Bisbee daily review., 1915-04-21
NO FINANCIAL EXHAUSTION"

that have not been upset by the present one oi the doctrines accepted almost universally among bank and statesmen was that great war could not last long under modern conditions because of the immense expenditure of wealth that would be demanded The dt rect expense of equppIng and maintaining armies and nayies great was explained and the incidental disturbance production and distribution was so blight ing that nations would be driven to an early peace by mere economic exhaustion.
 Now leading American economist and re marks After this may be necessary for us to re write our political economies"
 We hear little nowadays of economic exhaustion though We heard much of during the first few month, of the conflict The benigerent powers have shown mon only unprecedented scale of expenditure. but mos amazing facility in raising the money they need Ger many isolated from the outer world has given the b ges surprise Her second great war loan has just beer subscribed to total s225O OOOOOo ana no one vo. lures to what further resources the nation na, fave good yellow gold France performed the remarl able feat of running along for several months connie. ing her mobilization waging and accommodating rey supplies and equipment witbou. any kind of specia finance legislation. When she decided to author ze an issue of bonds asking for S9OO OOOO the a sue was immediately oversubscrbed The nation doul less had billions more to pour into the war chest f need be- without calling for foreign loans Great Sri tain has raised much money as Germany apparent, with as little effort and it is generally recognized ,ha her resources are far greater than Germauys Rms sia may lack gold before many months and fail to se more from domestic sources but the British purse y doubtless be able supply the deficiency there as has in Belgium and Seryia
 Few bankers would have believed thai such qrel sums could be withdrawn from their customary uses an devoted to rhe sole purposes of war without pr-our disaster to the worlds credit and business in general But there is nttle evidence of that since the unset, ment of the first few months subsded. .n ,ierm,nv France. Russia and England we are told business really going on pretty much as usual Certainly ther has been nothing approaching a financial panic and u, actual disturbances to industry and commerce seem u have been caused chiefly by embargoes-hst ig h forces outside Che realm of economies The total los in foreign trade of Great Britain for the first sevr months of the was only S4265 OOO and tbe Allie altogether lost only S43OOOOOO of trade Even Gel many suffered little real curailment of her commerc until the recent blockade was declared by Great Br,7 And in some respects the domestic industry and fl d Of the beserents show positive gain. in spite of general loss.
 The fact is that the big fighting nations. while ,bc are spending fabulous sums on the war are spepdir It mostly at home. The gold stays there and ciro, iates While we have built up a prosperous war trad we have thus far cash for it: and when bs pr, does begin to pour in. may be sure that We sba get but small proportion of what the war cbests b, The nations win pay huge bills but tbev viu ns them mostly in the future scattered over long period
 1T the belligerents show no signs Of going broke even with paper expenditure of perhaps s2ooooooo, GOO year stin less do they betray exhaustion of the other resources They have not only gold and cred. but they have food material and enormous produc Irity
 II Che report of New York World investigator to beNtrusted and presumably it s all the talk of Ge man starvation" is nonsense He declares that Ge many has food enough on hand to last the who nation for from twelve to eighteen months and th the harvest this year win in an probability be far larr than usual Russia of course is sersupportng in foo stuns and AustrlalIungary ncarl, so. Great Buta and France controlling the sea- can buy what they lac It is only the small countries like Belgium and sery that can be starved out
 It seems clear, then, that hope of early end of t Ii war cannot be based economic exhaustion Only ol form exhaustion stop the slaughter and that the exhaustion of "cannon{oddqr" It is believed m 6.OOOO0O have already been killed wounded or ca tured though of the lightly wounded have retur g ed to fight Its question of how many more mliio
 may be put hors de combat before the behgerents V 3 agree to stop, or of how many more men Germany a d lese before her resisting power is overcome.