The Alaska daily empire., 1915-09-25
TWO VIEWS
,oston News Bureal


 Two observations by representative men have just been made concerning the AngloFrench credtseedne mission One is by William Bryan, the other by James J. Hm There is revealed characteristic divergence in grasp of practical situation and In mental attitude toward it.
 MT. Bryan expresses fear lest the size of the pro posed undertaking lead to effect this nations neu tralty" which he says cannot afford to eopardze flor any money consideration MT. Hlis advocacy of the credit loan proposal is based wholly the in terest Of this country"
 That is Mr. Bryan. engrossed in a vague idealsm of his own wholly misses the basic issue in unique situation of commercial and financial emergency Mr. Hm not only sees it clearly. but comes to New York prepared to take off his coat and work to realize it. MT. Bryan merely feels about presumed moral and mill tary aspects Mr. Hn thinks upon the purely economic consideration that are here the central controlling fac tors
 It is true that Mr. Bryan went astray on the embargo absurdity or inquty that was finally demol- shed by his successor; he has consistently upheld the American right to sell to all comers Also he has had the discernment to see and to say that while the Ad- ministraton at the outbreak of war dscountenancea war loans to begerents propriey later dictated excep tons in the case of credits obtained from our banks to apply to foreign buying here But there the range or clarity of his vision seems to stop.
 He seems to be in the grip of what used to be a popuar political obsesson in regard to corporations that size is a sin Possibly n pressed, he would try to draw line to limit the extent of credit financing. Then millions or a hundred millions possibly would be innocent; but half billion or billion would be in- creasingly nefarious.
 The principle-in moderation suitable to his ideas he cannot dispute It is simply extension of the process of credit whereby the bulk of our own domestic business transacted. It has been Washingons gos- pei to extend countries below the equator and be- yond the Pacific But N gets disturbing to Mr. Bryan when 1t gets big.
 The trouble is that Mir Bryan fails to look at the unique situation from the viewpoint of it's own nature and from standpoint of the business of the United States Were he allowed to draw deadlne it would also shortly become deadline to the astonishingly transformed foreign trade which is spelling prosperity for us. Prosperity would cease with propriety'
 But Mir Him's insight goes clear to the center of the commercial emergency He points out to our wheat growers that they S75O0000O bushels to sell and Eur ope 55OOOOOOO to buy; but Canada Argentina, India and Australia will have 3250000O0 surplus, or com pettve total margin over Europes needs of 15OO0OOOO bushels: and if the Dardaneles are opened this eX- cess will be raised to 40OOO000O We cannot afford, through unreeyed burdens of exchange or denias of credit to aenate purchasers who really can SO else where.
 The same conditions will apply in only less degree to other departments of our foreign trade Credit u- nancng is a thing of mutual benefit Without 1t our trade will dwindle through either competition or cur taiment For gold payment in toto is neither feasible nor desirable. and security shipments also have ap- preached their limit of utility
 Mr. Hin rightly says this should be credit opera ton made national in its scope covering food exports as we'll as munitions cargoes. and serving national trade purpose. While tho war has created Che new condition of commerce these are not war loans to bel ligerent treasures but credit extensions legit- mate exports
 And the commissioners themselves appreciate this. They are talking exporters well as to financiers