The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-06-30
RUSSIAN WAR INDEMNITY.

Henry Clews & Co. in their current
letter touch upon the probable effect
upon the finances of the different mar
kets of the world of the supposed war
indemnity Russia will have to pay ia
pan. The extract from the letter
which we give below gives some in
teresting pieces of information. The
letter has no hesitancy in predicting
that should France and Germany, be.
come involved in another war the end
would be such that the latter could
exact an indemnity from her enemy of
double the size the former was forced
to pay for peace in the last war. Rus
STA, according to the opinion of Clews
& Co., will suffer more and create
greater disturbance in the money mar
kets of the world if she is forced to
pay to Japan an indemnity of half .
billion dollars thar did France with the
Gebt of twice that amount which she
had to pay for being defeated by Ger
many. Clews & Co.'S letter says:
1t is hardly probable that the in
demnity to be paid by Russia to ia
pan will require financing before the
crop requirements in this country
have been full taken care of. The
largest indemnity thus far paid was
in settlement of the Franco-German
war, it was 81, 0e0, 100000 and it
took three years to provide for full
payment. The aInOun was raised by
a bond issue. which the masses DC
France enthusiastically subscribed for.
most of which was paid by boarded
money. For that reason the banking
institutions of France were not affect
ed. The people of France at the time
were IiCh and prosperous. RuSsia's
position to provide for an Indemnity
to Japan is vastly different to that Of
France. Russia. to meet an indcmni-
ty, will have to rely upon other ma
tons to take her bonds, n by those
with whom her credit is already
strained through her present large
Indebtedness to them. 1t would be
more cnerous for Russia to pay $500
coo, 1000 as an Indemnity than it was
for France to pay the $1,000. 900, 900
referred to. For lat reason aba
must he moderate in her eXactionS for
a tribute payment. The war has cost
Japan about S500.n00.0 GO. Jaran can
easily get an equivalent for hat out
1dN ny (NdCllItS liz SuIISIlQIt vi LII
Russian railway in Manchuria. includ-
ing all the territory in Manchuria held
by Russia and all th. Russian war
ships that are at present laid UP in
eastern ports. In addition thereto
Japan can we'll afford to be reasona-
BILE on a money indemnity. and what
is eXGCted should be made payable in
long instruments extending over a
Eeriod Of, say, five years or more. ia
pan has at least $50. 600, 900 to her
credit at the present time in different
New York city institutions. and this
non may remain here if japan Sc
cures an immediate payment of toneS
indemnity. If not. it is likely to BIZ
drawn out very soon after peace is
established. The weakening of Rus
STA as a nation by the war is moss
Unfortunate for France. as there will
now be a constant fear that German.
will seek another war with France
on some slight preteXt to get auothe,
indt unity. and the mex che will be fol
at least double what the last was. Fo
Germany to be able to a $2.90e.-
coo, GOO from France as a result o1
another victorious war would maks
a long prosperous period for Ger
many. and would make the German
people worship their Emperor. there.
by gratifying his vanity and ambition
This alone would be almost sufficient
nCentiVe to s,rine about a war. it is
animated hat when peace between
Japan and Russia is effected the form.
er will want to negotiate 2 5 0.00e, 09(
in loans. That. however, does no
mean an addition to the bonds alrcad,
outstanding: il simply means that she
Will take u her G nor Cent. bonis IL
rar and substitute new 4 per cent
bonds In their place.