The Days of a Man 



to any honest criticism of the purpose or declara- 

 tions of the assembly. Unfortunately the attacks 

 which followed this and other appearances by me 

 were often far from honest and seemly. 



As already implied, one could not fail to recognize 

 for join- t j iat at t hi s tmie several entirely different elements 

 urged entrance into the war. The first group, wholly 

 devoid of ulterior motives, thought it our duty to 

 drive Germany out of Belgium and France and put 

 an end, once for all, to medieval autocracy. With 

 these I fully agreed as to the main facts, but believed 

 that their aims might be accomplished by other 

 means than war. 



The second element was financial. Great Britain 

 had in a fashion raised the signal of distress, being 

 unable to go on paying cash for her enormous pur- 

 chases of munitions and food in America, and so 

 approaching the limit of credit. Already upward of 

 $24,000,000 of British and French bonds were held 

 in the United States by the Morgans and their 

 patrons. Such securities no longer sold at par, and 

 discount was devouring profits, besides tying up 

 capital in munition plants. 



This condition of things had been frankly described 

 Street in a circular issued by The Wall Street Digest, March 2. 

 and war . aut j 1Qr state( j tn at whether war came 



at once or later, the United States was really "com- 

 mitted to a preparedness campaign that must assure 

 the prosperity of American industries for a long time 

 to come." But while there was "no lack of orders 

 from the European allies and no haggling as to price/' 

 manufacturers of armament were forced to accept 

 notes and bonds in place of cash. These pledges not 



C 720 3 



