The Hawaiian gazette., 1902-12-30
THE LATE CRISIS.

The appointment OF President Roose-
Welt az arbitrator in the Venezuelan
AFFAIR confirms a premature report VIA
flaming island. of the choice OF arpi-
tration as 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 Iaimant, does
not appear in the brief cable dispatch
es, but presumably there is some Sood
reason. 1t is enough to know, as
basis Of public satisfaction, that the
crisis in West Indian waters mas pass
ed and that the second Venezuelan
trouble like the first one happening IN
President Clevelands time, will come
before a just judge instead of that
court of last resort of nations where
the verdict goes to the heaviest pat
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 fnancier, said that a panic in
that many business men. fearing war
with Germany, We're beginning to haul
in their lines Of investment. 1t was
inevitable that an attack by one or
both of the allied powers on the Mon
roe doctrine would have sent values
turbling. The banks would have
shut off and called in loans both at
home and abroad. Another era of
Black Fridays would have been upon
as. But all's well that ends well and
now there is nothing to keep business
from once more getting into its 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
neutral attitude, though she has as
much reason, financially, as Italy, TO
Join in the naval demonstration. But
France knew that If the United States
became embroiled with England and
Germany or with the latter power
alone she would at once offer herself
as a 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 its energies
for the protection of two frontiers and
the defense of German ports and colo
MES. There would have been a world
war, more dreadful in its consequences
than any that had gone before.
Doubtless it was growing concep-
ton OF this peril which brought the
allied powers around to 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
power of new Europe its 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 its hemisphere
cal policies which the United States
has SO long enjoyed.
-v-