Daily capital journal. (Salem, Oregon) 1903-1919, 1917-03-08
HENRY CLENS DISCUSSES
WAR AND DUTY OF
AMERICANS

New York, Mar 3.-This week has
brought the United States nearer TO
the brink of war. Its avoidance now
seems almost hopeless. unless there is
due respect to American rights. War
is certainly not desired bv the Aneri
can people, as has been amply proved by
the extreme forbearanee which they
have shown under persistent and exas-
perating violation of American rights.
as well as disregard for pledges distinct
ly made TO cur government Americans
had eagerly looked forward to the well
come mission of acting as peaeemaker:
sincerely hopeful of ending the tragic
struggle in Europe and softening as far
as possible the consequences of defeat
That hope seems dashed completely. and
instead we must add TO the universal
upheaval by forcibly defending our
rights and doing our part towards pre-
serving freedom, human rights and
civilization. Ii the call to arms comes.
1t must be obeyed in the spirit of high
est patriotism; not Il patriotism based
upon love of destruction, conquest or
hatred, but patriotism inspired by
love of country, by devotion to Justice.
freedom and the fundamental principles
OF government ''of the people. by the
people, for the people, - upon which this
republic was firmly established more
than century ago. No bitterness need
be indulged in against the German peo-
pie whose good qualities are well under
stood Our antagonism is directed
chiefly against Prussian militarism
which has brought nothing but deluge
of blood III Europe and immeasurable I
disaster to Germany; including an aftsi
ermath of hate that will require genera
tons TO obiterate. In the last ANALYSIS |
tins is war between different types of
government, between oligarehy and
democracy; and i'll such a struggle there !
Is but one side for any real American
to stand, regardless of birth or minor |
sympathies. We must stand by the presi-
dent; he should be given the power he
asks, for he has done his utmost TO |
avoid conflict with Germany but is
now determined to defend American
rights. Only congress can declare war
ana leg1slate Tor the necessary revenue,
Accept Situation Calmly.
Financial circles accept the situation
calmly. Pending such uncertainty. deal
lngs on the stock exchange were natur-
ally restricted, until the present crisis
assumed more definite tendencies. When
suspense is ended greater activity may
be expected. The first effect of war or
preparation for such event outside of
government and military circles will be
reflected in the money market. Large
loans will Immediately be Forthcoming. I
and the expected $300,000,000 three per
cent loan will be followed by Others.
unless the war ends earlier than now
expected. In addition, the allies will
make further demands upon our mon
et2rY resources, several important
loans now being reported under negotia- l.
hon; and since these will be employed /,
Tor the purpose of buying more muni-
Iions they Will of course be readily tax
an Fortunately our banking system is
u splendid shape for meeting this crisis.
ample time has been afforded for pre-
Our banking resources are
generally in liquid form; deposits are
leaVy; money is abundant and relative
y about the cheapest commodity obtain
ttIe, Were it not for the conservative
'eeiing in business circles, created bv /,
bgh prices, by high wages and the war |,
'risis, the present boom in industry
would undoubtedly go ON Indefinitely to
'uSther and perhaps dangerous OK 4
.femes. As it is merchants and manu-
acturers alike are cautious in making !
ntnre commitments, and on no account h
h0uld they depart from such a policy
or the time being at least. Even the Il
respect of further large gold imports
,rhdered necessary by heavy merchan-