The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-22
Financial Cleans OF Europe.n Pence

IL could he wished that some other
observer than the Economist OF Lon.
don, n Of the worlds best known
financial weeklies. reported the de
lection Of peaCe glints in the recent
utterances OF the German Imperial
Chancellor and the British Prime
Minister. Its editor, Mr.. FRANCIS w.
HIRsT, has had an attitude toward
the war that must qualify materially
his views Of its prospects for an early
termination.
According t" London dispatches the
Economist makes an argument for
early peace on grounds to which no
exception cun be- taken. Every aspect
of the terrific financial strain Of the
war urges an effort OF European
craftsmanship to contrive a settle
ment which otherwise depends on the
ordeal OF protracted battle. Possibly
Mr.. HiRsT Is therefore right In read.
ing in the speeches Of VoN BETH.
MASN-HoLLwEG and the prompt re-
joinder by Mr.. AsQrITH an Inaugural
ton Of diplomatic approaches to peace
negotiations, but in his case the wish
Is peculiarly likely to he father to
the thought.
Ardent hopefulness Is n requisite
TO the discovery Of nm inciplent meet
Ing of minds In the Won Bethmann-
Hollweg and Asquith u%tterances.
The German Chancellor represented
the demand Of the Allies. personified
by Great Britain, to he the destruc.
ton OF Germany's military power, TO
which he said the nswer could only
be more var Mr.. AsQrIrH's reply
was that this wns n misrepresenta-
ton: that the Allies were fighting 10
assure a European future in which
international relations would he free
from "the overmastering dlctation OF
n Government controlled by a mill.
tary caste" Perhaps Mr.. HIRsr
thinks that the feudal caste of Prus-
sian warrior nobility, which still
seems to control the German Govern
ment, will eliminate itself, but he
may he thinking In the direction of
his prejudices.
Less than u year before the out.
break Of the war n book of Mr..
HIRsT's essays was published bearing
the title of "The Six Panics apd Other
Papers, The author proved himself
to be an enthusiastic supporter Of
that nnti-preparedness propaganda Of
which the success in the United King.
dom WAS one of the fundamental
temptations offered to the German
military caste to bring on war.
Discoursing like our OWL pacifsts,
Mr.. HIIsr proved TO his own satisfac-
ton and doubtless to the satisfaction
Of the compliment British public that
no less than six famous war scares
in England had been owing to the
Vaccinations OF what our BRYAN
calls "the preparers Of preparedness"
Lulu IN'bfhlS SuW NltuTIy Whit was
coming, but all that Mr.. HIRsr and
others like him could see was the
particular folly Of suspecting Ger
many Of any fclonious intention
toward the peace Of Europe against
which II was incumbent on Great
Britain to guard.
Yet, while the latest British source
OF peace suggestions cannot command
so much respectful attention rs could
he desired, It Is probable that the
approach Of peace In Europe will he
first heralded by financial signs and
discerned by the community of finance,
which Is no longer national but inter
national. Years before those fateful
July and August days in 1914 the
shadow of coming events was cast
oyer tho financial markets. 1t Is OF
extraordinary interest to note how
as far hack as 1900 the record Of the
advancing immlnence Of the great