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sible. Few realize what an entirely modern crease in her debt. One-sixth of the world's institution a national debt is.
territory and about one-fourth of its populaIn 1797, the year of Burke's death, the tion are under the English flag, and the inentire national debt of Europe was only creased burden that she may have to assume £ 584,000,000. In 1912 the same countries can be so distributed that it would not be owed more than ten times this sum, or appreciably felt. £6,132,000,000.
The strain of financing the expenditure The following figures show that the Napo which England must face will, however, be leonic, the Crimean, and the Franco-Prussian severe, and it is by way of preparing for it Wars have each been concurrent with or fol- that she is now attempting to collect the lowed by an enormous increase in the debt enormous amounts due to her from all over of the countries involved :
the world. The indebtedness due by Germany
and Austria she cannot collect, and repayNATIONAL DEBTS
ment of the debt by Russia, France, Belgium, IN MILLIONS OF POUNDS STERLING
and Japan she may not, for political reasons, 1797. IS16. 1S4S. 1870. 1889. 1912. insist upon even if it could be collected. Great Britain... 370 900 773 801 698 718
From her own colonies she cannot withdraw France.. 32 140 260 504 1,269 1,286
the support of her credit, and financial conGermany 39 69 148 435 982'
ditions in South America are such that it is Russia..
47 145 90 342 756 910 Austria-Hungary 42
hard to get money from it, although large 99 125 340 550 750 Italy.. 25 36 333 460 541
sums are undoubtedly due to London from Spain 20 117 113 255 260 363
Brazil, the Argentine, and Chile.
The United States remains, therefore, alAll Europe...... 594 1,594 1,651 3,045 5,020 6,132 most the only nation from which Great
Britain can hope to collect any substantial United States... 17 26 10 485 221 265
sum, and this fact explains the high price for If it had not been for war, the European foreign exchange which persists in New York debt would probably have been almost sta- and the reluctance of English bankers to tionary, or perhaps reduced. The ability to accept American drafts against anything that borrow such huge sums has made modern cannot through immediate resale for conarmaments possible, the possession of the sumption be converted into gold. armaments has made war inevitable, and the These same facts also explain the enorwar has in turn made more borrowing and mous and unprecedented accumulation of more armament necessary.
gold in the Bank of England, and the nominal It is estimated that the present war is ease of the discount market in London, which costing about £10,000,000 a day, at which exists only because the world is foreclosed rate, if it continues two years, as some now from borrowing there by the refusal of the expect, it will add about £7,000,000,000 to
banks to accept. the existing debt of Europe.
It may be necessary just here to explain The burden thus imposed upon an im- for the benefit of American readers the way, poverished and exhausted people would be and practically the only way, in which outmore than double the present aggregate. siders can avail themselves of English loans That it can be sustained is almost unthink- for the ordinary purposes of commerce. able.
The English usage does not permit of the To those who are accustomed to think in sale of what is known in America as “singleterms of the financial era which ended with
except to a very moderate England's declaration of war, August 4, 1914, extent, and then only to the bank with which the complete bankruptcy of one or more of the borrower keeps his account. Larger the nations of Continental Europe would amounts may be obtained only by securing appear to be inevitable, in which case the from some one of the great banking houses creation of an unlimited national debt or banks their acceptance of the borrower's would thereafter become difficult, if not draft at sixty or ninety days' sight, which impossible.
draft, when so accepted, becomes immediately Of all the nations now at war, England is available for discount at the Bank of England undoubtedly the best able to sustain an in- or in the open market.
If the acceptance
cannot be obtained, the money cannot be had; This is made up of 235 million Imperial and 747 million
for obligations that are not accepted by the
PARIS IN WAR TIME: A LETTER FROM CHARLES WAGNER
concerns that are and have been for years more self-contained than ever before in its the recognized monitors of credit will not be history. discounted. This will make it clear why it is Then perhaps we shall be able to buy practicable for the bankers to protect a nomi- back from Europe, if it must sell them, a nally easy money market from speedy exhaus- larger portion of the American investments tion by simply declining to accept. Appar- hitherto placed abroad. ently it is the intention of the English bankers In the last analysis, however, our investto use this method to exclude foreign bor- ment capacity must depend upon the extent rowers from the English market for some to which we can economize. time to come, and at least until the accumu- Mr. George E. Roberts, Director of the lation of gold in London shall put that market Mint, in a recent address in Chicago, said : in an invulnerable position.
The annual savings or net gains of the United Meantime we in America must rely upon Kingdom are approximately $2,000,000,000, of the accumulation resulting from economy Germany about $1,500,000,000, and of France and the release of credit through the con- about $1,000,000,000. The United States Census traction of trade and the lower reserves
for 1904 showed a gain of $18,586,885,635 in four which the Federal Reserve Law will permit
years, or about $4,650,000,000 per year. (as soon as it is operative) to finance our If Mr. Roberts is right, the net annual unexported surplus until Europe may be able gains of the United States exceed those of to buy.
Germany, France, and Great Britain taken The intrinsic value of the things we have together. If we conserve them, they would hitherto sold abroad will not be affected by in less than a year enable us to rebuy all of our failure to market them immediately if we the $4,000,000,000 American investments do not meantime still further increase the which Europe is said to hold. For these we surplus by the production of an additional may pay partly in gold, but mainly through quantity before the demand revives.
the sale of the wheat, corn, meat, and cotton Money is already becoming easier, and it which sooner or later Europe must have if seems not improbable that by the first of the she is to live. For us at least the outlook is year the banks of the United States will be not so desperate that we may not think of able comfortably to take care of the business others, or so gloomy that the Thanksgiving of a country that will, in a financial sense, be season will be an anachronism.
IN WAR TIME: A LETTER FROM
CHARLES WAGNER Our readers will remember the visit to America just ten years ago of Charles Wagner, the Protestant pastor and social worker of Paris, whose books, such as “ Youth” and “ The Simple Life," have been one of the finest influences on social and moral life in this country as well as abroad. Now Pasteur Wagner scuds The Outlook the following letter of greeting from Paris in war time; it is a brief but vivid account of the French capital in the trying situation when the cnemy was almost at the gate, and a reflection of French courage, sympathy, and inutual helpfulness.- THE EDITORS.
Paris, September 8, 1914. month, after I first embarked for New York, My Dear Outlook :
to confide in you, in remembrance of your Just ten years have passed since I visited loyal friendship, my impressions of the events America. I have never forgotten the recep- now transpiring, tion accorded me, and I remember particu- Ten years ago Europe was at peace ; tolarly all that The Outlook did for me and its day there is war. Within a few days Paris many courtesies. Therefore you represent itself may be invaded. You know this. You for me this great Republic of the United follow our fortunes with sympathy ; to this States of America that I dearly love, and you your paper, which I receive regularly, bears will permit me, just ten years, even to the testimony. But I do not wish to tell you
things that are universally known, but rather enjoy the coolness. Some German air-ships those things which in my capacity of pastor (taube) [i. e., doves] have been seen for several and citizen I see and hear from day to day. days endeavoring to drop bombs on Paris at Let me first of all speak of the profound im- the very time when our children were playing pression made by the decision of the United in the parks. This odious procedure seems
. States Ambassador, Mr. Herrick, of his suc- to intimidate no one. Notwithstanding some cessor, Mr. Sharp, and of his predecessor, accidents, the main feeling that appears to be Mr. Robert Bacon, to remain with us in aroused is curiosity. As soon as an air-ship Paris, even in Paris invaded, and after the
appears an enormous crowd thrcngs the departure of the Government for Bordeaux. streets and follows its direction. Their presence is at once a comfort and a The Outlook is familiar with the sentiments guarantee. The high moral position held by of the French nation and knows them to be the United States is shown by the fact that peaceful. Notwithstanding our patriotism its Ambassador is intrusted with the pro- and the memory of our lost provinces, we tection here of persons and property of Ger- have never desired war. Notwithstanding man and Austrian subjects.
violent national antagonisms, the idea of interI returned to Paris on August 16, after national good fellowship prevailed. We having been en route with various members maintained the hope that there might be a of my family for forty hours on the journey peaceful solution for all the grave questions frorn Geneva to Paris. Immediately on my that pressed upon us. In fact, a number of arrival I was informed that I had been named societies have been formed during recent a member of the Relief Committee, in which years for the sole purpose of spreading the all points of view are represented. Never doctrine of peace with neighboring nations. has our country been so united as in this war I have always appreciated Germany; and that we did not want; and it is a real comfort during recent years I have increased the to find this spirit of cohesion, of decision, of number of my trips to that country in order willingness at the end of the humiliating to do my share towards fostering good feelperiod of the Caillaux trial. We breathe now ing between the peoples of the two countries an entirely different moral atmosphere. In which so many agencies tend to poison. I this National Relief Committee ministers, suffer cruelly in the face of the terrible conAcademicians, and bankers fraternize with flagration consuming Europe to-day. But representatives of the Syndicated Working- my heart, truly French, is at peace. My men. Monseigneur Odelin, Vicar-General of country did all possible to avoid the conflict. the Diocese of Paris, sits side by side with From the highest to the humblest citizen in the Chief Rabbi and the Pastor Charles the social scale, we all desired sincerely that Wagner. The same spirit of good will is this terrible menace should pass by. Our manifested by the people. I am a member clear conscience is therefore our strength in of the Sub-Commission of Public Nutrition, the conflict. Another good result of these whose mission it is to supervise the food terrible days is that the nation has lifted itself intended for the women, the children, and above the stagnant moral atmosphere which the old men. You cannot realize how in the prevailed during the Caillaux trial. Our organization and preparation of the food for better self has been called to life, and, in spite the people devotion is manifested. Much of of the gravity of the time, this fact has filled the work—the preparation of vegetables, the us with joy. maintaining of the halls, and table service- You know how I feel towards the young ; is done by volunteers. Every one is anxious what joy I have always felt in the youth of to make himself useful. And throughout France. The way in which our children are the whole city the social life goes on in the bearing themselves on the field of battle and same way. Every one is more amiable, more meeting the assaults of the most formidable patient, and more kind than usual. As the army in the world is a source of just pride to number of efficient men has diminished greatly, the women follow various pursuits Every day I see firesides desolated by the that are ordinarily conducted by men. The departure of a husband or son. Several of street railway and the Metropolitan (subway] our pupils have already lost their lives in the have appointed women to collect the fares.
But how beautiful is their death! This The city is wide awake-animated. In the baptism of fire will conserve our souls. The evening people sit outside their doors and effect of this sanctified heroism makes itself
THE NEW BOOKS
felt among us. I have never seen Paris more beautiful than in the calm which has fallen upon her born of the feeling that our cause is just. To-morrow belongs to God. May he inspire and sustain us in order that
the lessons taught by this terrible struggle may not be forgotten ; that the blood that is spilled so generously may enrich the soil for better times in the future !
THE NEW BOOKS
Ocean Traffic and Trade. By B. Olney Hough.
The La Salle Extension University of Chicago. $3. This book is an elaborate compendium of information necessary to the intelligent conduct of export and import business. In view of the present discussion of the opportunities of the United States in the export trade, the book should be especially valuable to those who desire to increase their technical knowledge of the usages which control in the shipment of goods to foreign countries. It is most comprehensive and suggestive in the arrangement of the subjects with which it deals. The chapters upon “The Development of Export Trade,” “ The Way to Get Foreign Business," and “Foreign Credits and Collections" will be found especially helpful. Live and Learn. By Washington Gladden.
The Macmillan Company, New York. $1. This small but sententious volume is a book of wisdom. It is packed with the sage suggestions of one who has learned to live the life worth living by learning to think, to speak, to see, to lear, to give, to serve, to win, and to wait. Its eight chapters on these cardinal points of sound learning are printed as originally spoken to audiences of young men and women and others no longer young. They speak to the common sense of a healthy conscience. Pointed with many pertinent illustrations from actual life, they are eminently practical, and distinctively spiritual, with the divine ideal of life ever in view. Dr. Gladden may reasonably hope that this book "may be worth nearly as much to parents, and perhaps to teachers, and possibly to preachers, as to the young folks at whom it is chiefly aimed." Lure of the Camera (The). By Charles S.
Olcott. Houghton Mifflin Company, Boston. $3.
The author has rambled far and wide with his camera; perhaps rambled is not just the word, for more often than not his journeys have had a specific object. Thus he has visited and described (more than once, we are pleased to remember, in The Outlook) the homes of famous English writers -Scott, George Eliot, Wordsworth, Mrs. Humphry Ward, and many others; and of American writers like Thoreau, Hawthorne, and John Burroughs.
This book tells us the fascination he felt in re
producing the scenes and homes related to books which are as household words. The illustrations amply justify his love for photography; many of them are extremely beautiful specimens of the art —and they are finely printed with special choice of ink-tints to bring out the varied individual qualities. Admirers of photography will find book and pictures full of suggestion and interest. The chapters are written with easy friendliness, in an agreeable mingling of information and discursive charın. All in all, the book is pleasing to eye and mind alike. Panama. By Arthur Bullard (Albert Edwards).
The Macmillan Company, New York. $2.
The appearance of a new edition of Mr. Bullard's readable book on “ Panama "gives an opportunity of again calling attention to the quality of the book as a piece of literary work, and to its merit as a historical review, as description of the Panama Canal founded on more than one visit to the Isthmus, and as a thoughtful discussion of questions suggested by the Canal. Mr. Bullard's sub-title, “ The Canal, the Country, and the People," exactly describes the work. In this edition chapters on Finishing the Job ” and “The Prophet” have been added; the latter especially is of interest in its forecasting of the Canal in operation. New illustration, also, has been added, and the book is presented in more attractive form than before. Its appearance in this improved form is timely because of the opening of the Canal to the world's commerce and the coming Panama Exposition, but the work has permanent interest and will continue to be of value for many years to come. Yourself and the Neighbors. By Seumas Mac
Manus. Devin-Adair Company, New York. $1.25. This is an unpretentious book, largely descriptive in its character, but with a narrative element running through it. Its most notable quality is its intimacy with Irish life and the informal and perfectly frank way in which it lets that life present itself. This veracity gives the book its charm and its value. Mr. MacManus knows his people and is not afraid to let them show themselves as they are; and, whatever their faults may be, all the world agrees that no people have more engaging qualities than the Irish.
There will be plenty of Christmas toys this use in the present war; and a contemporary year in spite of the war, a leading toy dealer calls attention to the fact that bows and arrows thinks, because big stocks of toys have already were used by European armies up to the last been received from Germany and Austria. century-in the armies of the Allies in their Next year, however, if the war continues, things contest with Napoleon, when Bokharan, Turkomay be different, though if Holland remains man, and Tatar bowmen fought side by side neutral importations may still be made. Ail with Prussians against the French, and, accordgood children, and possibly some others, will ing to the famous military writer Jomini, gave a pray that little Holland may remain outside the good account of themselves. zone of war.
The restriction “ No children” in apartment Cardinal Pietro Gasparri, one of the leading house advertising is matched by this advertisecandidates for the Pontificate at the late papal ment in a New York City daily : “Wanted, two election, has been made Papal Secretary by or three rooms, furnished for light housekeepPope Benedict.
ing, for a gentleman and wife and well-behaved “He ordered the wills to be destroyed. They dog." were torn into pieces, but the pieces were pre
The term “Belgian blocks," as used in pavserved and have now fallen into the hands of the
ing, dates from the time of Napoleon, who is nephews and nieces.” So reads the story of a said to have used this kind of pavement on the lawsuit over a will. If instead of the ambiguous
roads and streets in Belgium to facilitate the term “destroy,” the willmaker had said, ac
moving of his heavy artillery to Germany. The cording to the old formula, “Burn those papers Germans seem to have shown that artillery car and scatter the ashes,” the litigation might have
be moved with equal facility in the other direcbeen prevented.
tion over these good roads. Two new tunnels that are to connect Brooklyn
Sir William Maxwell's temper, as illustrated with New York have been started. They will
in this anecdote, was quick, but it was matched take three and a half years to construct and
by his wit. Visiting Lord Galloway, a high will cost $12,000,000—a pretty big contract even for New York City.
official, he was courteously invited to call again
on the latter's day for receiving friends. Sir Fifty-nine leading British hunts, “ Rider and
William realized that he had made a mistake Driver” states, have contributed 7,774 hunters
in calling on the wrong day. His blood rose to the War Office for cavalry purposes.
with the thought of being tacitly rebuked value of these horses as hunters, says the same for his blunder. “A day of your ain!" he authority, was probably not less than $1,500 to
exclaimed. “I know but ae Lord who has $2,000 each.
a day of his ain. Deil tak’ me if I'll keep September was the biggest month in the his
yours !" tory of both New Orleans and Galveston so far A wide-awake Southern railway conductor as grain exportations are concerned. New Or
suggests that the Buy-a-Bale movement for the leans shipped 5,283,178 bushels of wheat, while relief of cotton-growers be supplemented by an the Texas port sent out cargoes amounting to order from the railways for the use of cotton 6,751,318 bushels. Most of this grain went to (khaki) uniforms for all employees. This would the warring armies of Europe.
use up some of the cotton instead of merely "That king of the feast, the turkey, no longer storing it. needs constantly to be basted—to the ruination Here are some rules by which, according to a of complexions—because he can be browned
contemporary, any one can learn to speak in properly in a pan scientifically made for this
public: (1) Get it out of your head that oratory purpose." So states a household magazine, is to be desired; it is strictly out of fashion. which further says that the pan is made of (2) Think out what you want to say. (3) State aluminum ; this heats quickly and extracts less
your facts and then sit down. (4) Do not tell juice from the article cooked than was the case jokes or anecdotes unless they illustrate the with the old-fashioned utensil. The new pan, point taken. (5) Don't bother about gestures however, costs between four and five dollars.
or intonations. (6) Practice distinct enunciaPan and bird together, in the good old days, tion. (7) Avoid a heavy meal before speaking ; could have been bought for that sum and left
instead, take a cup of tea or a half-hour's nap. something over for the housewife's pin money. (8) Having once made a good speech, don't
In spite of the great advances in the making think you are a Demosthenes, but keep on tryof weapons, the bayonet and the lance are in ing to improve.