Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1914-11-27
TT 4 s EN- TIN Ell
ROCKVILLE. MD
Friday Morning Sc. November q, 1914
PROSPERITY.

PROSPERITY.
A short time ago. in letter to the Cham
Der Of Commerce of the United States.
Secretary Redfeld INDUCED in most OPP
timistic outlook for American business,
based largely upon the increase of exports
over imports as compared with the early
days of the European war, and upon the
more stable domestic financial condition
which is anticipated from the changes in
the countrys banking laws.
There is great deal in the present stu
alton to justify Mr.. Redfeld's hopefulness.
The suddenness Of the war and the wealth
and commercial Importance Of the nations
involved staggered neutral countries. which
were, without warning confronted by closed
markets. and in our own case with large
balances against us which diminished de-
mand for our products left us no means to
pay. The first effect of the declarations of
war was. therefore, a state Of apprehen-
sion approaching panic, which forced the
closing of the stock exchanges, led to in
creased Federal taxation and tended to
general industrial depression.
Upon the whole. however, as the sequel
proves, the business world that part of it
at least which controls the finances, kept
a cool and level head. The nations at war
were too busy mobilizing and rushing men
to the battle lines to think Of barter, the
uncertainties Of ocean traffic multiplied
the risks of transportation. and as a great
exporting nation we caught the full force
OF the unexpected storm as it burst upon the
world. But the very conditions which at
first affected us so adversely were bound to
create normal, If not an increased demand
for our products. The withdrawal of mil
lions Of men from factory and field to the
firing line in short time reopened the closed
markets and our foodstuffs and manufac-
lures found ready sale wherever the chan
nels Of ocean trade were reasonably safe
In addition to this, South America, which
hitherto had traded principally with Europe,
had to look elsewhere for her goods and
new markets came into view.
The result is that our business is rapidly
assuming a normal volume, and certainly
as long as the war lasts great profits may
be expected in many lines.
But cheering as the prospect is for the
moment. il is not time for extravaganza
and overconfdence on our part. Economy
and forethought are the lessons which the
events transpiring in the old world are
teaching to the new. This period of war
is. for us, one Of preparation for the inevi-
table changes which the war will produce
The conditions which will follow upon
peace may be, for our people, more trying
than those which followed the call to arms.
The nations at war were. at the begin
ming OF the struggle. the wealthiest in the
world. They will emerge from it crippled
in resources, overwhelmed by debt, with
ruined cities to be rebuilt, decrepid men to
be supported devastated fields to be re-
stored to fertility, lost trade to be recovered
For many a day they must practice
frueality, and many moons will wax and
wane before they can become the pur-
chasers they once were And it will be
many a day before South America can
take the place of Europe as a customer.
These are possibilities, il not probabili-
ties, for which we must prepare and moth
ing could be more shortsighted than to
squander in Injuries the resources which
will be needed to meet the new order Of
things which will spring up from the lands
which the hoof Of war has left desolate.
1t is just because we cannot foresee what
changes will occur. how far boundaries
may be changed. to what extent these
things may affect the relations of trade,
and what economic commissions may shake
the business fabric to its foundations, that
we should be careful All we know is that
the Europe which we knew on the last day
Of July can never exist again, and that a
war which directly affects three hundred
millions of people. must necessarily pro-
foundry affect all of the nations of the
earth.
This is not note of pessimism. Our
splendid resources, il wisely conserved by
our own self-restraint and rigid neutrality,
will bring us safely through the crisis. and
enable us to act the noblest part nation
could play, by helping the stricken back to
strength and teaching the world the bless
ings of peace.