Arizona republican., 1904-03-05
The Cost of the Aslatic War.

The Cost of the Aslatic War.
 Wars of the present day are unlike the wars of a hundred years ago. in
 many particulars. but in nothing so
 much as in the matter of expense. The
 cost of war is now so tremendous that l the most powerful nation may wellsbe appalled, at mere contemplation Of hos tilities with q rival. The Boer war cost England about one billion and a quarter dollars, and it was not much of a conflict. either. compared with previous contests between nations.
 The present war between Russia and Japan, while of uncertain status at present. may cost a great deal more
 than England paid for her conquest of the Boer republic. Efforts at media ton are already under way. but even the most sanguine levers of peace do not anticipate that these offers will be immediately successful. Russia is smarting under her several defeats. The humiliation is hard enough to bear, but above this looms the certain ty that surrender will be a practical confession of her weakness, and her relegation to the grade of second-class nations. No one at all familiar with Russia's hopes and ambitions can con- ceive of her submission at this time.
 Therefore Russia will fight. Through her adroit diplomacy she may be able to entangle one or more powers In her present quarrel and thus bring about q condition where she will be able to withdraw with honor, in a genearl peace that the world would unques- ligerents. Otherwise there seems no possibility of short decisive war. The potential strength of Russia may be as great as her most ardent partisans assert. but as a matter of fact her real strength in this conflict Is measured by the carrying power of a badly equip Ped transcontinental railroad, which, if rumor is to be relied on, has already broken down under the burden imposed on it. and which at best will be exposed to constant danger from attack by the enemy. It is hardly likely that Russia can use transport service in convey ing troops or supplies to the east. Japan has crippled the Russian navy. and to send conveys of troops b.' water. unguarded by warshlps, would be folloy.
 This means that if Japan means to overwhelm Japan in Manehuria and Korea, land approach must be utilized, and since this will take time, a long war may be looked for. The chief burden of expense will fall on Russia Her military railway has already cost her half a billion dollars, and this is only an initial expense in the total If, at the end of spring, the contestants have under arms a quarter of a million men. the expense of the war will begin to impose a strain on the finances of the two nations. It is probably no ex- aggeration to say that before the war is ended, even though 1t be confined to the two present warning powers, a bil- lion dollars, and possibly more, will have been added to the worlds in- debtedness. As this debt will have to be financed as it is incurred, the se- curity markets will be more or less af- fected, and money rates will likewise be influenced adversely. The United States will be an important factor in any negotiations for the raising of funds. There is not much possibility that this country would take kindly to the absorption of foreign bonds, but our capital will be used more or less in the operations. Events of the next several months may do much to dis arrange present snticipations regard ing money and investments.