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Show SENATOR LEWIS WARNS. Senator J. Ham Lewis han entered the listi against the proposed billion -dollar loan. K o fears that a panic comparable in seriousness to the panics of 1873 and 1 87S may be precipitated by the taking of a billion dollars in money out of the country. The warning is worthy of careful consideration, not so much because of the arguments presented pre-sented by the senator, for thev are vulnerable, vul-nerable, but because of the danger of a psychological panic. The agitation which is already in progress might easily cause a financial scare, even though no genuine economic grounds for tho scare existed. The principal consideration for Americans is the welfare of their own country, and they must not blind themselves them-selves to any of the possible contingencies contingen-cies connected with the loan. Senator Lewis states that the amount of usable money in America for America Ameri-ca in excess of reserve and money already al-ready obligated is $2,000,000,000. The departure of $1,000,000,000 of this total would have a serious if not disastrous economic effect, he believes. It has been the understanding all along that the billion dollars would be spenl in this country for our supplies, and unless a compact of this kind can be arranged with the Anglo French commission com-mission the merits of the loan would appear to be more than questionable. If the billion dollars or the greater part of it is to be expended on this side of the water the argumeuts of Senator Lewis would appear to lack force. Senator Lewis contends that in sixty days all the money will have been spent and that all America will have in place of the cash will be the securities of two or three countries whose credit is waning. But if the compact for the expenditure of the billion dollars in this country goes into effect the money will not be sent out of the country. A credit will be established on which Great Britain and France can draw tor expenditures in this country. In that event we will have the securities and the money, too. |