New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-17
REVIEW OF The
WEEK in FINANCE
Bankers and Business Men
Give Up Prophecy TO
Deal with Facts,
MARKED CHANGE IN
THEIR VIEW OF WAR
Biggest Problems TO Pay Debts
to Europe and TO Get Ships
for Foreign Trade.

1t may be that that which Was SD
confidently expected az the beginning
of last week the naval battle between
England and Germany 60 decide the
,surcmacy Of the Atlantic is nearer
now than 70 seems, but 1t is significant
of greatly changed attitude toward
the war that Wall Street does not be
rcvc IL so. Neither IS 10 stiu prone TO
voice that first conclusion Of optimism,
Europc's loss is Americas gain. Al
-cady there has been evidence 20 con-
vince the greatest doubtcrs that six or
seven Of the great nations Of The cart,
cannot suddenly make war upon one
another and the innocent bystsUdor cs-
cape unframed. Il is TO the rccoe-
milton OF that fact that the prompt
ADOPTION OF protective measures Tor the
commerce and finance Of the United
states has been due. and Is VIII be be
c4usc bankers and merchants nave
given UP prophecy 90 deal with actual
cordtt ous that this country WNi
eventually obtain and hold that rcn
-radc with South America and the
Orient that has so long belonged 10
Europe. The progress that has oce1
made in this one direction is cieEr'.
greater than the more tangible results
.hst have come through such rrst all
measures IS the establishment or bank
inc credits on both sides Of the water
Tor mutual advantage and the ssSump-
uon BY governments OF the war FISK
on cargoes Of grain. Not that these
things arc 20 be deprecated. they VIII
save much In the way OF commel CO
that would othcrw So be a.icrc'her
lost. Better still, they VIII maze pos
-ihle the payment OF America s. .Nsl
debts 20 Europe. That ir itself would
be well worth while If there were o
other result. Leaving the ethics @.
business out Of consideration. u would
vet be the cXpedient thlng ios The
United States, which IS 90 war win no
one. 20 deal Justly with Europe, "hIcA
win not be at war forever
Paying Americas Debts.
There arc no two opinions among
bankers concerning the payment OF oui
debts. All recognize that they should
and must be paid. L is only the CUE
-fcr Of how these obligations, totelAag
lore than S200.000.OOO, are TO be net
mat has provoked controversy. me
srrumcnt most often presented ln INC
,ccl inst ended, when the oiscuss'oa
ra. ar its height. concerned wholly ine
.hiitv OF this country, ~ time Vheh
s.4 currency was in process o. sreh'
~rnsDsion TO spare the gold with Wnich
.T ultimate balances between Hauo'Is
must be paid. It was that when gave
Mise 10 the proposal that national oAHh
notes be substituted in part ior soiu
i. me reserves Of the national Dsnhs'
-tc suggestion. Il IS true, was shoi'
rvo5 rs uueconomic character De,
.rsved 70 overnight, though II managed
-o Struggle FOR q day or two iohGe'
,rafnst an almost unanimous C-sap-
,70ra, The alternative plan, o. re-eaa-
inc cold from the banks by peimll-l.Ili
.lsr7 to draw down their reserves " i'h'
ant disciplinary action BY the w.
,.cuer Of the Currency, has more %
commend IT,. Reserves are meant u
br rsed in emergencies, though ~ can
not he said thai the method OF uepiet..
.-r tbeu I'm this case IS worthy o.
-reiee Nevertheless. DO seems proT3So
.h@t tiis Is what viii be done. n ,td--
f. n least precedent 1or II. lu L'o
Tor 1csr.v three months the. banks %, o..
.ss- c,.y as a whole, we're Deio" E'