The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-08-10
Losses to the European Content on
Account Of the War VIII be
Colossal In Property
and Lives.
HOPE DECISIVE BATTLE
May Open tho Door for Mediation and
Thus Stop This Monstrous struq-
gle. Says cIews In His
Review.

Vi 1913 VI me age Is on, and the worst
Is probably apr &c ated. The result
! must now be left 20 the arbitrament
OF army. Great Britain's entry into
the war will undoubtedly hasten the
end; the sheer intensity of the con-
fiict necessarily limiting its duration.
For the time being the worlds COM
merce is demoralized. On the CONT
nent of Europe the losses will be
| colossal. Hundreds of thousands of
precious lives will be sacrificed, and
billions OF capital and property de-
stroyed. The horrors that will have to
be endured are too dreadful for the
imagination. Chaos will rule in Euro
pean industry. and commerce for pos
s1bly some time to come. The most
that can be reasonably hoped for is
some great decisive battle in the early
stages of the war, decisive enough at
least to open the door for mediation
and thus stop this monstrous struggle;
many generations.
In the course Of time the present
confusion will partly disappear. The
world is rapidly settling down to a
war basis, and many Of the necessary
activities of life will soon go on much
as usual So far as the United States
Is concerned, we are theoretically ad-
justing ourselves to the new situation.
Our leading financiers are showing
degree Of calmness, courage, consider
alton and wisdom that Is a splendid
exhibition OF public spirit. Today
Wall street is shouldering RESPONSE
bilities, accepting risks and granting
accommodations that are saving this
country from panic and materially al
leviating the stress abroad. What
ever the misdeeds Of the past, today
those who manage our leading finan-
cial institutions are showing fine
ability and splendid courage in meet
ing the grave situation. Not only our
financial machinery has been put in
shape to meet almost any contingency,
but important aid has been rendered
to European bankers, relieving them
of considerable of their obligations to
this side. Foreign banks often finance
the moving of some of our crops, cot
ton for instance; but In this case by
relieving them we have helped our
selves as we'll as Europe. In all de-
partments of business there is grow
ing spirit of cooperation, which
should be generously enlarged until
the crisis is passed. There is uni
versal extension OF credit where
needed and where conditions are
sound. The moratorium has been
promptly adopted wherever necessary.
The financial strain on this side has
been materially relieved by the issue
of $500, 100000 Of emergency currency
under the Aldrich-Vreeland act, and
laws have been passed making 1t pos
sible If necessary to put into circula-
ton over s1,700,00o,o0o Of such cur
rency. BY common understanding our
bankers have also agreed to prevent
anv further important exports of gold.
The closing of all OF the exchanges
has fortunately prevented an aggrava-
ton OF the crisis by stopping Had
vised speculation: and before long
there ia little doubt but that the f1nan-
cial situation here will have been so
as to allow the reopen
ing of exchanges throughout the coun-
try. .- ...-
At the moment the most serious ef-
feet of the war upon ourselves, outside
of financial circles, is the utter demora-
l,zation of foreign commerce. and its
handmade, foreign exchange. Our cot