The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-31
4 Time for Action.


ties alone will be felt in the trade, in
dusry and finance OF every country.
The harm already done to the United
States by the threat OF war abroad Is
sufficient evidence Of the disaster which
Europe is prepared to indict on the
whole world.
A situation has been precipitnted
which Is not going to right itself au-
tomatlcally II the worst comes to the
worst abroad. All that has been neccs-
sary for the United States to endure
in the way OF mischief on European
account without adopting measures OF
self protection has been endured. The
time for letting matters take their
course has passed. 1t il now time for
intelligent, prompt. effective action 10
defend the country from consequences
of Europe's insanity which will have
to be suffered n no preparation is made
here to deal with the terrible emergency
that has arisen.
In this matter leadership should at
once he taken by the bankers OF the
country. They should obtain immedl-
ately the support of the Administration
at Washington, which can undoubtedly
be procured on forceful representa-
ton to President WILSON Of the awful
difficulties with which American finance
and business has to deal because OF the
sudden crisis which the war panic
abroad has created. with its resultant
diSlocation OF the international eI-
changes and commerce.
As n programme OF action II would
seem that the first necessary thing TO do
would he to shut of the imhecile chatter
cmanatlng from the Treasury Depart
mcnt about the gold resources OF the
Government available for fInging Into
the bottomlcss pit OF the European de-
sacle.
Next. President WILSON should be
urged To send an emergency message
to the Senate communicating an ap
pointment to the Federal Reserve Board
In place of Mr.. JONES. whose name has
been withdrawn, and calling for the In
slant confirmation Of this appointment,
and that of Mr.. PAUL NJ. WARRrRo
This would be by the way Of providing
for the speedy establishment of the
| Federal reserve banking system, 40 tina
the country shall he equipped TO COPE
with The conditions that Europe has
caused. Mr.. WARBURG's knowledge Of
world finance Is Indispensable at thu
present juncture to enable the United
States 10 avail itself of all It's financial
machinery for the defence Of the eco
nomic interests Of our people.
For the rest. and In advance or IN
protection to be afforded by the Fedora
reserve organization, there should b
established with the utmost rapidly
thorough concert and agreement In tn
banking community on a desirable lin
of action. What that line OF actio
ought to be has been clearly Indicate
in the last few days.
The financial centre of the Unite
States has given a magnificent eNhlb
ton of the fundamental soundness
the country's economic institutions an
Of willingness TO meet any reasonabl
demands for the payment of America
obligations to Europe. It Is enough
There Is nothing reasonable in such
war as that for which Europe HI
been making ready, and 1t would !
folly for the country TO sacrifice itse
to the frenzy OF dynastic policies nm
the clash Of ancient hatreds which
urging the Old World TO destruction.
Could anything be more rational tina
refusal by the United States, the Go
eminent and the banking and bushes
community acting together, to perm
Europe to draw on this country furth'
, for the expense of the mad courses {
J. which It Is about to embark? After d
claring, through its governmental M
= business representatives, thnt 1t pr
poses 10 honor all legitimate draf
: upon 1t after Europe has made !
. peace, should not the United Stat
g now announce to the world that If +
I rope is going To plunge into the ably
$ the United States does not intend
, go down with II?
The Yellowstone Holdup.