The Cordova daily times., 1918-07-25

refer to them more or less in detail:
 CD An unshaken belief in vic
 turiOus ending Of the war IL Is d
 noteworthy fat that &s lar as the
 United States is concerned none of the advocacy of q peace by ncgotia- tiOn which has from time to time made itself heard has had it's inspira- tion in fear of defeat. Pacihsts, Hlrruists. idcalists have advocated "gcttogclhcr policy" because they were honestly convinced that our ends could b" attained in that way or because they believed military vic tory was moi worth the cost ro civil. Iza'iou But the great mass of the people. and the government itself. have quite consistently gone upon the assumption that our resources must more and more be diverted to war uses. until the force We are able to eppos" to the enemy. along with that of the allies. shall be sufficient to compel him to abandon his pur- poses IL is difficult to conceive that the multitude of hampering rcstric- tioms we have imposed upon ourselves would be tolerated were il not for the conviction that those measures or more severe measures to follow, will be effective in bringing the desired results The central powers have asked for or offered or intrigued for peace. hoasting of victory already at taincd. and threatening terrible con sequences in the event that their enc mics continue to struggle The fact that all these attempts have come to . naught is the best commentary upon opinion in the allied countries and in America.
 C2D \ growing conviction that the difficulties which will inevitably con front Us when the war ends will not be more onerous than those confront ing our friends and former foes alike. in the renewed competition for world trade. Our per capita national debt in all probability, will be a fraction of that which the European belliger- ents will have to bear. For the first time in half century we shall have an adequate merchant marine. flying the American flag and controlled by American capital We shall have Ob- tained at least a foothold in the for eign markets. while our allies have unfortunately seen their foreign trade greatly curtailed, while that of the Teutonic powers has virtually been wiped out. The great expansion Of our war activities will. il is true. con stitute a danger if we cannot find an outlet for it: but the same problem will confront Europe in varying de gree. In Germany, especially, there has long been in progress a so-called Liquidation of industry" whereby ! manufacturers of products not essen tial to the war have been forced out of business and have found themselves holders of government funds or spec ulative securities, in place Of the capi- tai formerly engaged in business en. terpriscs. To re-cstablish these en. terprises, with q market denuded of materials, and with the national wealth so largely represented by gov ernment paper, will be Il problem of the first magnitude.
 @ Possession of q banking sys. tenn which has thoroughly withstood the tests of war, and which promises to be well adapted to the require mcnts of peace The Federal Reserve system has excited the admiration of the British fuanciors who d few years ago looked with justifiablc mis. giving upon American banking IL is not necessary to assume, as some enthusiasts have predicted, that New York will straightway become the financial center of the world. Al the moment the probability seems to be that that distinction will still rest with London, with its centuries of experience with its fine, if less pre- lisely formulated, financial methods Nevertheless, the prestige which American bankers have gained dur ,rg the war the establishment of for eign branches by American institu- tions, and the assistance which the Reserve system is able to offer for international development, afford eX- cellent grounds for confidence The impression is abroad that We have done little in the way of preparation for the economic aftermath of war.