Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1915-07-29
CAPITAL DOMINANT
By Mary Boyle o'Reilly.

By Mary Boyle o'Reilly-
London, England, July &c. Seagirt
England, devastated France, isolated
Russia and Germany, now an economic
island, must import a great part of the
foods, cotton or munitions which enable
4hem to fight. This necessity will in
crease and not diminish.
If any of the combatant countries
want to order 500, 600, 900 contract they
must have in a New York exchange at
least a $50, 00O, 600 credit.
And before the goods are delivered
the monopolists of the munition market
without whose consent the war could
not go on-will insist on being paid in
gold or its acknowledged equivalent.
American capitalists refuse to accept
the foreign holdings of American stocks.
There are millions of dollars worth
of watered American stocks held in
England and Germany; so many mil
lions and so watered that if such hold
ings were suddenly flooded into the
New York, Chicago and San Francisco
exchanges the United States would be
swept into financial panic.
Neither will the Caesarean capitalists
accept payment in the new foreign war
bonds. No one can prophecy when the
war will end. Since the Russian army
evacuated Austria, Great Britain has
| nalInl for a uor loan nf DIR n10 n0n 400
with which to pay war expenses for one
year.
France, having for the moment ex-
hausted home savings IS offering war
bonds for $500, 0OO, 900 to foreign in
%vestors.
Russia has declared a desperate need
for a gigantic loan.
Germany, having secured the March
war loan by forcing Darlen haseo Qoan
banks) to 80 per cent of each sub
scription, is preparing to make another
demand.
Presently Italy, Austria and Serbia
will be offering national bonds.
Big bond issues will be held by Amer
loan capitalists and the people of Europe
will have to slave to pay them off.
But the great fnanciers who are as
sisting combatant countries to bleed
each other white demand to be paid in
gold.
England can still pay cash down in
pounds sterling.
The kaiser, who cannot sell his ships,
must pay for whatever food, chemicals,
and cotton he buys through New York
with gold or sound German investments.
Should the war continue three years
and it depends upon Russia, who can
fight ''forever''-an incredible percent
age of German (and later of English)
industrials will be held by United States
flnanciers.
Millions of Germans toiling in mines
and %foundries, and of German women
will presently become the bond slaves
of American capitalists.
They, through the directors who rep
resent their interests, will ultimately be
the invisible government of the German
empire.
England, for instance, lived in a fire
zone without taking out sufficient in
s%urrnce, and is today paying the price.
Germany subsidized the explosive in
dustry; England allowed the manufac-
ture of coal tar products, of which picric
acid, trinitrotoluol Ct. N. To and ex-
plosives are the most important high
explosives, to pass into Germany's
hands.
Modern war means munitions total
ing trillions of dollars. England is to-
day carrying on ten separate wars.
France. Russia, England and Italy are
s%hamefully short of rifles, ammunition,
shells and Mamim guns. Never since
they became great nations have their
national situations been so desperate.
Twelve million men must be armed
and kept supplied.
So gold, which is the very life blood
OF industry. is draining out of European
countries into Amecican banks. Be
tween May % and June IL. $50, OOO, 900
in gold went from the Bank of England
to Morgan & Company alone.
In England gold circulates; in France
it has been hidden away by private citi-
zens; in Germany all gold was long ago
conGscated by the government and has
gone to swell the war treasure.
The German people have no gold. If
a new war loan is issued on the old con.
ditions they must pay the cash demand
of 10 per cent in paper.
But paper paymeets canno help the
German government. Said a ~financier
close to Henry Behrens, managing di
rector Of the great Dresdner bank,
Even if Germany wins, we are ruined.
| The money in circulation io 6ot;;o,,