Evening journal., 1914-07-28
What War in Europe Will
Mean TO the United States
lFrom the New York SUM

warfare which Europe has long been
threatening to commit and at last
seems determined to perpetrate must
spell opportunity for the United
States. Among other things it is
likely 70 provide a splendid oppor-
tunity TO extricate the country from
a debtor condition represented by the
large European holdings of Ameri
can securities. The Sun believes
that advantage will be readily taken
by American investors to absorb on
their own terms the further sales Of
stocks and bonds which Europe may
seek TO make here at the dictates OF
fear or necessity If the absorption
can be augmented by the purchase Of
European state funds or other foreign
obligations which will place the Old
World in debt to the United States.
so much the better
Meanwhile there are other encour-
aging considerations which deserve
10 be noted. There could hardly bs
less unfavorable time for Europe
10 try the desperate solution Of
general war for the problems that
have for decades made it an armed
camp In the solution other prob
Ions which have veX9d these times
will obtain their answer, but quite
aside from this phase OF the crisis
It Is to be observed that war will
not find Europe nor the rest OF the
world unprepared.
The blow cannot fall with SO much
crushing force on an economic sltu-
alton which sums up almost twf
years of financial liquidation ans
accelerating trade and industrial
contraction and depression. More
over ii is now seen that much Of the
worlds decline in business and values
in recent years was. !nstinctively or
otherwise, by way of making ready
against precisely such a dreadful
emergency as has arisen abroad To
some degree, indeed, the costs of a
European. war have already been
borne in those troubled years when
money was being forced out Of the
channels of peaceful activity to aug
ment European central reserves that
would be required to stand the strain
OF war
Outside the area Of hostilities. the
people of the United States are ad-
ditionally fortunate in that American
values and enterprise are not in
vulnerable state of expansion If the
storm of war is to break over Europe.
Inherently sounder and stronger from
an economic point of view than those
Of any other country. values in the
United States have been placed on
sound basis by the tests Of worldwide
disturbance and the adversities OF
domestic politics which have
searched out weak spots in the finan-
Cial and business structure and COM
PEELED a reduction of inflated COM
mitments in all the avenues of eco
nCmic endeavor
Before these sombre war clouds
darkened the European sky there
had been indications in the tokens or
reaction from the excesses of radical
politics that on the basis Of values
which had been established the
United States was almost ready to
60 ahead to achieve the restoration
Of prosperity How much this pros
pcct may be interfered with by Euro
pean developments cannot be con-
jectured at the moment
We know these things, however.
The agricultural promise Of the year
is excellont The foreign market for
our crops viii be vastly enlarged be-
cause of European war American
merchants and manufacturers should
have command of tremendous ex-
lort market for goods and commodi-
ties customarilv provided by Europe
and if we are not mistaken American
bankers will be able to furnish the
credits that must go along with them
Tho country as 4 whole has an i'm
mense amount OF capital awaiting
employment
After all. the worst may not hap
Zen abroad. but If it does, we are
confident that the American people
can cope with its difficulties courage.
ously.