The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-08-10

are practically blocked. Yet somehow
or other Europe must have these pro
/ ducts, or suffer still more seriously
We need the proceeds Of their sale
or many of our merchants will doubt
less be for the time being more or
less inconvenienced Or crippled. Just
now we sorely feel the need of an
American merchant marine, which we
might have had on hand but for the
many ill-advised restrictions upon
! operation which still remain. Some
relief may be obtained by placing our
coasting vessels in the transatlantic
trade. or by raising the American flag
upon many American ships now oper-
at1ng under foreign flags. The most
probable solution, however, will come
when Britain shows her sea power by
keeping the lines of international
commerce comparatively free of hos
ills cruisers. This she will doubtless
do eventually.
1t may be some time before our for.
eign trade, aggregating about $4,000
i 100000 a year, will resume its accus-
toned sway Meantime, our farmers
and our railroads must be prepared
| for a delayed export trade. The pro-
ducts held back now however, will be
in great demand later on at unques-
tionably high prices. One sorry result
OF the war will be the worldwide ad-
vance in food products, which we in
common with other nations must ex-
pect. On imports the situation Is
equally deranged. Our purchases OF
European luxuries will certainly be
curtailed, not for lack of transporta-
ton, but because the people Of
Europe will have largely become de-
stroyers instead of producers. Euro
pean sugar and grain crops will GER
tainly suffer severely British cotton
and wooden manufacturers will incur
heavy losses. Even If they ultimately
secure their supplies Of raw materials
as they probably will, their export
trade will be seriously disturbed. This
will greatly stimulate American ex-
ports Of cotton goods, and at the same
time check our imports OF woolens.
The inevitable reduction of imports at
large. through impaired buying power
on both sides Of the water, is sure to
diminish our national revenue, the
total from duties alone amounting to
about 1925 100000 per year, or not far
from half our total revenue. Already
there is talk Of an increase in the In
come tax to Offset this expected loss.
In spite of all the horrors and the
chaos which this war will bring, there
are offsets and hopes upon which our
gaze should be steadfastly set. What
ever nation succeeds, the end of ex-
cessive militarism is at hand. Though
war and arms cannot yet be abolish
ed, Europe will be saved for years to
come the crushing ornaments which
she has supported for So long and the
possession Of which has been largely
instrumental in exciting this gigantic
struggle. Some thrones are already
and republics will take their
Mace; all of which will make for
peace. This struggle will, moreover,
have a SOLDERING influence upon the
whole world. In spite OF the bitter
ness of war, many differences will be
settled; some forms of discomfort are
already beginning to rise and Will be
established upon higher plane when
passion finally cools. Happily Amer
lea is out of the struggle. We may
feel the consequences in temporary
business confusion: and 1t must not
be overlooked that there are grave
questions ahead which will call for
wisdom and caution in making COM
mitments, But ultimately the United
will benefit materially, and 1t
is to be hoped, morally by this unpre-
cedented and uncalled for cataclysm.
Already the financial skies are clear
ing. The Bank OF England rate has
been reduced to s per cent; likewise
The Bank of France In local f1nan-
rial circles there is also a much more !
confident and hopeful feeling regard
ing the future.
HENRY CLEWS.