T A Remarkable Prediction When Wilson was Governor of New Jersey and after he had begun to be discussed as a Presidential possibility, Tumulty one day broached the subject to his chief. Mr. Tumulty writes: "As we discussed the Presidential situation, he turned to me in the most solemn way, and putting his hand to his mouth as if to whisper something, said, 'I do not know, Tumulty, that I would care to be President during the next four years. . for the next President will have a war on his hands.' HERE are more revelations about Woodrow Wilson in this book than in any other. Mr. Tumulty's factful account is straight from the shoulder and decidedly impartial. It contains for the most part matters of record. Therefore, it interests both friend and foe of Woodrow Wilson. The long silence which has been maintained in the face of some of the most astounding accusations ever directed at a man of international prominence is now broken with challenging answers. Joseph P. Tumulty brings out the human side of Woodrow Wilson the man, besides discussing his qualities and achievements as a statesman. His account is sparkling and compelling and deals with the greatest personalities of the most important decade since Lincoln. WOODROW WILSON $5.00 at every book store Doubleday, Page & Co. Garden City, New York -a few of the challenging facts: HE TELLS what Wilson said to him. about the sinking of the Lusitania at the time it occurred. He gives the President's soliloquy when they were alone together in the Cabinet room after the President had delivered his great war message to the Congress. He explains how secret preparations for war were made by the President's order in 1916, He tells how the "amazing indiscre tions" of the Irish-American delegates He tells why Wilson made his ill-fated He tells why Col. Harvey became his enemy instead of his Ambassador. He tells of his physical collapse and how Lansing during his illness tried to have him superseded by Marshall. YMAN ABBOTT is editor-in-chief of The Outlook. Doubleday, Page & Co., ho have just published his latest book, Silhouettes of My Contemporaries," anounce: "This is a collection of intimate ketches of the great, by one of them. .. When he introduced a department alled "The Outlook' into the 'Christian nion' at the time he was an editorial ssociate of Henry Ward Beecher, it beame his duty to make a first-hand study f the great characters of that day. The lost striking and lasting impressions of is eighty years' association with great en are here given." Copyright 1921 New York Central Railroad Co. The Century the world's most famous train NEW YORK (ENTRAL LINES New York-Chicago 20-hour service The TWENTIETH CENTURY LIMITED, when it inaugurated the 20-hour service between New York and Chicago, brought the two greatest markets of the country within overnight reach of each other. This saving of a business day has been of incalculable value to industry, commerce and finance, With ceaseless regularity this world-famous train-for more than 7,000 nights-has been making its scheduled flight between the port of New York and the head of Lake Michigan over the water level route of the New York Central Lines. Travelers whose business takes them frequently back and forth between Chicago and New York habitually use the "Century" because of its deserved reputation as the most comfortable long-distance, fast train in the world. The equipment of the "Century" is maintained at the highest standard; its appointments, conveniences and cuisine are planned to meet the desires of the most exacting travelers; it lands its passengers in the heart of Chicago and New York. The TWENTIETH CENTURY LIMITED is the pride of the employees who operate it "Century" Westbound and guard it night after night, and it is the 9.45 am. standard bearer of a service known the world "Century Eastbound over as the highest development of railroad New York 9.40 a.m. transportation. New York 2.45 p.m. Chicago Chicago 12.40 p.m. The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or informatione resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service.or All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York. ma relationships; because it embraces such important subsidiar, go problems as the tariff, immigration, the refunding of the debloc of our allies, the merchant marine; because, with this adjusdj ment made, many domestic problems will disappear in the 20 general prosperity, and the question of just how we shall spre it i our taxes will become a minor consideration. The and ability to pay of the individual foreign customer. This limitation, which Américan business failed to take into account through two mad years, has been responsible for the greatest losses we have taken. The creditor nation which expects to remain a creditor nation and desires prosperity meanwhile must take paynent for exports in three ways: (1) in goods which it is willing to import; (2) n gold which debtor nations can afford o lose; and (3) in foreign securities ind physical properties purchased for The accounts of individual investors. It is obvious that we are willing to mport all manner of non-competitive foods in any quantities up to the potenbial demand. It is only when we conider importation of goods which comete with our own products that opinons do not agree. Unfortunately, it is a natter upon which most of us took side 'ears ago, and upon which party lines ave been definitely drawn SO that 'econcilement to new conditions is diffi ult. The protective tariff has had an honrable career in the United States, as it nay be expected to have in any nation which is an international debtor. By 'aising this barrier against importation I nation prevents exploitation of its reources and business opportunities by oreign capital and insures development with the capital of its own nationals. Jnless a country's nationals are limited n their capacities to manual labor, it is ar better to import labor at the call of lomestic capital than to permit the importation of capital which will employ one's own nationals as laborers. In accomplishing the former in this country he protective tariff has played an im>ortant part. Without it tremendous cash balances due Europeans would have Accumulated in New York each year, representing a constant call on our gold supply, ready and eager for ownership of American resources and properties. But that day has passed. Such holdngs as foreign capital was able to obtain In the United States in spite of the protective tariff have been canceled by the fortunes of war, and to-day America is Cowned by Americans. So is much of Europe, if we will realize our opportuni. ties. We need no longer fear New York balances to the credit of foreign governments and capitalists; instead we greatly need them if we are to solve the matter of collections. England, France, Germany, Belgium, and Italy must tax millions from industry merely to pay us interest. The cost of transportation has increased, also the cost of handling goods in our ports. Our ideas of what constitutes an American standard of living for labor can come down several pegs from the silkshirt, Ford-car-for-everybody period without doing anybody any harm; so can our ideas of what constitutes an adequate return for capital come down from the days of the profiteers. Many industries which could not compete ten years ago will find that they do not need protection under the new conditions. Such industries as cannot compete with these (Continued) new advantages can be fairly classed as inefficient and had best be scrapped while we are in the business of scrap ping inflated values. Our real problem is the protection of our efficient industries, not from foreign competition, but from total failure of an export market. We must export in great quantities cotton, wheat, copper. In manufacturing in many efficient linesmeat packing, automobiles, steel, ma chinery, electrical equipment, railway equipment, etc.-we are geared to quan tity production and equipped to manufacture large surpluses above all pos sible domestic demands. We can have the high wages and low costs of the quantity production system, can maintain values in these efficient industries and avoid labor distribution from them, only by having export markets; we can have adequate export markets only by taking foreign goods in payment without tariff restrictions. So the tariff matter has become largely a question of whether we shall protect our inefficient non-exporting industries with high im port duties, or our efficient exporting in dustries, including agriculture, with very low duties. Creditor nations may also take payment for surplus of exports over imports in gold which debtor nations can afford to lose. No nation, however, can afford to lose in foreign trade such quantities of its stores of precious metal as will endanger its promises of redemption of its circulating media of exchange. Nor can a creditor nation afford to accept such quantities of precious metal from its debtors; by doing so it will promote domestic inflation and ultimately estop further trade by reducing the debtor nation to the necessity of barter. In the present case, the debtor nations have already lost to us far more than they could afford. Very few nations are on a gold basis internationally; instead, for. eign currencies are at great discounts, which fluctuate with our willingness to extend credits. The next step will be international barter. Further gold importations into the United States should be stopped, by embargo, if necessary, lest the further inevitable operation of Gresham's law ruin the financial structure of the world. The third method of taking payment. for favorable trade balances, namely, in securities and properties for the accounts of individual investors, presents the real opportunity of the creditor nation. It is the method which in our case will restore the equilibrium of trade and the international gold standard, and will lead on to the fulfillment of our destiny in world development. The nation which exports more than it imports in goods and gold exports capital. The excess goods are themselves capital. But there are two kinds of capital, only one of which may be That kind is investsafely exported. ment capital, the saved wealth of individuals. The other kind, which no nation can ever afford to export, is the working capital of its industrial and |