Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-02-19
LARGE BANKERS
NOT SURE WHAT
FOLLOWS FRAY
Continued from page %,

b5SSSneQ uuIuu6E Vi onO1Aucho W N1A
ry. Herbert r Johnson recently ex-
pressed his views on this subject in
the Annaiist, when he said, in part;
aH Ee Suppose that the nations
fight on until they actually drop from
exhaustion, reputation may be un-
aYoidabfe; for no nation is richer
than the aggregate Of its citizens and
its national possessions Taken In
the lump sum, the warning nations
would be no richer and no poorer as
result of population OF national
obligation. TO the extent that the
government bonds are owned by for
eigners. to that extent the burden OF
the war would be shifted to other
shoulders. II all the state debt is
owned by its own citizens, repudia-
ton becomes merely a placing of the
war burden entirely upon the bond
rowners. Such a happening would be
the: most gigantic socialistic maneu-
yer that can be conceived. At one
stroke It would take from the wealthy
tthe bondholders) their accumulated
wealth for the benefit OF the entire
nation.
The only safe prediction as to the
results OF the European war Is that
startling governmental. sociological,
and economic changes are sure to
result Among these compelling
forces the most potent will undouhted-
Iy be the economic financial pressure.
Among others who believe that
prosperity win outlast the war is A..
Barton Hepburn, chairman of the.
board of the Chase National bank OF
New. York Discussing that subject
recently, he said:
The demands made on the manu-
featuring and other resources OF the
country by the necessities OF Europe
has not only Increased prosperity In
some lines, but has given general
howard tendency to the volume of
business. I think there is reason to
expect the continuance of good times
even If the war stops within the next
year. l think good general bust
ness win follow the present somewhat
lopsided business"
An English View.
The opinion that there will be no
of consequence to this coun-
try after the war is by no means
unanimous. Here Is an English view,
in the London Statist,
which holds to the contrary:
at is to be recollected that the
United States Is capable Of maintain
ing in a high degree OF comfort prob |
ably five or six times its present pop
nlation., When this Dreadful war Is |
over the whole Of the beliigerents viii I
be- more or less impoverished Ger-t
many and Austria-Hungary, In partic-
liar, viii be almost ruined. And there
gill be q strong desire everywhere to
escape from countries reinced so seTt- I
,usly to countries which; are highly /
1t is reasonable to ex-
,ect, therefore, that just as large
numbers of our present fighting men
gill betake themselves to the self.
dominions, so from the i'm
,oyerished parts of the continent
here WIN be q large emigration to the 4
United States"
As has been said, the majority seem
o think that our prosperity will be
continued after the war, but not
ew prominent men and Institutions
old that the reverse will beEthe case.
rhese hold that In the final distribu-
ion Of the economic losses caused by
he Devastating strife the United +
'tates will have q not inconsiderable
hare to bear, and that consequently
reaction will COME with peace. Here
J a pertinent and suggestive question
Iut by e. P. Ripley, president Of the 4
Itchison:
because of the war the world is 1,
citing poorer. The balance of trade
j much in our favor, and some of us
re getting much richer on account Fl
I others misfortunes; but does that
lean our permanent good? / cannot
onceive it So" Il
md John E. Gardin, vice-president of
be National City bank, said as long
60 as last May: Il
he Aftermath. Il
7 am afraid that we in America are
wing In fools paradise. The war.
ndoubt eddy, sooner or later viii find {
s Aftermath In this country; in what K
ray is problematical, and it therefore
ehooves us not to be oyerconfident
5 to the ultimate benefits of the adj
analogous position which We are
ow holding. It stands to reason that
nch 9 wanton destruction Of wealth
Ill have its effects even In the re-
lotest corners of the earth" Il
More recently the same bank, in its
.onthly circular, expressed q similar
lew when 1t said:
The disquieting factor in this 9th
rwise encouraging situation is the
rye volume of business directly or
due to the war and liable to |.
,me to an end at any time, the sooR-
I the better. The situation cannot
: regarded as squared for permanent
rospefity while this is the case.
Foreign trade development in new +,
larters Is relatively small, and
ere are no larger new undertaking.
sight at home. It Is not yet eie.f :
Nv the switch can be made from the I
resent abnormal activities without
e confusion. unemployment and un- b
ttlement of values that usually ac- I
'mpany such movement" d