The Tabor independent. [volume] (Tabor, S.D.) 1913-19??, 1915-12-02

. Tie industries were hard hit through
the outbreak OF the war. Suspension
Of many Industrial enterprises seemed
inevitable Germany was cut off from
oversee commerce by the British heet.
England considered IL an easy matter
to subjugate the German empire by
making it impossible for Germany to
import army supplies. This attempt
may have had the desired effect on
other nations. But in the case or Ger
many 1t failed, thanks to the unsus-
pected capacity of German industry.
Within short time practically the
whole German industry placed itself
at the disposal of the army authorities.
With astonishing adaptability the va
rious industries concentrated their en-
ergies on the manufacture of war ma
terial. The highly developed chemical
Industry found ways and means to
produce raw materials which previ-
ously had to be imported or to create
substitutes for them. Within a short
time 1t was possible to manufacture all
war materials and the army supplies
at home.
This great industrial development
had, aside from its decisive military
significance, far reaching economical
and financial effects. The most inn
portant of these was in the field OF
international money exchange Raw
materials, guns, munitions and sup
plies were made at home, and the large
amounts needed to cover such orders
were kept in Germany.
Army ls Chief Employer.
The increased demand for labor for
the manufacture of munitions was
more than sufficient to equalize the
over supply in the labor market caused
by the suspension OF industries. che
military authorities became the prin-
ctpal employers. The extensive de-
mands Of the army provided sufficient
employment for nearly all branches of
industry.
Soon there was no lack of employ
ment. The German labor market after
the first month Of the war was more,
favorable than III had been during nor
NAL years in peace times. And, what
Is more, II remained so. A lack of
workmen made itself felt. Wages
scared and women volunteered to take
the place of men.
A stronger economic condition was
the natural consequence. How strong
ly this movement developed is seen in
the facts that the freight receipts of
the railroads have steadily increased
and that the great Prussian state rail-
road system recorded in June, 1915, the
largest receipts OF any June in its his
tory.
But the filling of army orders also
resulted in a change OF the entire cred
It system of the empire. This was
principally due to the fact that the
government invariably paid for goods
In cash immediately on their delivery.
thus making 1t hardly necessary for
S1anufacturers-great or small--tO
bake use OF their credit privileges. On
Re contrary, they received large
amounts OF ready cash, which was
turned into the large money reservoirs
1.-The banks and savings institutions.
The money market was swamped
With cash at favorable. terms This
condition insured easy terms for pri-
vate credit and every trace of a panic
disappeared. The credit institutions
which had been created during the
first critical DAYS at the beginning OF
the war were utilized only moderately.
Even the hsdarlehenkassen" were
not much used.
Loans Were All popular.
With this favorable development in
economic and financial conditions, the
success OF the war loans was insured.
The first loan in September, 1914,
brought a total subscription OF $780,
100000 marks; the second, in March.
1915, 9,103,000,000 marks, and the
third, in September, 1915, 12,100,0 00,-
900 marks The grand total of these
three war loans is 25,663. 100000 marks
The price of the first war loan was
971k, OF the second 98IS, and of the
third 80 per cent, despite the fact that
the interest rate remained at per
cent.
The numr- er OF subscribers, too, be-
came larger with each issue. To the
first loan there were $4,000 subscrib-
ers, TO the second 100000 and to the
third $4,000. The great number of
small subscriptions Indicated that the
loan was popular in the fullest sense
of the word. 1t is noteworthy that the
subscriptions were quickly paid in in
the majority of cases. This holds es-
pecially true OF the last war loan. The
scords show that on October z, 10
days before the date fixed as the last
day for the first payment, 6,420,90O,00O
marks had been paid in.
This brilliant success Is principally
due TO the favorable development OF
sr.vnanys economic and financial con-
dYl4on. And that this development was
caused largely by the efforts of Eng
land to throttle Germany's economic
life is q peculiar irony. England eX-
perienced the same sensation as Ba-
laan in whose mouth the desired
Lurse changed into>a blessing.
u Is, true. OF course that economic
Coalitions were not the only cause of
the success OF the war loans, Patriot
ism, the Willingness to bring sacrifices
Bnd. above All. the determination of the
German pe.sple to bring the war to u
successful termination played a big
role in the achievements of these re-
yults.
When DR. HeIfferich, the secretary
p the treasury, said in; his speech to
he Reichstag, on August 20. To-day
VII available money belongs to ths
Ntherland." he only expressed what
ry German had long felt. In well
Town English periodical. "The Finan-
lial News" Of August 26, this express
sion was interpreted to mean that the
government had confiscated all mon
rs to make up the war loan, and that
JIe loan was therefore, an enforced
md involuntary one. Such interpreted
Ions only prove how little is known in
Nlgland OF the feeling which domin-
tss the German people.
Every German considers It as 4 sa-
red duty to do everything In his power
10 help the Fathsrland. AS the great
German philosopher Eichte said In his
ISpaeches TO the German Nation: