The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-04-05

/ well have beSn tv69sUe9Io4
fourths Ok II btliien VT
ceptances sometime over IL
employed III forsiRn tradcs
New York discount markell n @.
acceptances the margin OF pr6g
about lisa OF 1 per cent H. ia 81
about the same as the prc-wAr
on sterling. After the war H
take many ieaf from LcndOnM s.
Our commodity markets must LIT
more liquid. Our stock mark&k N | 49,
be prepared to take foraign s4ctaf1S
and must deal In larger likt ~ r.
curities. We are far behind L0m4
In the range and scope Of b0kh IN
modify and stock dealings, altnY
the volume Is large. ssssx~ g
We need not feel called upon yl6e ES
ever. TO extend dollar exchAMGe ne
the expense az our friends acroGs
water. The recent break III eterlann
funny Dt,in To hln 1Unnpn anAeyoEz
tend dollar exchange through L. W
world London's cnfbarrassfS6hk<
temporary. Great Britain ~ n1llA
doubtless a creditor nation. She MMN III
about $40, 900. 100000 OF forei4Isr ItesS
vestments before the war. She 044
loaned 81. 1000, 000. 900 more durtn6
war to allies On the other HAND Dh4s
has sold perhaps $4,000, eco 90 vi M
IS. 900, 10000 of her foreign tnv3sfANs
ments and has borrowed x5.000sVV0 ssSsassS
600 or $4,000, 900, goo more during tnUMx
war leaving her with a net df1utt0fa d
position of, say, $4,000, 000. 000sss 1as4Asss
has large floating liabilities however,. ss
unfunded and on short time. when 49,
temporarily embarrassing. go IN !. s s. s.
Although long time intereetvvr4@S9A::
on investments will remain high AffAR nj
the war, short-time money rates Nh
prime acceptances and on call 11sOaey
may be expected to go low for 4 .perteHSS
of year or more as n CONSCIOUSNESS &#s
our excessive gold holdings. s3Vf{N3Al
this time New York may we'll - h5nSssII
. cheapest market for financing iutAEpa
tional trade. and dollar exchan94vftANS3
be widely extended. breaking dUMHs4l9Ms
trade habits and inertia which fhakeM
favored sterling. *~s.-ssszz Y. s Il
After that England and the x5nlAedkss
States will compete In this ETntf4f &
fairly on their merits, 1t is legattsntt
and proper that we should UumpatA 4
with England by fair methods insauEs
field that we choose to enter, but -
US not forget that brave old EnklAn4xs
has borne the heat and burden 00f thu q
day Let us remember, too. ns>st18@S
: financial side. the dark days efs-1844ys
when the gold standard was -inipsr{t a-ss
ed and when that eourageouss sss14e4es
man. Grover Cleveland. with 0rsly Sz1seIs
900, 900 In the treasury. continues IT.
pay out gold on demand. relying uputE.. q
relief which the London niarketsafsNs
forded in checking 'the interrfz ttu1fAasass
drains upon our gold. England fJoNSss
been generous 10 us in the pasts Ind u
England deserves we'll Of us today r. Z
Whether or not we displace EAGgsT
I land in the short term money amaUeEk4ssi
I in financing the actual shipment "a M
goods from country to country. 49,
have displaced her and all the pre-NsfTss
/ ere editor countries In supplying s.k&a4
capital, or long tmie money, for tfre*s
/ financing OF industry and transporta "
ton. To accumulate long time cMplt4f \
we must produce more in year than
we consume in year. In saving carr
! tai our people will not merely be YItAk 1asa
ing individual profit, but they wiiisAlewss
be performing services both TO their
country and to humanity of .xitaJss
sort Civilization has been saver from
Germany but 1t must now be saExdd n
from poverty and economic shipwreck.
The whole world looks TO America.
and America will not be found want.
ing. sss