The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-27
THE LATE CRISIS.


The appointment of President Roose-
Welt as arbitrator in the Venezuelan
affair confirms a premature report, via
Planning island, of the choice of arol-
tration as a remedy. Just why the
American executive should be chosen
when a competent tribunal exists at
The Hague and when the United States
is also Venezuelan claimant, does
not appear in the brief cable dispatch
es. but presumably there is some good
reason. 1t is enough to know, as
basis of public satisfaction, that the
crisis in West Indian waters has pass
ed and that the second Venezuelan
trouble like the first one happening in
President Cleveland's time, will come
before just judge instead of that
court of last resort of nations where
the verdict goes to the heaviest bat
talions.
The effect of the peaceful recourse
taken in Venezuela has doubtless, be-
fore this, registered itself upon the
business interests of the nation. There
were distinct symptoms of furry
when the news from La Guayra got
exciting. James Hill, the great rail-
road financier, said that a panic in
the stock market was imminent and
that manyebusiness men, fearing war
with Germany, were beginning to haul
in their lines of investment. 1t was
both OF the allied powers on the Mon
roe doctrine would have sent values
tumbling. The banks would have
shut off and called in loans both at
home and abroad. Another era of
Black Fridays would have been upon
u.s. But aiPs well that ends well and
now there is nothing to keep business
from once more getting into it's old
pace.
1t is always interesting to specu-
late what the United States would
have done in the event of war with the
allied powers or with one of them.
Acknowledging our comparative pau
city of naval and military resources
and the enormous extent of our coast
line, including those of the colonies
and the fact remains that the outlook
would not have been altogether hope
less. 1t has been noticed that France
has, in this whole matter, preserved a [
neutral attitude, though she has as
much reason, financially, as Italy, to
join in the naval Representation. Butt
France knew that if the United States
became embroiled with England and
Germany or with the latter powerj
alone, she would at once offer herself
as third member: of the offensive and
defensive alliance of France and Rus
STA. In that event. the British fleet
would be needed on the home and CO.
lonial coasts and the German war Of
fee would have to bend it's energies
fer the protection of two frontiers and
the defense Of German ports and colo
mics. There would have been world
war. more dreadful in it's consequences
than any that had gone before.
Doubtless it was growing concep-
ton of this peril which brought the
allied powers around to a peaceable
frame of mind. They started bump
tiously; they end reasonably; and a
great mark has been set up on the
coasts of precedent to guide future
wayfarers. Curiously enough the
Monroe doctrine which Canning got
up to preserve the balance of power
in old Europe. finds in the balance of
i power of new Europe it's strongest
guarantee. France and Russia stand
ing alone are great; with the United
States Joined with them they would be
/ paramount; and in the opportunity to
become their war partner or to be-
come the war partner Of their enemies,
lies the immunity from old world as
/ sault while developing it's hemisphere
cal policies, which the United States
has so long enjoyed