rranean.

Is it to be assumed that with the new development for Africa and Asia,
Europe is going to abandon her interest on the continents of America?

Will not the very force of these developments make a foundation for
European developments in North and South America?

Have we not seen that the British Empire has still some interest in the
Panama canal? Is it to be supposed that when peace succeeds in Europe,
and the European nations lie down together for another period of mutual
development, France will make no inquiry concerning her $800,000,000 of
property in Mexico? Or that England will adopt Mr. Bryan's idea that
any Englishman or American who goes into Mexico cannot look for any
protection from his home government?

I believe that Lord Cowdray is to-day the foremost business man in
England. He represents oil lands in Mexico worth intrinsically more
than $100,000,000. Is it the policy of the British government to say,
"Cowdray, forget it, and come over and develop Mesopotamia; living is
unsettled in Mexico, and Uncle Sam has told 'em to fight it out"?

A third lesson the United States will receive from this war is the
value of large units in business and the value of national wealth as
national defense.

Instead of trying to pull down wealth and individual accretions of
wealth, the country will recognize that all savings and every increment
of fortune, small or large, are for the ultimate benefit and for the
prosperity and defense of the whole country.

In this war Russia is poor in railroads, and the advantage that Germany
has held over her in Poland is more by reason of the German railways
than the German armies. Railways are products of wealth and individual
capital, and the sooner the United States learns this lesson, the
better.

A fourth lesson for the United States from this war is the value of
gold in bank reserves, and the value of ability to mobilize quickly
such reserves. No nation in the world to-day is more closely tied to
every other nation than by the invisible strings of gold. Every nation
in the world has an interest in the gold supply and the gold reserve in
bank throughout the world.

There are those in England who still believe that this war will be the
supreme test of the gold monometallic base for money and banking.
There is no thought as yet that Germany, if driven off the gold base,
will seek a silver base. It has always been declared by the
bimetallists that the successo