The daily Nome industrial worker., 1917-02-05
THE FINANCIAL PANIC.

The excitement in the stock ex- change is the most interesting feature of the international crisis which so far has developed. And it is as well the most instructive. It explains immediately the facts of the rupture which might be otherwise over looked Very shortly that panic will be all over. The selling raid will have finished and consumed it. self And with the effort to resume the routine of very prosperous business, prices will again soar where they have temporarily fallen.
 The prosperity which has over taken the American business man has been altogether and quite com- pletely a prosperity based upon war orders. Where activity followed in any line of industry which did not depend upon the war directly. it's ac- tiyity can be traced at once to that sympathetic prosperity which was incidental to the prosperity of mu- nitionists.
 Trade and commerce are now so closely ramified that great prosper ity in any one line without it's re- acting as a stimulus to promote prosperity in all lines, is no longer any more possible than is serious depression in one not positively cer- tain to create a similar condition in all. Hence even the least apparent lv related industries ffourished and grew enormously active because ot the impetus which war orders forced upon some of the firms in the Tinted States. It is not unfair therefore it is the absolute truth to say that American prosperity, for the businessman alone often enough, was due entirely to the trade carried on with the Entente Allies in Europe And for that. reason, regardless of the elevating metaphysics of the international law experts, is has become the function of government to see to il that thls trade is carried on unhampered by any interruption and without any menace.
 When Germany notified the United States that the Central Powers would carry out blockade Of the Entente thru submarine warfare without any restrictions such as had been imposed upon them through acceptance of the American demands made in the past, the Central POW CTS threatened the life of that pros perity which has been the theme Of every trade journal since the war started. Hence we observe the stock exchange which is the pleXus of the commercial nervous system develop all at once local irritation grows in turn into serious condition of prostration This symptom reveals the economic reason for the inter ruption in the diplomatic relations with Germany, and will explain should such be unfortunately forthcoming, the reason for an out break of war between the two nations, on the American side.
 It should be possible for the people : of this country to have much clearer idea of the causes of such diplomatic interruptions with wal looming in the distance than unfor' 1unately the people of the Euro pean nations manifested, and we surely lose nothing by admitting the economic factor which is at once the inspiration and the cause in thi: instance.
 The peculiarly elevated attitude which President Wilson assumes il this connection is not discounted il the least. To him and to the admins tration, the prosperity of the busi ness element of the nation is the welfare of the nation itself, and the denial of recognition of the right to trade with any nation and to send