New-York tribune., 1918-11-09


economic side as quickly as many
imagine. The making of munitions
Of all kinds may end abruptly. But
the armies on both sides will be
there to be fed and clothed and
brought home. England has three
or four million men in France. 1t
cannot get them back in day. We
have now over two million. At the
very closest calculation it will take
six to ten months to effect the re-
turn Of these. 1t will require huge
store Of food and clothing as we'll
10 keep these going. SO it is easy
10 see that the war will still cost
this country billions of dollars, even
though peace could be concluded to-
morrow. And as a matter of fact,
the peace parleys may last for
weeks or months. SO it is clear that
at least one more great Liberty
Loan is inevitable. AS is we'll known.
the proceeds Of the last loan, still
unpaid for in part, have been large
~ absorbed in advance. The total
Of governmental disbursements for
the war to date has been over twen-
ty-one billions. At the lowest it will
take at least five or six billions
more. Therefore, those who look
for an immediate tightening Of
wars demands and the end Of all
restrictions upon the money market
sill needfully be disappointed.
The release of a large part of sew
eral million workers in war indus
tries may have something of the
disturbing effect upon the labor
market that many imagine. And the
cessation Of these industries may
have a considerable effect upon the
general course of business. And the
return of two million troops is not
a negligible matter. So it is obvi-
ously a wise policy to keep as much
of business going as possible. One
way to do this is by the extension
of very heavy credits abroad. Our
large banks, now branching out into
extensive international relations,
may do much. But it will take some
time to educate our investing pub
lie to the free purchase of overseas
securities-in other words, to create
here such an international market
rs London. And it is evident that,
for example, the financing of huge
GOOD purchases, unless by the taking
of foreign loans, is rather outside
the purview of the banks. All the
existing machinery is now in the
hands of the various governments,
including our own. In the immediate
postwar period a further great ex-
ransion of credits from our govern
inent to our allies is clearly indi-
Gated. The heavier those advances
and the greater their purchases here
the easier will be the transition to
peace terms. These credits likewise
would have to be financed by fur
ther loans, so that it would not be
at all surprising if the governments
invasion Of the money markets con-
tinued until we'll along in 1919.
They might we'll be termed pros
perity loans.
There has never been within a
century an opportunity so magnifi-
cent as is presented by the conf
mercial rehabilitation of Russia.
There is a land with five times the
white population of all South Amer
ica, five times that of all Canada,
Australia, South Africa and the
Philippines combined. Its vast
wealth needs but organization to be
doubled or quadrupled. Its vital
need is transportation of every sort,
steam roads, trolleys, improved
country roads, and the means for
the storage and distribution of its
tremendous volume OF products. 1t
needs locomotives an cars, autorso-
biles and tractors, electric lines,
granaries, docks and ships. For the
supply of ALI these the United
States is better equipped than any
other nation; and we have the
available means to extend credit for
their purchases. France has four
billions invested in Russia and Ger
rlany at least billion or two more.
The end of the present Soviet gov
ernment cannot be far off. 1t can
scarcely survive the dreadful fam
inc which will probably come this
winter. Why should not our manu-
facturers of motor cars and tractors
and railway supplies and all the rest
combine to aid in the resuscitation
of this great nation? If we can
extend ten billions of credit to the
governments of our allies, we could
we'll afford to extend several billions
to reorganize Russia. 1t would be a
service to humanity. And it is MANY
times the greatest opportunity for