Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1915-11-10
Fortune is like the market
where, many times, if you can stay.
little the prices will fall.
Bacon.
The United States and the Big Loan.


DR. Charles Ferguson, usually an authority on
al subjects with which he bushes himself. falls into
a curious a article in the Internal
tional Magazine, New York. Neutrality and the
Bis Loan" He thus mistakes the act of few
Americans for the the American people,
The principle of belgerency is sacrifice made
ia the hope Of victory. y great war is a supreme
adventure. the hazard of national fortunes.
On the other hand the principle of neutrality is
refusal on the part of the neutral nation to share
The hazard-a denial of any duty to participate
in the sacrifice and remuneration of all claims
upon the victory.
The test, therefore. of the neutral character
any particular act seems to be this: Does it in
volve avoidable war-hazard so that the fortune
II the neutral becomes more closely implicated than
u need he IN the fortune of one of the warning
PARTIES" In such should that
neutrality has in effect been abandoned? The
neutral has voluntarily a sacrifice or invest
side, and has established his claim
ugon the fruits of a contingent victory.
Undoubtedly, we agree, no subscriber to the
Anslo-French loan is a neutral, whatever he may
have been before The very of subscription
made him a belgerent if he before
subscription. The American managers of the loan
had been from the beginning warm sympathizers
with the allies just there were then and
ncv, sympathizers with the Teutonic allies.
of fact. there is a surprisingly small
number OF really neutral persons in the United
states.
But neither the loan nor the sale by private
is thing with which the government has to
do. neutrality unaffected by any by one
Of private citizens, contrary n
ternaJional law the laws which this county has
enacted for preservation its neutrality.
II viii he recalled that many months ago long
before the big loan" conceived President Will
advising against expressions by the
people Of this country, such Incorporate dis
c,ssion the newspapers, demonstrations public
places advised also that appearance of neutral
.ty De preserved by declining lend financial
Sissance o any of the belgerents
That advice went UNDECIDED by the friends in
America Of both the entente and the Tcutonc
allies
our government has no concern in any of these
private loans and should take any con-
IN them any circumstances that could pos
S.hIy arise suppose that Germany
should be wholly crushed, the American holders
Il German notes should be left to whistle for
their money.
On the other hand suppose that France should
lie hotted out and her share of the debt Ameri-
citizens should be extinguished; that the Ger
should impoverish they had not entirely
conquered Great Britain. subscribers the loan
could not ask this government take action for
the recovery Of their borrowed money. Suppose,
alsc that the end OF the shorld leave both
France Britain in such a shape that
they would find it. if impossible pay the
deht- least advisable repudate it. thing
Is within the power Of nation to do the Amori-
lenders could only pocket their losses.
Uncle sam in times past has acted a col
hector of had debts resulting from the dealings
american citizens with certain South and Central
American countries, under circumstances which
the American citizens could rightfuly claim gov
ernnental protection of their property rights.
there such circumstances surrounding the
-hig loan any other loan to the fighting
countries OF Europe. Private American citizens
have gone into those enterprises warned with
th-ir wide open. They have bet their money
the result of the Our government
encourage "welching"