The Washington herald., 1917-08-01
HOLLAND LETTER
The Biggest Daily
Financial News Feature Of
the COunhy's Best Newspapers.

To one OF the American bankers
| who was In conference in the late
autumn Of 1914 with representatives
OF the British government, Lord
Kitchener said that the war would
not he ended before August. l9lT.
He thought the chances Wrre that Il
would be prolonged b,yond that date
kitchenCr's statement was in reply
to a question put to him 10y inIs
American tinanCier, not inspired by
curiosity but bccauS" II US d,rmcd
| important that it should be known
in the United States what the au-
thorities in Great Britain regarded
as the prcsumable length OF the war.
For the United Stats was to assist
! Great Britain by advancing money
and by providing her with necessary
supplies.
1t seems to be the prevailing opinion
with the men who must aid the gov
"rnment in securing from time to time
fresh supplies Of money, especially
I through the marketing Of loans. that
the war is more likely to lie continued
for at least two years from August
Of this year than to be brought to a
conclusion within f"w months.
wv q Nllt Use Nllt l4iltiltltl lt1'ltiH
have in view contingency that a
situation may arise within few
months which will make possible ne
gOtiatiOns that have in view treaties
of peace.
1t is observed also that these men
Of financial authority are now per
. Suaded that the government at Wash
ingtOn contemplates the possibility
even the probability that the war will
be of at least two years longer dura-
ton. Furthermore, these financial
leaders now understand that those in
authority at Washington are prcpar-
ing to fight Germany and Austria not
solely or chiefly for the purpose Of
aiding England, France. Russia and
the other allies, but chiefly with in
tent so to dominate the situation at
the close of the war that both North
and South America shall be absolute
ly free from the possibility of any
German aggressiveness with intent to
compass a victory over the United
states, and thereby to demand a CO.
lOssal indemnity.
In a speech recently made by SEN
ator Borah he voiced a thought fire.
quently expressed by the financial
leaders Wntu ne Sdlu lIldl ln!S W al
Is undertaken by the United States
for the purpose of permanently defend
ing American institutions. In other
words. it is an American war wag-
ed by the United States for the United
States, although the people so far,
as a whole. seem not to have COM
pretended this. A day or two ago
banker of high authority who has
l,a
Is now in active service at Washing
ton, stated that not until the Amcri-
can people fully understand that this
is their war. entered into for the de-
fense OF American institutions and
the American principle Of a republican
democracy will there be demonstrat-
ed that great and overwhelming public
opinion of which the administration
at Washington and Congress now
stand greatly in need.
1t has been remark commonly
heard here since Secretary McAdoo
made the statement that when the
Senate first heard it astounded its
members because itxwas apparent that
the Secretary looked for the securing
and expenditure OF $1,000, 100000 in the
first twelve months OF the war, that
this statement of itself will teach
valuable object lesson. It will cause
Americans to sit up and think and
when they have done this they will
realize that we have begun war not
so much to aid France and England
as TO protect ourselves.
Forty years ago Samuel J. Tilden !
in a communication which he hoped |
would be read by every American |
earnestly advised the construction of |
an adequate system OF coast de-
fenses. These should be so built, he I
said, as to protect the Atlantic !
and gulf seaboard and that OF the |
Pacific coast as well. Gov. Tilden |
intimated that improvements in the |
munitions of war which he foresaw |
inventive genius would provide |
would make it necessary constantly !
to improve these fortifications. He |
argued that the money would be well |
spent no matter how many millions |
were involved. But at that time peace |
and prosperity which reached a dam
gerous imitation point caused the peo-
pie to pay little heed to Gov. Tilden's |
warning.
Now those things which that far
seeing statesman advised are to be |
Hndertsten by the government al