New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-21
Begbie Tells British That
Financial Confidence
Must Be Restored.
SUGGESTS ALLIANCE
OF ANGLO-SAXONS
Saws Conference of Financiers
Would Solve Problem OF
Cotton Market.

Harold Begbie, who recently arrived
in New York and IS still in America
In his letter Mr.. Begbie says:
What can England do to seize the
opportunity now presented to her by
/ the sentiments and intellectual conVic-
tions of America? First, let me say
that never has England stood so hlgh
in the estimation Of America, and never
| has the shadow of the Kaiser fallen
more blackly and ominously across tne
pages of the Monroe Doctrine. Inc
! debt that England owes TO the news
paper world Of America cannot DC esti'
mated. The editors of the best Jour
nails have been fearless and very
shrewd champions of the Allies cause
/ II ia these editors who have made the
I German monster a reality TO inc amer
| lean people, and done this quietly, WIN
a most deadly logic. We have no peter
allies in America than the EDITORS Vi
the great papers.
ave Shall BE the Next"
eve shall be the next" Americans
/ toll me. and they speak of South Amer
/ lea and Canada-these men who are
| free. and who hate militarism FAR more
than we hate il in England your
navy one man said to me, mot oniy
guards the British Empire; It guards
| the American Republic.
! Another man of distinction sara 10
me: "When the war began uscd 10
hear at the club and everywhere l wen.
some such expression as hahh VII
Lord, we aren't in it, i've not hearu
any such phrase for over month. oF
the contrary, I've heard expressions OF
ANXIETY and confessions OF repentance
for mast ignorance. You've seen what
/ DIR. Eliot. of Harvard, has just said;
] That is immensely significant. But All
over the country it's the same. amer,
cans see that Germany Is a worlu
menace. and that unless democratic
ideals are to perish she must De re-
what can We do to lay the founda:.
tions, in this hour of mutual peril Ol
an Anglo-Saxon alliance
First. we must reform our war cen
sorship. If we cannot get rid OF IT, at
/ least we must place the pest OF our
/ journalists in that offlce and senu 70
/ America a continual stream or rellapIe
information only about battles
but about the messages sent from GER
noany IN deceive the world. America
| expects to be treated by England as
grown man and friend.
Restore Financial Confidence.
Secondly. we must seek by every just
ard honest means within our power to
restore financial confidence. / nave
excellent authority for making the
statement that the New York Stock EX-
change and the New York Cotton TX,
change would welcome the proposal
| from the London Stock Exchange and
! Il = 81
conference. II is thought that repre-
sentatives of the two stock exchanges
could. if not hasten the opening of the
market, at least do something to safe
guard the investing public when the
stock exchanges are opened. In any
case. il is felt here by able and repre-
sentative men that such conferences
would result in better understanding
between the two nations and lead
eventually to a greater volume OF busl-
ress between the two countries.
I am told that American flnsnclers
have the greatest admiration for the
manner in which London has handled
an extremely difficult situation, and
that Wall Street is profoundly gratetu!
for certain good Offices on the part OF
the London Stock Exchange.
One of the leading men in New YORK,
speaking of the visit to this country OF
Sir George Paish, said to me: IF Eng
land can do for the American cotton
trade what London has done Tor the
New York Stock Exchange 1t would
produce a very profound impression in
America. Our cotton trade last year
was worth $4,000 900. This year the
fall in price reduces it to fllO,OOO,OOO,
and even at that price there is no mar
ket."
A man Of considerable eminence in
this country said to me last night:
"The most important thing for both
England and America is the restoration
of confidence in the financial world.
When this Is done, as it could be done
by conferences between the two coun-
tries, England might raise in America
any loan she needs to finish the war.
And trade would Immediately begin TO
pick up again. I am inclined TO say
| that nothing could be suggested more
/ likely to help an embarrassing stu
alton than this idea of conference be-
tween London and Wall Street" This
same man also spoke with great frank
ness of the almost boundless prospects
| in trade for England and America when
the natural alliance between the two
countries is consummated.
Should Help America.
1t must be borne in mind that Amer
| lea is frightfully hard hit by the war:
/ that the stopping of American ships by
/ British cruisers off the Hudson River
can easily be magnited into annoy
ances by England's enemies; that the
arrest of the cotton trade in America
is a deadly blow at American pros
perity, and that working people out OF
| employment, told that England is the
selfish tyrant that has forced peaceful
Germany to fight for her existence,
will not be likely to recall the White
Paper in brooding over the immediate
| question of their own empty stomachs.
! England must know that if it is in her
power to help America not only ought
| she to do it, but it would be Of the
very greatest service to her future, po-
| litcal and industrial, to render that
! help quickly and generously.
/ am convinced that educated Ameri-
can sentiment is Overwhelmingly with
the Allies; but the longer the war
lasts and the greater the suffering en-
tailed upon democracy over here the
more impatient will these hungry null
titudes become with the whole situa-
ton in Europe, and the more likely
will they be to clamor for fastened
peace.
And, let il be remembered, these
working people are sedulously courted
by Germany in a hundred ways, and