Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-23

tho less, dollar diplomacy seems I'm .
iair way to be universally recognized
as the leading form OF modern diplo.
macy. Religious wars. wars OF con.
quest. wars growing out Of Dcrroral
ambition Or over boundary disputes
have disappeared among frst-cla,s
powers; even wars over national hon
or do not seem TO be much in evidence
for here arbitration has its perfect
opportunity. Modern wars arc trade
wars III tho last analysts. which means
they are ,he hittcrcst kind of wars
battles for existence. They are dol
lar wars. and FOR the same reason wa
have dollar diplomacy.
II was the sCorn for dollar diplomacy
that led to the withdrawal OF Aneri-
can capital from participation in
recent large foreign loan to China
While no official statement TO this CT
feet has yet been made. tho report is
current and accepted that the United
States viii favor American loans 10
china. 20 long AZ these do no. imply
any preferential concessions to the
lenders. This is Il basically sound pol
icy FOR the nation TO adopt lndiyid-
ually, arc all dollar diplomats in
tho gamc OF life by force Of necessity,
and the same force operates on ma
lions.
Certain parties in China profess 10
regard the new American attitude az
coming too late in some respects. since
Russia has recently loaned SlS.00O, 900
on account OF northern Chinese rail-
WAYS. and her concessions cover some
what tho same ground whose opening
was contemplated in the American
chinchow-A railway scheme.
which fell through on account Of for.
clGn opposition and "A lack OF enthu-
siasIn in domestic support. Blu, there
arc plenty OF opportunities for in
vestmcnt left IN China.
II is in this latter connection that
tho possible effects OF the Russia
Japan agreement are giving rise to
endless speculation. What will be tina
effect on American chances: Will these
two powers divide The Far Eas, be.
tween them--as Senator Lewis puts it
do they contemplate the division OF tho
world into three rarts--a Europe con-
trollcd by France and ENGLAND, an Asia
controlled by Russia and Japan, and
an America controlled by the United
States for business purposes, IL we
control it?
IL IL certainly 10 he hoped that these
powers do not contemplate the restric-
ton of American commerce in tho
Orient. We need /, too badly. The
world In actual practice will not di-
vide neatly into three parts. England
and Germany Will continue 10 do an
immense South American business af-
ter the war, and We cannot afford 10
limit our foreign trade TO the South
American market
The Japanese Prime Minister. Count
Okuma, recently assured an American
correspondent that Japan would main
tain the open door in China, and also
that she would welcome American
capital In the problem OF Chinese de-
vclopmcnt In fact, Japan has ALWAYS
been ready TO welcome American cant
tai IN THIS task; what American Iner-
chants In China have desired IL that
the economic law that trade follows
the loans should he permitted to oper-
ate freely. The Prime Minister also
stated that Japan would heartily vel.
come American commercial and indus.
trial activity in China. 1t js to ba
hoped that the new treaty and N.
course Of events will prove that he II
right.