DISSTON CRUCIBLE PRICE 10¢ PER COPY $100 YEARLY IN ADVANCE EDITORIAL CHAT NO PEACE Until German Power is Securely Fettered "T From Ex-President Patton's Commencement Address at Princeton HREE or four years ago some of us talked lightly of what we were going to do-how we would confiscate the German fleet, levy a large indemnity, and leave behind us an army of occupation to enforce the collection of our claim. We have since learned that we must first bind the strong man and then we may spoil his goods. And until he lies in fetters, let there be no talk of peace." "Meanwhile the scholar's gown must be laid aside for the soldier's tunic and we who are so old that we can only stand and wait must watch with brightening eye and fervent prayer the sheen of glittering bayonets as on they pass to the scene of moral combat." "Till the great achievement is accomplished let the pacifist hold his peace. Let the pulpit refrain from the soft evasions that weaken patriotism and learn from the Old Testament scriptures the fine art of expressing righteous indignation. Let the platform orator retire from his self-appointed place as auditor general of the world's moral transactions, since he will not find in a century of wrong-doing by the Allied nations any substantial offset to the enormities which in the last four years have been charged to the account of the accursed partnership of Turk and Teuton. And let there come in Britain and to the furthest frontier of her wide domain, and in America throughout the vast expanse of her continental territory, an ever new and ever deepening consecration of heart and soul and energy to this sacred enterprise until the work is done. And may God speed the coming of the wished for day, when Serbia shall have her window on the sea; when Italia irredenta shall find her savior; when Belgium shall be forever rid of the Huns' polluting presence; when France by her own fierce action of replevin shall snatch from the hands of the enemy her stolen goods; and France, and England and America shall live together under a pact of eternal friendship which will need no other seal than the blood of their heroic sons who fought together side by side, fell together side by side, and from the same cup took the solemn sacrament of death." Quality Great Business Era Coming When the War is Won Leaders in finance and industry hold bullish opinion— W HAT does the future hold for us? In what condition will the end of the war find our finances, our productive capacity, our markets and our salesmanship in them? Those factors will determine our prosperity and upon that point hinges the ordinary man's adoption of an active or a waiting policy-in advertising as in other phases of business. That attitude of the ordinary man may be wholly illogical, but, whether it is your attitude or not, a survey of the factors that will create the conditions after the war is equally useful. To estimate the present investment status Samuel Crowther has made just such a survey for the investment department of August System. The same factors are to be considered whether it is investment or merchandising and advertising plans that you have to make. GREAT BUSINESS ERA COMING As Mr. Crowther says in his article, "Personal opinions differ widely; one can find both encouraging and discouraging forecasts. But the weight of opinion-the thought of our greatest leaders in finance and industryis decidedly bullish. The leaders are preparing for a great business era; they feel that the present war will develop the many national muscles that have had but scant exercise." Continuing, the author discusses the factors which industrial and financial leaders are agreed will determine the national prosperity after the war. What of our finances? Undoubtedly we shall have a great national debt with heavy fixed charges. But we shall owe it to ourselves. The ordinary man on the street will have his government bonds plus the habit of buying more. Perhaps the most important effect of the national debt will be to accomplish a wider distribution of wealth. As a nation we have also bought back nearly half of the bonds on which we used to pay interest to Europe, we have received now more than a billion of gold and have lent to Europe about two billion more. Our indebtedness is internal; our international position is that of a creditor nation. Those who are concerned about our equipment for production regard the problem as one of surplus rather than shortage of factories and equipment. What will become of the tremendous industrial facilities that we are now getting? Of course, it is generally known that this industrial expansion is being written off out of current earnings. It is not so generally understood, however, that a considerable part of the plant increase is not of socalled permanent construction. Needless to say, munition producers in this country generally have not yet reached the stage where they can announce their plans for after the war -with a few notable exceptions. But in Great Britain there has been time for more planning. The famous munition makers, Vickers, Ltd., have just announced their plans for peace time use of their plants. Obvi If we are to win the war we will do it by raising an army of several million men and keeping it supplied -and run the country too. ously, we are increasing our efficiency -mechanical, laboring and executive. Our men will return the better for their military training. Not all of the women now going into industry will return to old feminine pursuits or idleness. In other words, we can't win the war without the very same human power that will keep things going after the war. What, then, of the government's relation to business after the war? The government can help business if it will and if business will permit it to do so. The present relation between the government and business argues reassuringly on that score, for |