The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1911-09-16
THE MOROCCAN TROUBLE
Financial Considerations viii Doubtless Prevent Any War
Between France and Germany

1t has been made plain to German statesmen that France will
fight rather than grant to Germany a large increase of opportuni-
ties in Morocco to which that country is not actually entitled by
occupation, and German actual interests in Morocco are very small
And as a war between France and Germany over the chances
to trade in Morocco would inevitably mean an effort by Germany
to obtain and fortify a Moroccan port on the Atlantic coast, it Is
certain that Great Britain would back France, for that country will
take no chance Of the establishment of a German naval base on the
flank Of British communications with Egypt and India
There will, therefore, be no war, says the San Francisco
Chronicle, but France may grant to Germany some "rectihcation
of boundaries, or compensation farther south, where French and
German spheres of influence join, as the price of final withdrawal of
Germany from interference in Morocco.
1t is a case of "money talking" France is ready-money
country and Germany is not. Germany owes France money, and
the calling of French loans in Germany, or the loans of other
debtors of the French, is already producing stringency in the Ger
man money market With the British and French money markets
closed to Germany, it would be extremely difficult for Germany, to
finance a war, and it could probably be done only as we financed
the Civil War, by the issue of irredeemable paper at a discount.
Germany is a wonderful country, but greatly extended" in its
financial operations. In its colonization enterprises, which pro-
mise we'll but are not yet profitable, there is in one form or another
a great deal of money belonging to depositors in German banks.
With any prospect of the suspension of specie payments there
would be runs on German Banks and a moral certainty of a great
financial crisis.
The German people, and especially the German fnanciers who
are responsible for gold payments of deposits, decidedly object to
the precipitation of financial chaos in order that the empire may
get something in Africa which does not now belong to it.
They do not believe it will pay, even if the end sought were
attained. which is more than doubtful.
Germany has more men than France and it may be that the
national wealth is greater. But land and buildings and factories
and mines will not pay the current expenses of war, and ready
money will. And France has ready money and no end of
credit. Germanys wealth is very largely in fixed forms of
which much is unproductive. France has a great surplus of liquid
assets.
The situation illustrates the condition of the world. National
interests are so intertwiued and the relation of creditor and debtor
SO complex that no nation can wage wa on another, even if success
full, without causing great distress to its own people.
The situation is one of the many benefcent exertions of the
"money power" of which the public hears so much and knows
so little
The money power, and especially the money power of Europe,
stands for peace, not necessarily from altruistic or humanitarian
motives, but because it does not wish to lose what it has already
lent for carrying on war. And the money power will have its way.
More than that the workingmen of Germany and the working
men of Europe generally stand for peace, and a combination of the
money power and the working power is irresistible.