The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1918-09-10
WHO ARNOLD IS.
Vice resident, First National
Bank, Chicago:
Foreign exchange expert;
International financial author.
BY JOHN j. ARNOLD.
Noted International Financial Au.
thOrity.


Noted International Financial Au-
thOrity.
Military warfare invariably is pre-
coded by struggle of diplomacy. fire.
quently covering long period of
time. Diplomatic sparring, however,
is the result of the clashing of eco.
nomic forces which include territorial.
and financial expansion.
1t is in these Inducements and
movements that we find the develop
ment OF national rivalry and jealousy.
The rise and fall Of the great world
powers can, as a RUE, be traced to
economic causes.
: The strongest and leading nations
usually have considered it necessary
to protect themselves against their
competitors by building up large mil
itary organizations Of armies for fight
ing upon the land and navies for sea
warfare.
The principle underlying all this de-
velopment is the fallacy that cOmpeti-
ton is the life of nations. Gradually
the world is coming to a recognition
Of the fact that cooperation between
nations is bound to produce the best
results.
While the world war originally was
looked upon as an economic struggle,
there can be no doubt but that today
we find two mighty forces face to face,
because each represents system en-
tirely antagonistic to the other, and
the nations which are fighting to make
the world safe for democracy certainly
are justified in making the claim that
they are bringing this great sacrifice
in the defense of an ideal sacred to
the human race.
It requires no argument to con-
vince thinking people that it is better
to have prosperous neighbOrs than to
live in a community of paupers. Our
present position amply illustrates this
truth when applied to nations. Our
neighbor to the north, Canada, through
her prosperity, has proven to be one
Of our very best customers and has
added to our own development, while
Mexico. to the south, through her dis
tress, has tproven quite the opposite,
It would appear logical to conclude
that both Canada and the United
States will profit by Mexico's develop
ment and prosperity. When this truth
is recognized and accepted by nations,
as it now is by individuals, much of
that which has caused friction in the
past will be eliminated
The proposed League OF Nations is
an indication that the trend Of thought
the world over is in this direction.
Political cooperation alone will not
stand the. test of time. If the same,
however, is accompanied by economic
readjus:ments on cooperative, basis.
there is a strong likelihood that the
structure will endure.
How this is to be accomplished.
is the question of the moment. Va
rious answers have been made, but
all thus far have assumed only the
form of suggestions. The one to which
the greatest. prominence has been
given is the organization OF an in
ternationaI or world banking organ
ixatfon patterned after our federal re
serve system.
while we have 2 regional institu
tions each enc serving certain sec,
tion Of our country direct. all co
opesnte sid emotion through our fed;
ersl reserve hoard for the good Of tn
nation as a whole
Without this coordination OF oul
-