The Detroit times., 1914-11-06
|MANY HAS
|)NEY ENOUGH
Tor LONG WAR
1neial Resources Of Empire
Have Been Underrated,
Declares Babson
NORMOUS INTERNAL
WAR LOAN is PROOF
n|ssr's War Chest in Splandau
Fortress is. Great Aid
to Finances

~ ROGER w. BA6soN,
DouD<er and statistician. and Stu
Lent % international Eeonomics9
[<Iho word hope" and the word
Inttv have the same number of let
80 but they resemble one another In
- other way We all have illustra-
<bu8 Of this In everyday life, but the
1ont Illustration OF, today is the atti-
1e which the English speaking peo-
- are taking toward Germany and
o Germans.
A We are making our hopes twist
- facts" TO suit ourselves, but this
<nVorfheless will not change the facts.
rmany has great resources, and al
0u8h we may hope for her imme-
~ defeat, and expect her complete
,nkruptcy. statistics do not indicate
1T either result Is probable.
The way the English press has con-
landed hopes and facts Is perhaps
16f illustrated in its reports OF the
ctnt German war loan. SO Tar as
~ recollection goes this Is the larg-
~ war loan ever offered for subscrip-
on at any one time in the history OF
= world. II is for 1,31S.000,0 900
nfks II excheQuer bonds and SOIL
1900 marks In imperial bonds. max
8 total OF 4,3S9, 000, 900 marks.
This means that by one act. In the
orse OF . few days, Germany sold
~ fesue OF government bonds amount
~ q over billion dollars. which
nbnut SO per cent Of the total debt
ne United States. Moreover, this
- top Of her special war fund col
I'D when was In Europe last
~. amounting TO over q quarter OF q
Hon dollars.
Eerhaps readers can better under
Ind how great this amount Is when
~ e ID TWO and half times the
~ OF the Panama canal, Ave times
bonded debt OF one OF the great
American railway systems. and
voral times the cost Of all the rail-
Ids in New England In fact, II
md mean about $50 for every fam
s. the United States, or about 500
Ioce for every family in Germany.
H h no wonder tina. English and
16ricar newspapers prophesied that
loan would be great failure and
- after It was oflicially announced
70 y 8uCC66bs lubotc0 TINT ZIG ~
y were compelled to subscribe to It
he point OF the baycnet. The long
~ short of the matter In that we
I'D the loan would be failure,
the fact IL that 1t has been sue
80 and has been largely subscribed
~ sheer patriotism
xobably some of the large banks
Industrial concerns. which have
llnctly profited through govern
ut patronage and subsidy. were re-
srted to subscribe literally, and
rely the government was justified
making such q request. The
TIT mass OF subscriptions. however.
kolieve were wholly voluntary. for
~ German people have this war very
nch at heart.
A1tkough the censored and doctored
xrfz. which the American press re-
'Vo through the cables from Eng
- and France. give the impression
~ the German people are not with
kaiser IN this confiic., private cor
1D0ndeuce which Americans are con-
non1ly receiving from friends IN Ger
10y tells exactly the reverse
N1ne Germans out OF 10, yea, rine-
ninc out Of hundred honestly be.
~ that this war has been forced
ron them by Russia. that Russia Is
1cavCring slowly TO absorb Europe.
70 TINT Germany is fighting for her
fy existence.
TSDrthermore. they cannot under
1ond why England and France should
- back on their own flesh and blood
ND uphold the Slav In this great
1clal struggle.
Yes. the German people are just as
1lriotic and love their Fatherland
d much as do the people Of any other
Nation All who can are showing 1t
~ going to war, and those who, ow.
be TO sex or age, are unable to shout
~ gun have shown patriotism by
[Aeerfully subscribing to this great
MAJ loan, the greatest ever recorded
~ the financial history OF the world.
Ono more thing In this connection,
|Ict Ms remember that this is. not a
11fnr loan which will impoverish Ger
lony, for the money will be spent In
Iermany rather than In foreign coun.
When Turkey. or Argentina, or any
11h6r Of the newer nations floats a
~ loan to have batt1eships built In
INLAND or to buy aeroplanes from
france or guns from Belgium, the ma
Non Issuing said loans Is impover.
Med thereby. as the money goes out
the country.
Moreover, unlike the battle line
1hare the poor man must stand IN
Ia be shot at while the wealthy
1on's son Is an oficer In the rear, the
r1l-to-do bear the burden of this loan
IS must be great temporary distrib
1or OF prosperity.
Ihorefore, however we may person
~ dislike the Germans because the,
- hard to compete with In business
have different social standard
~ our own, let us not get the ide,
- Germany IL yet bankrupt.
vas only a. years ago whel
80 was In worse predicament. 10
vac then even unable to sci
- af home.
(fer one or two small interns
~ Abe was Obliged to resort Z
Own great bankers. J. p. Morga
~ Who flouted at IS large issu
~ uer cent bonds. which yielde
nrchasers nearly eight per cen
% bonds sold around SIS With
months Of their issue, althoug
rnnfhs later they were quote
n n 3 familiar saying tbs
~ Go16 that glitters. but II
o1ly true fact that all gold doe
a ~ ..,.--.e> p.>ceueo The csble =,