Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-08-20

abroad. l concede there is eood rea-
son for this belief, but this does NOT
warrant us in resorting to the debtor s
plea that we cannot pay because of
the desire to keep our gold for what
securities Europe wants to sell to us.
Let us show Europe that our under
lying strength is real and not a pre-
tense by paying gold for whatever we
are indebted to her. This gold would
soon return to our shores as our conn
try is to-day the only neutral market
from which the distressed nations can
secure the necessities of life. Sucb
supplies the nations abroad in turn
cannot purchase from us without nav
ing gold and what does that moan
puI tnat we would soon me getting
PACK mat yellow metal we NAV now
nave nave 10 spend abroad in payment for
the securities already sold to us9 Re-
fore the war ends il will not vi,
orlng about transformation in the
map OF Europe, but II is bound TO
erect a complete change in interna-
lonal commerce. Germany and Eng
land, which until the outbreak were
the leading rivals for supremacy i'm
the worlds market, will for some
years to come have to devote their
energies to repairing the international
damages the war has caused. Our
country, on the other hand. will he
iree TO make an active canvass for the
traue these countries have built up
and which, while in conflict, they cam
not look after.
Our merchants and manufacturers.
IN order to secure this business. must
nave a merchant marine plying un
der the Stars and Stripes. We should
pehu an our energies to perfecting
one without the least delay and by so
doing again secure the mastery of
tne seas, as was once our position.
HaVing the largest sweep of the ocean
boundary OF any country and by far
the greatest harbors it is illogical for
us not to attain a greatness as a mari
time nation equal to that attained in
other forms of national DEVELOPMENT.
resident Wilson will hardly be
crltlcised for not approving the plan
of France floating a large government
loan through Morgan & Co. AS we
are friends of all the belligerents. we
should endeaVor to live up to the
spirit and letter of our promise IN
maintain the strictest neutrality. In
TINS regard ours is a delicate position
and it Will require the altertness of
SNSi 81 proven rel1aDle head of
state as President Wilson has so far
shown himself to be, to steer us free
from friction with the countries at war
with each other. ad the President
acquiesced in the flotation of a French
loan, Germany might have considered
1t sign on our part OF a national
sympathy for her enemies. Tt is out
of such little incidents that i'll feeling
arises. Our business is to avoid them
Assuming that authority could have
been secured or that the loan was
foated in this country in spite of the
administrations position, question
seriously whether any great amount
of American investors money would
have gone into it. Americans know
there are too many good opportunities
at home in which they could nut their
money to greater advantage. WHY
then provide out of their saving funds
to nation which intends to buy
powder and bullets to slaughter their
fellowman? Though in some meas
ure the restraint in dealings in secu-
rites on a cash basis has been lifted
there is not verysmuch business being
done beyond clearing up accounts on
stock brokers' books. The investing
public is wisely holding back to see
how the Exchange will act when busi-
ness is resumed.