only then
shall we be in a position to see whether President Wilson will
keep his word, and take energetic measures _vis a vis_ England.

"The Anglo-French Loan Commission, assisted by their agency, the
Morgan group, are working at high pressure. Stories of Allied victories
in Europe are sedulously spread abroad in order to enlist the support
of public opinion. Despite these efforts the commission found Chicago
so invincibly hostile that they were compelled to proceed there in
person, but they will probably, in any case, manage to raise a
loan, as the Morgan group are quite strong enough for the purpose.
The rate of interest they are demanding is very high, as up till
now they have financed all English purchases here. By these means,
they are, no doubt, making considerable profits, but in order to
secure them, they will, of course consolidate their floating debt
and unload it on to the public. The only question is to what extent
they will be able to do this. Opinion varies as to the size of
England's present debt; a prominent banker here, in close touch
with the Morgan group, estimated the total to 500,000,000 dollars;
if this estimate is correct, a loan of 500,000,000 dollars would
only just cover the liabilities hitherto existing.

"The Morgan group certainly had to make two great concessions:
first, that the proceeds of the new loan shall not be employed
for the purchase of munitions, and second, that Russia shall be
excluded from the loan; only by these means could they overcome the
opposition of the German-Americans and the Jews. Our Jewish friends
here are in no easy position. Their action, or rather inaction,
takes the form of what is commonly known as 'egg-dancing,' or
'pussyfooting'; they wish to stand well with all sides, but have
not the courage of their convictions, and are very anxious to make
money. All this is very easily understood, when one remembers the
ambiguous position of these gentlemen. A regular devil's dance
around the 'Golden calf' is now going on here. All the European
Governments are coming to buy in the American market, and usually
paying double for their goods, as they only purchase what they
urgently need. _One lesson_ we may learn for future reference from
the present state of affairs, and that is that we must not allow
ourselves again to be left to the tender mercies of the German-Jew
bankers here. After the war, we must have branches of our large
banks in New York just as we have in