I

N presenting this pan-American number, we feel it desirable to emphasize the relation which the Americas bear to the rest of the world. All the talk about pan-American solidarity, is talk to a distinct purpose. It is not idle talk; Pan-American union is a step, and a very important one, toward world-union. Whether or not there be any real danger of military invasion, an effort on the part of the three Americas to draw together and be prepared for any possible exigency cannot but prove an excellent thing. The federation for defense always embodies coöperation in commerce, civic welfare, the arts. If pan-America can, in spirit and in truth, become a strong chain of republics-a chain, link by link sturdy and secure-half the world will have been reduced to order. Pan-America will constitute a world court in little. If it be proved beyond question that two great continents can abide by common laws (and the mélange of races must be kept in mind) will it not also have been proved, in most luminous and compelling theory, that all the continents can abide by common laws?

S

UCH countries of Central and South America as still find it meet or necessary to ask favors of more powerful American republics must not, on the strength of the new impetus toward union, hope to dodge the obligation of submitting to partial external jurisdiction. Protectorates, for Protectorates, for the good of all parties concerned, will continue to exist, as they have in the past. The present, however, is a peculiarly apt season for clearing up all doubt on the score of a nation's right and sincerity in taking over such jurisdiction.

The United States has frequently been looked upon with suspicion by many republics to the southward. It has been rumored that the United States meant slowly to extend the zone of her influence until she could evolve actual territorial aggressions. Likewise the more powerful republics of South America have been suspected by smaller states of designs on their independence and national integrity. As a matter of fact, these protectorates have always been established upon the voluntary consent of the countries desiring to assume obligations. They have been and are designed as purely commercial instruments, embodying no political significance.

Protectorates, it should be pointed out especially at this time when there is a possible danger that pan-Americanism may run amuck, through the very intensity of its splendid ardor, must continue so long as small and weak states seek the help of larger and more powerful states. In most if not all cases where financial asistance is required, funds could not be raised except the bankers, corporations, and promoters were assured of adequate. security. The protectorate, established by a strong state over a weak one, enables lenders to advance money without fear of loss. Such governmental jurisdiction is the best sort of collateral, and, when voluntarily submitted. to, cannot result other than in good.

Senator Stone of Missouri, chairman of the Committee on Foreign Relations, who is consulted whenever any issue of international proportions arises, has commented on this matter of the pan-American protectorates. Nothing should hinder, he says, try needing money from approaching

coun

the United States, or Argentina or Brazil or Chili with the request that a loan be granted-a loan, that is, "protected by the supervision of its governmental machinery by the government of the lending country."

And Senator Stone elaborates this point:

"That would be no encroachment on the rights of the borrower and no infringement of its sovereignty, except to the extent voluntarily arranged in the particular treaty at issue. Only in this way could some of the weaker States induce bankers to advance funds.

"There have undoubtedly been suspicions of the United States in the countries south of us. Steps we have taken in various countries have been looked upon as perhaps part of a hidden policy of the United States to extend its territories indefinitely. But fortunately these suspicions are fading. The recent meetings of the Pan-American Financial Congress and the PanAmerican Scientific Congress have shown a better feeling of confidence. Extracts from leading Latin-American papers show that these friendly expressions have been applauded generally in South America.

"If the United States, at the request of a smaller country, takes over certain of its governmental functions the other American States will know we have no ulterior motive and no aim at annexation. In the same way, if this kind of protection should be extended by Argentina or Brazil or Chile-and we should be very glad to have them. take over this burden, which we alone have assumed in the past-we should know that that they had no ulterior motive."

Thus we find that the pan-American agitation has served to clear up one of the unpleasant vaguenesses of the past -a vagueness which embodied real danger, and which even might menace the feeling of unselfish good-will which

must permeate the pan-American union if it is to stand.

T

HE return of Mr. Ford was not like his setting out. The hectic, yeast-charged Peace Party went off like a rocket. But, as with rockets, however splendid their soaring may appear, the sparks descended dead to earth. Woe unto him who putteth his faith in pyrotechnics!

Mr. Ford failed because he sought to effect an heroic work with pigmy strength. He failed because his theories were undigested, his plans laid but from day to day. but from day to day. Such pacifists. need not hope for success. It will never be theirs or at least not until that absurd day when lions shall lie down beside lambs.

Fired with the belief that a few million dollars could sway the destiny of clashing nations, Henry Ford set out for Europe. “Get-peace-quick" was the motto of the party. It was esteemed i an easy thing to haul the men out of the trenches by Christmas. But the men are still in the trenches. The Ford Peace Party has dwindled in numbers and in prestige and even in hope till it is a sorry, bedraggled ghost of what it was when the Oscar II so flambuoyantly set sail out of New York harbor in the month of December. Yet pacifism remains the ideal of the world, just as it was before. True pacifists are not decoyed by noisy adventurers and ludicrous dreamers.

We do not want peace at any price, nor do we want peace before international psychology renders it logical. Sham peace is worse than war, a thousand times. Hypocrisy is a nest for vipers and a phial for venom. When the nations can come right out in the open and talk, then the terms of real peace may be determined upon. But with the men yet in the trenches? Oh, never!

We must practice broad patience.

explodes!

Judge Gary, after issuing his opinion of the present status of steel-"Furnaces and mills," he says, "are running at full capacity, and it is impossible to fully supply the demand for prompt delivery. The bookings are considerably in excess of production, which is larger than ever before"-goes on to analyze the vaster field of commerce in which the steel industry plays but a part. He finds prosperity everywhere.

"The conditions pertaining to this industry (steel)," continues Judge continues Judge Gary, "reflect, more or less, those of other lines, and perhaps are an indication of the general situation. Certainly there are evidences, which cannot reasonably be questioned, of great prosperity. They are seen in the banks, the stores, the shops, the railroad figures, the hotels, places of amusement, and, not the least important, the enormous sums given to meet charity and relief demands. These conditions exist, and it now seems probable that they may continue for months to come. How long?

The answer depends largely upon ourselves, our leaders, official and

private, and upon those of us who only attempt to follow and to protect our interests as we properly may."

Protect our interests? Well, there are many and quite definite ways of protecting them. There is the matter of tariff, which, however, we will not go into at the present time. There is another and even more pressing need of protection than that attaching itself to the scale of domestic prices a need which Judge Gary strongly enunciates.

"When there is possible danger ahead," he says, "the locomotive engineer is directed by his rules, formal instructions, and signs, to proceed with caution; and sometimes to stop, look, and listen. We may draw analogy. I would offer words of caution. We are proceeding at a rapid pace. There is great expansion at present. I fear there is great inflation. Some of the circumstances surrounding the financial and industrial world are peculiar and not justified. There will be jars. and jolts when eyes are opened and things become normal.

"We ought to stop, ponder, reason. We shall be all the better for it. Legitimate enterprise and progress will be benefited if we read all the signs, consider the past, and reflect upon the fu

ture.

"What of the future? Who can say with any feeling of certainty? It may be very dark and desperate. It will be thus in Europe, and we in America will feel the effects to a greater or lesser extent. I am referring now only to economic features. The destruction of billions upon billions of property in any country must necessarily affect, in some degree, all other countries. The economic conditions in the United States may and should be good in the long future, with the usual interruptions, if we are only alive to our opportunities."

Judge Gary expands his estimate in so graphic and eloquent a manner that the WORLD COURT feels he should be

liberally quoted.

"Whenever the war shall close," he continues, "the business of this country will be confronted with new conditions. The purchasing power of the whole world will have been greatly reduced. Foreign countries which are now buying our products, because compelled, will withdraw their patronage in a large measure. Other nonproducing countries will find their financial resources and credits lessened. More than this, foreign producers, in great need, will strive more diligently than ever to supply the countries that are financially able to pay and at prices based upon cheap labor and low cost, as they have a perfect right to do.

"Our producers, including our wage earners, will find themselves in commercial antagonism with the most persistent and difficult competition ever experienced, unless this shall be prevented by laws that are reasonable and sufficient. Most of the foreign producing countries, and quite likely all of them, will be thoroughly protected by tariff provisions, and we should be on a parity with them in this respect.

"This is not a question of politics nor for political parties as such. It is one of economics and of good business, and it affects all the people. It is a question of the greatest good to the greatest number. There should be an effort to ascertain and establish a line of justice and fairness between the producer and the consumer. It must be resolved on scientific principles after the ascertainment of facts and their due consideration.

"Immediately prior to the commencement of the present war and afterward, until war orders, so called, appeared, and influenced a change, business conditions in the United States were very bad. The volume was considerable, but the prices were unreasonably low. Many were selling their commodities below cost. This was because of the prices of imported prod

ucts, made with cheap labor and transported at low rates, were below the cost of production here. These shipments, dumped from surplus stocks, fixed the domestic prices. I hope and believe, whatever political party is in power, much thought will be given to the all important question of adequate no more and no less-protection. Our people will succeed or fail together. No class can long prosper at the expense of others. No class can long continue in adversity without similarly affecting all others.

"This is an epoch. The times are serious, perhaps critical. The financial, commercial, and industrial inter ests of this country may be firmly es tablished on an independent and invulnerable foundation, but there must be coöperation between all classes and departments, private and public. Governmental power must lend its assistance to legitimate private effort, and the latter must appreciate and reciprocate. We must work together and for the good of all. It is a time for patriotism and for the exercise of a fair and liberal treatment of all others by each individual and by our community of individuals.

"Another suggestion: We must be prepared for radical changes in volume, in prices, and in resources. There is danger of overproduction, overextension of credit and liabilities, overconfidence. Circumstances change like a kaleidoscope. We have observed this before and we shall see it again. It is possible the banks will overextend their credits, particularly in favor of foreign interests who offer attractive rates, but they will take care of that matter for themselves.

"We business men should realize that there is possible danger ahead in the business outlook, and if we proceed with caution, however aggressively, we shall have done no harm and we may hereafter have reason for congratulation."

IT

T is the unhappy but supreme truth that if ever the sovereignty and integrity of the United States were destroyed by a combination of European or Asiatic countries, the same fate would inevitably follow the twenty other American republics; and, correspondingly, if ever the sovereignty and integrity of any of the LatinAmerican countries were destroyed by such a foreign combination, the same fate would await the United States because it would be impossible for such combination to destroy the sovereignty of a Latin-American republic except through victory over the United States.

With the realization of this possibility in mind, the governments and peoples of all the American nations must presently see the necessity of evolving the Monroe Doctrine into a pan-American doctrine which will mean that all of the Latin-American republics would stand with both their moral and physical forces for the protection of the United States were it attacked by a foreign foe as quickly as the United States would stand for their protection were the sovereignty of those other republics similarly assaulted.

All America desires, above everything else, that the nations of Europe and Asia shall live in harmony with each other and in harmony with panAmerica. Pan-America would regret

even than would Europe and Asia any growth of feeling against pan-Americanism, and against the real meaning of the Monroe Doctrine. In

other words, if the countries of panAmerica had their own way and could be insured against possible aggression in the years to come, they might not espouse, as they do now, greater and more effective solidarity. Pan-America, however, cannot rest its case upon theory, hope or prayer. It must in a practical way be ready for conditions. which it may not be able to control.

In the light of this thought, the men attending the pan-American Scientific Congress in Washington were almost unanimous in their belief that whichever way this titanic struggle ends, pan-America will not be loved by victor or loser. Stated in another way, it may be said that the victorious group of nations will claim that they won in spite of pan-America, and the losing group of nations will contend that they lost because of the attitude of panAmerica.

Pan-America and pan-Americanism are more to the front to-day than ever before in the history of the Western Hemisphere. The Congress struck a note on behalf of pan-America for pan-Americanism which has been reechoed from the United States on the north to Argetina and Chile on the south. That pan-America is interested profoundly in the practical meaning of pan-Americanism is evidenced beyond question by the fact that there were more delegates in attendance at this Congress from the twenty-one American republics than have heretofore assembled for an international gathering in the long period of the relationship