of plumbing they like in Peru, the Congress permitting the United States Department of Commerce is a glorified Government to advertise!

humanitarian octopus. And on top of all The things which are incident to the these trivial details, it takes the census. Federal conception of "commerce" are ex- And all these various, and in some cases traordinary. That very important section entirely disassociated, services, organized of its organization which is directly devoted into eight separate bureaus, the Governto helping the Business Man get more ment lumps togetherand calls “Commerce.” profitably, and geographically more widely, To do the work of its eight helpful bubusy is fairly obvious. But who would reaus, it mobilizes a peaceful army of suspect that the Department of Commerce 18,687 employees, of which number 9,936 was breeding diamond-back terrapin at hold permanent positions in the DepartBeaufort, N. C., running warm schools for ment. Like the War Department, Comcold native Eskimo children on

the

merce, in its work of national defense, also desolate Pribilof Islands off the coast of runs a small navy of its own, numbering Alaska, or charting submerged rocks off 169 vessels. The up-keep of this army the volcanic coasts of the Sulu Archipelago? and navy cost Congress, in 1914, eleven The big lights that flash out from Cape and a half million dollars. Hatteras, from the old Morro at San Juan For them that go down to the sea in ships in Porto Rico, or guide steamers away and have their business in great waters the from the Farallon Islands in the Pacific Department runs five separate services in as are kept burning by the Department of many bureaus: the Bureau of Lighthouses, Commerce. Every ship's captain or mate the Steamboat Inspection Service, the Buwho takes your life in trust on a river steam- reau of Navigation, the Coast and Geodetic boat or on an American ocean liner gets his Survey, and the Bureau of Fisheries. authority to do so from the Department of When night falls over the territorial Commerce, which also provides him with waters of the United States, 5,004 lights of his charts and inspects and passes upon all classes flash silent warnings and guides. the hull and boilers of his vessel. When When fog obscures our coasts 567 fog you buy a pound's or a bushel's worth of signals, aërial or submarine, send out their

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