The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-06
WEDNESDAY, APRIL 6. 1898.
WAR AND BUSINESS.

Those who have the idea that war
would be profitable would do well to give
serious consideration to some observations
Of the Railroad Gazette OF current issue.
The first effect Of war. says the Rail-
road Gazette. would be to injure public
and private credit, and securities, public
and private, would be less saleable in the
market. would bring less money when
sold. and would be less available for
loans.
Let us not get the idea that securities
are held only by wall street spectators.
Many poor widows and orphans are de-
pendent for their support upon their lit
lie invea;ments in stocks and bonds. and
there are thousands of workingmen and
business men who have invested some Of
their earnings in building and loan asso-
Citations and other institutions OF that
character Anything that causes depres-
sion in the value of stocks hurts the
whole country and not Wall street alone,
as some people imagine Not only so,
but when securities are impaired, It is
that much harder for business men and
manufacturers to secure money with
which to carry on their affairs and any
curtailment of this character means
either a reduction in wages, or the throw
ing OF people out Of employment.
who ventures to-day" asks the Rail-
road Gazette. "to engage in a new enter
prise? What answer will you get when
having a productive enterprise planned
and ready to be prosecuted you ask for
capital. Wait until the war scare is
over
Il is not denied that certain industries
which make war supplies would profit.
but these are the exceptions.
Let Us consider the carrying trade
by land and sea-" continues the Railroad
Gazette
Obviously the sea trade under the
American nag will be practically wiped
out Tor a ume. Our important coast
ing trade would be destroyed We have
not sufficient navy TO protect IL against
even a very inefficient regular or prlVa-
tecring fleet.
IS result Of the interruption Of the
coastwise trade the North and South
railroads, particularly those near the At
increased business, unless the coasting
trade IS carried under a foreign fiag. OBJ
Viously Congress could, and very likely
Al would admit foreign countries 10 TINS
trade The change would be quickly
made for Il wouid consist chleiy in
hoisting the British flag instead OF the
American over cur coasters. lhese Norlh
and South railroads would naturally have
also some additional business in NOV
ing troops and war supplies. But the
number OF troops 10 be moved viii be
small. and the total amount OF war sup
plies TO be moved Will not be great; at
least II viii be but trifing percentage
OF the normal traihc. Therefore me
proft. even TO these lines. coming from
q strictly military business. would prob
ably not mako up for the traffic lost
through a general stagnation OF Industry
and trade. In our civil war some OF the
railroads had n great military traitlc, es-
ueclally he Philadelphia, wilmington q
baltimore, the Pennsylvania and the
Illinois Central: but no such volume OF
traffic could be poured over any or our
lines by any such war as Is now possible
The Gazette then goes on TO show that
ths food requirements for the small force
put into tho field would mako listle i'm
oression on the general movement OF
food products, and that the small guam
tity of material required for the making
OF guns and projectiles would be but an
insignificant percentage OF the great out
nut OF the furnaces and mills. which
would necessarily be smaller throughout
the country at large in time Of war than
IN time OF peace. And in conclusion the
Gazette says that one frequently hears
expressions like this on the street:
''Oh, q war will make the rich men
soueal; Il will make those fellows In Wall
street bleed Il will make things lively
for the poor folks" 1t is pitlful 10 think
that any great number OF our ps0ple can
be misied for moment by such phrases.
However serious may be The business de-
preston the rich man. or the people OF
moderate meaus, will not actually suf-
fer; they viii still have tight roofs over
their heads comfortable beds 20 sleep In.
plenty Of good food 70 cat and fuel 10
keep them warm. They may often have
10 cut down certain living expenses. They
may have 20 take their boys out Of pre-
paratory schools ana send them 10 public
schools. They may have TO take their
boys out OF college end make them go 20
work. But these things do not amount
20 q catastrophe. A considerable per-
centefe Of those boys viii actually be
better of Tor such change and few "
them will ever suffer much as a conse-
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