The Days of a Ma?i 



compromise was found; compromise is almost always 

 possible where either or both of two rival nations 

 wish to avoid actual war. 



Nevertheless, the European situation remained 



distinctly critical. Those of us who then and later 



believed that the apparently imminent conflict 



would be avoided rested our judgment mainly on 



the fact that an extended war would mean ruin to 



all nations concerned, physically and financially; 



it would be a crime of such magnitude as to admit of 



Bankers no pardon to those responsible for it. Furthermore, 



and ship- t j ie mone tary affairs of Germany being virtually 



i)in a trusts 



for peace (through 3. system of interlocking directorates) in 

 the hands of the four great banks, it was assumed by 

 financiers and believed by many others intimately 

 acquainted with affairs that money and trade would 

 be able to prevent war should the military exploiting 

 elements in any nation attempt to bring it on. 



Yet Ballin, head of the Hamburg-American Steam- 

 ship Company, the world's greatest shipping trust, 

 must have felt some doubt, for he is reported to have 

 said: 'We business men are talking peace into one 

 ear of the Emperor, and the War Staff are shouting 

 war into the other; we don't know which is shouting 

 the loudest!" 



I personally held the opinion that the monstrous 

 array of armament Europe was gathering at the be- 

 hest of its "sleepless watchdogs" " would not be used 

 for war; the sacrifice appalls, the wreck of society 

 would be beyond computation." But war once de- 

 clared, the opposition was abruptly silenced. The 

 German government did not wait for loans but seized 

 the gold reserves of banks and insurance companies, 

 replacing them with paper paying also in bonds 



c 454 : 



