Daily capital journal. (Salem, Oregon) 1903-1919, 1914-03-13

proportion of new financing has been
accomplished with long term bonds than
with short term notes, which have been
regarded as nothing more than float
ing debt This is an encouraging
change of symptoms.
The Mexican situation still hangs
over the market as u menace and puz-
zle that only time will solve. The polio i,
of non-intervention to which Mr. VIII
SON so firmly adheres has much in its
favor. No one wishes to see American
blood and money wantonly shed for the
purpose of settling quarrels in which we
have no concern unless our interests
are seriously jeopardized, stage which |
has not yet been reached, Much has
been gained by the calm and friendly
attitude of Great Britain; which plainly |
approves our present policy though in
tent on securing reparation for the kill. !
ing of Benton later on; possibly when
order is restored and claims can legi-
timately presented and more effectively |
enforced. To me the best course is |
plain. I would suggest that an earnest |
effort be made to bring Huerta AMI |
Carranza together; that provisional |
president be appointed, and that these /
two heads of opposing parties be suit.
ably recognized in some official capac-
ity. The time is ripe for mediation
Both parties must realize that there
are limits to their successes; that by |
keeping up the struggle both are likely |
to lose; that intervention will mean
their ruin, and that no lasting peace
can be secured that does not protecs the
life and property of the citizens Of
all nations. 1t will do good to neither
side to keep up a prolonged irritation
against the United States for if inter-
vention is pressed upon us, it will go
hard with those who drive us into
such a costly and unnecessary struggle.
Better International Feeling.
Indirectly this Mexican difficulty is
playing very important part in our
foreign relations. Britain s exhibition
of friendliness and patience has visibly
strengthened the entente cordiale be.
tween the two nations, and this not
withstanding the strain recently imposed
by our inclination to disregard the
Panama treaty, President Wilson s
open determination to stand by that
treaty as a matter Of national honor,
will tend to make the rapproachement
dictated on both sides by intelligent
self'interest and common honesty. Since
there are several important questions
between the United States and Great
Britain requiring solution, such a state
Of mutual understanding is exceedingly
fortunate, and bodies well for a final
adjustment Of differences, satisfactory
to both sides. As nation we arc en-
ceedingly sensitive about the Monroe
Doctrine, the indefinite claims Of which
are always source of possible inter.
national difficulty 1t may not be
generally known that this doctrine
really originated with Canning, the
prime minister of England, in the early
days of this republic, who as an offset
to the threatening powers of the Holy
Alliance suggested this policy to the
American minister in London. He in
turn promptly forwarded the sugges.
tion to Washington, where its value
was quickly recognized by President
Monroe and his cabinet. The latter g
memorable pronouncement followed,
declaring our intentions in regard to
countries south Of us. Great Britain
has consequently always been friendly
to any reasonable Interpretation Of the
Monroe Doctrine, more so than Germany
or any other European power, and hor
endorsement undoubtedly strengthens
our ability to enforce it. Nevertheless
the Monroe Doctrine is n claim Of much
vagueness and many dangerous possl-
Utilities; a claim that should be exec
cised with much discretion until moro
keenly defined. 1t is exceedingly up
popular with all nations IN South
America, who naturally do not relish
our playing the big policeman withov.
their consent. Nor do some Of the great
powers like our standing in the way
Of their colonial ambitions. As they
become more and more thickly populat
ed the national land hunger will in
crease, and the overflow Of population
may seek new fields in South America
Such development is Of much economic
; Importance TO the United States; hence
the necessity Of an Interpretation Of
the Monroe Doctriue that will en-
courage and not discourage the com
: mercial growth Of that vast and ricl
: territory.