The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1920-01-31
EUROPE BANKRUPT
Reputation of Debts by Allies Looked
for by Bank Expert - "World sit
ting on a Volcano that may
Start its Eruption at any
Time''

lme
It is now estimated that the worlds pa
per money is seven times the amount it was
in 1914, while the gold supply back of the
paper has increased less than one-half in
the five years since the war started. This
conveys only faint idea of the imitation of
the worlds currency.
European nations today owe the United
States $18,OOO,OO0,0O0. They have failed
to meet their first payment of interest, and
the House ways and means committee has
approved the negotiations of Secretary OF
the Treasury Glass for the funding of these
demand loans into long term obligations.
The committee, after thorough canvas OF
the situation, concluded that the funding
process, combining interest with principal,
is the only way out.
The question arises, What is the prospect
for paying either principal or interest In the
future?
Europe is bankrupt and probably never
will pay its debts, in the opinion of Mark
O. Prentiss, Chairman of the board of dl-
rectors of the Bankers Foreign Credit
clearing house.
Mr. Prentiss, in an interview given to
Mr.. Arthur Sears Henning, Washington
correspondent of the Chicago Tribune, the
other day, said that he looked for the re-
pudiation by the allies of their enormous
financial obligations. He said
"The world is sitting on a volcano that
may start its eruption at any time, with the
result that the financial structure of the
world, as we have grown accustomed to it,
will be destroyed"
Have readers of Leaves of Healing and
The TheocYat ever read statements similar
to this?
Mr.. Prentiss said that foreign exchanges
are likely to continue their decline until
they reach the vanishing point, the money
of many foreign countries becoming abso-
lutely without value in international ex-
change possibly within the next few weeks.
"The nations of Europe" he said, "are
now trying to devise some form of promises
to pay which partake of the character of re-
ownership certificates. However, few men
have any hope that any part of the inter
national debts will be paid"
According to Mr.. Prentiss, Germany is
worth $50,O00,000,OO0 and owes $751;,
100000.
1--WE do not like to disclose Great Britain's
plight" the banker continued, "But here are
the conditions:
Before the war Great Britain had $780,
000,000,000 invested throughout the world.
This has been reduced IS per cent by forced
sales, shrinkage destruction and other
causes, leaving $5,OOO,O00,O00. The income
of Great Britain last year was $1O,OOO,OOO
day less than her national expenditures and
it is estimated the discrepancy is greater
today To maintain the penny loaf costs
the British government $5,000O00 week
and this expense is steadily increasing. Her
interest charges are 81, 100000 against
pre-war interest charge of SIP, 100000.
"The condition of France is much worse"
Mr.. Prentiss went on to say, while that of
Italy is deplorable"
And yet, in the face of these statements
by man who is regarded as an authority
on international banking, the great majority
of people scott at the idea of these condi-
tons having been foretold in Prophecy and
never think of turning to the Word of God
for an explanation of the situation.
John Alexander Dowie, in an address de-
livered in 1902, entitled "The Coming
Chaos" foretold the great war, which would
engulf practically every nation of the world,
with an accuracy which TO-DAY seems mar
velous. With wonderful sweep of insight,
he described in few sentences not only the
world war but the events to follow. He
said:
Chaotic disorder will follow victory, no
matter which side it is on. + x
"After the clash of arms, whoever wins,
Chaos will folow-Chaos in Religion, in
Education, in Commerce, in Politics.
millions will be destroyed.
''Rivers of blood will flow.
"The young, strong, fairest men will be
killed
"Old men and women principally will be
left, until, as in some countries now in
Europe, you have degenerate population,
and you must go back to the Napoleonic
wars to find the reason.
"But the Napoleonic wars were as nothing
compared to the wars about to break out,