The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-01-14

there is a recognized possibility that
other loans may be offered with col
lateral security. Such an issue would
in no way impair the value of this
loan, which as a joint and external
obligation of the two governments oc-
cupies an exceptional position.
1t is a well-known fact that Ameri-
can bankers from the inception of the
negotiations advised collateral loan,
not because thew considered collateral
necessary to secure payment, but be-
cause they were satisfied that under
| the loan go better and enable more
money to be raised. British financial
writer's now recognize that the terms
of the loan, which were criticized at
the time. were not more favorable to
lenders than necessary to make the
loan success in this market.
The New Year.
The new year has opened with all
its unknown possibilities of success
for which the country has long hoped.
At this time one year ago the United
States was sunk in gloom and there
was apparently no prospect of the re-
vival which was to follow. To-day,
however, the situation is radically
changed for the better. The retrospect
is good and the prospect is better than
it has been for decade. This does
not mean that there is such boom
as the world has never seen before
becau Sc it must be remembered that
the greatest war in history is In
progress and that war and prosperity
are seldom or never twins. There Is,
however, present prosperity and an
encouraging outlook for the months
that are to come The United States Is
at peace with all the world, although
there are occasional flashes indicating
that perhaps by some untoward
event this country may yet be involved
in the earthquake. A fear of such a
possibility lingering in some quarters
causes slight alarm, but this anxiety
is less important than the fact that
prosperity based on the misfortunes of
others is not altogether sound.
AS the year begins to unfold its un-
written record, it is seen that the
present abnormal export trade will be
of protracted duration because the
American goods in order to repair the
which would otherwise end with the
return of peace will continue for u
considerable time after contending
armies are no longer engaged in the
work of destruction. These demands
upon American sources of supply will
keep farmers, railroads, manufactur-
ers, merchants, railroads and ocean
vessels busy long after the clash of
arms has subsidized.
There is one thing which may In
terfere with the consumption of goods,
and that is the high level of prices
prevailing in every branch of trade.
Possibly these prices will decline
somewhat after the return of peace,
and, if this should be the case. com
merce will be promoted by tine change
Everywhere there is feeling of con-
idence and optimism and DISPOSE
ton to forget the past with all its
disagreeable memories and to push
forward into the green fields of pros
pc rity which are now opening up in
plain view. American business men
are prepared for all that the new year
can bring them, and certainly it will
not be their fault if 1916 does not full
fill all the anticipations created by its
suspicious opening. There is every
reason to believe that the policy which
business interests will follow will be
wise, prudent, progressive and yet con-
sentative, and will be marked by that
energy and brilliant initiative charac-
teristic of the United States and Its
people.
w. S. COUSINS,
Editor, The American Banker.