The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-02
The Neutral Powers and Peace.

There are rumors of a concerted move
ment on the part of neutral Powers to put
an end to the conflict in the Far East but
such reports we should ask ourselves
to what extent those Powers are really
interested in Fastening peace.
There is no doubt about the sincerity
Of the wishes expressed in Paris for
speedy termination OF the war The
amount Of money which French capital
lists have invested in Russian Govern
ment bonds and other securities has been
computed on good authority at one
billion seven hundred millions OF dollars.
Obviously, no prudent creditors would
desire to see country 80 deeply in
| debted to them subjected to any further
! financial strain. II. indeed. a new loan
were requested for the purpose OF paying
the pecuniary indemnity now certain to
be demanded by Japan. there is no doubt
that French bankers would make it with
| alacrity and cheerfulness. What they
dread is the prospect of being subjected
to an incessant drain on their resources
for an indefinite period. OF course, they
could refuse to lend If they chose: but
Russia could probably secure in Berlin
the funds which she failed to obtain in
Paris. With every fresh burden as
sumed, however, the value of the security
offered by the debtor would shrink, and
the safety Of the investments previously
made by Frenchmen would be CORE
spondingly impaired.
Nor can French financiers be indifer-
ent to the political considerations which
in the eyes Of their patriotic fellow
countrymen are of capital Importance.
The rehabilitation, the dignity, the
territorial integrity. even perhaps the
national existence of France, are condi-
toned upon Russias retention of high
place among great Powers. What far
sighted French statesman can behold
without a SILVER of dismay the extent to
which the prestige and vigor Of his coun-
try's ally, viewed as a military and naval
power, have been shattered by the terri
BILE blows dealt successfully at Lao
yang, Port Arthur, Mukden and Tsu
Shima! 1t is true that the weakening of
The confidence with which France until
lately leaned upon its Russian coadju-
tor has been counterbalanced to some
extent by tho friendly relations con-
tracted with England England's friend
ship, no doubt. would safeguard French
soil against invasion by sea, even if the
French Navy were not itself adequate
for the purpose. But what aid except
Go,n,;,l GOULD Eroot Rritoip oH,r .
German army were once more launched
across the French frontiers?
If it be OF urgent moment to France
that the war be stopped before her ally's
strength suffers any further depletion,
it Is no less patent that Germany, il
prompted by cynical devotion to self
interest, must desire to see the war go on.
German bankers are declaring that Ro-
JEsTvENsKY's humiliation brings Rus
STA no nearer the necessity for suing for
peace than did the fall OF Port Arthur or
the defeat at Mukden. In modern history
no country, say the representatives Of
Berlin banking houses, has been COM
PEELED to stop hostilities on account of
financial impoverishment They add
Iildb pau . lIAblbtCHCO VII a kc lHueIl-
nifty constitutes an insurmountable OBJ
stacle to peace, and if Russia prefers to
spend money in an attempt to turn the
tide she can get all the funds she wants
J SO long as she offers an attractive rate Of
ntercst-provided, OF course. European
Russia, which constitutes the security,
shall remain inviolate. Experience has
shown that the words and deeds Of Ger
man financiers are apt to be in accord
with the secret purposes of their sover-
eign. That WILLIAM II. cannot wish to
witness termination Of the present war
until his Russian neighbor has been
brought much nearer exhaustion may
be taken Tor granted, because he must
be keenly alive to the vast change in the
relative position Of Germany in Europe
| already brought about by events in the