The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1914-08-17
United States-Empire
of Finance and Commerce.

The Manufacturers Record Of last
week contains the following significant
editorial:
IT, in an altruistiC spirit the coun-
tries of Europe had desired to bring
about the largest possible development
of this country; if they had desired
to transfer the seat of the empire OF
commerce and finance and industry -
the United States. they could not m
any other way have accomplished 1t
so effectively as they are doing, for
they will bring about these results by
their own disasters following this ter
rifle war.
Nature has so marvelously endowed
this country with almost limitless re-
sources for material development that
We have here the foundation on which
to build manufacturing structure far
greater than that of all Europe.
We have an area capable of sup
porting a population larger than that
of Europe.
We have the raw materials with
which 10 keep these people busy in
Industrial activities and the land on
which to produce their foodstuffs.
Here are resources sufficiently great
and diversified to provide employment
for hundreds of millions, and here, too,
are the resources for feeding and for
clothing them.
The combination of advantages is
nowhere else matched on earth. Moth
ing like it is known TO mankind
Europe has for many years noted
with envy and jealousy our great de-
velopment in material things. but 1t
has viewed with still greater envy our
matchless resources in all Of the raw
materials which furnish the founda-
ton for every line of manufacturing
known.
The conditions which exist in Eu
rope will literally compel a develop
ment here whenever the war is ended
far greater than we have seen in the
past This war will put the United
States ahead fifty years in it's domina
ton Of the finance and commerce Of
the world and throw E''-~~e back fifty
years. Within twelve months after the
war has ended this country will hold
q more dominating position in the fin
ance and commerce of the world than
1t could have held in fifty years of
peace. Sad as it may be that our pro-
gress will be built on the wreck and
ruin of material things and on the
death of millions of men and the vast
age of billions Of wealth in Europe.
nevertheless this Is the opportunity
which the people Of Europe are fore
ing upon US.
Than tno thara ara other Dhasac nf
national life and activity as a result |
of this war which will be OF benefit to
our country. In this time Of strife. |
when financial ruin for a few days
threatened the country, the National !
Government and the people at large |
turned for safety and protection to the |
very banking interests which for years |
they had been denouncin~ And not |
only did the fierce financial storm
which threatened us drive this Gov
eminent and the people to seek the
protection of the great financial forces
OF the country. the very forces which
yellow Journalism and the people for
which yellow journalism stands had
been denouncing. but Europe likewise
turned to these very institutions that
they might help to meet some Of their
problems.
If there is in our people-and surely
all must admit that there is-the capa-
bility Of learning by sad experience,
they will learn through this situation
to think less harshly OF our great bus
mess leaders and TO recognize their in
tegrity of character as we'll as their
in financial affairs The Gov
eminent and the business interests of
the country have been brought into
closer touch and into closer co-opera-
ton than for many years, and out of
this great good will come.
Moreover. as a nation we have been
taught as we could not have been
taught in any other way the supreme
necessity of a great merchant marine
For years men have foreseen the pos
sibility Of this condition have labored
in vain to awaken our country to the
Importance OF the subject. The neces-
sity for merchant marine has never
been so clearly recognized as it is now
Indeed, many people have secuted at
the need of it. and said that we could
more wisely depend upon European
ships to carry our stuff abroad be-
cause they could do 1t at a lower cost
than could American ships. and that,
therefore, we were making a profit
by letting them do the carrying trade
In the last two weeks the people Of
this country the farmer who produces
the grain and the wheat. the banker.
he manufacture and the capitalist
have suffered &rss4sr aggregate Loss