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Show 'future at stake, v ' It is said to be the "intention of the government at Washington to maintain the present financial supremacy of the 1 United States, both during and after the war, and a programme to this end has been mapped out. Our position is exceptionally strong just-' now owing to ! the fact that we have piled up hundreds of millions of dollars since the European war began and to the further fact that we are able to supply our own food, munitions and almost everything else needed for the war, besides furnishing the allies with products of enormous value in the aggregate. Notwithstanding Notwithstand-ing these favorable factors, it ha3 been thought advisable to close American money markets to further foreign government gov-ernment bond issues throughout the war, so there will be ;.o more underwriting of foreign bonds in this country if the government has the power to prevent it. Another feature of the Wp hington programme is the centrali;'r. the country's financial system b t!ie admission ad-mission to the federal reserve system of thousands of trust companies and state banks at present non-members. Also it is proposed to stabilize business conditions as far as possible by use of the contemplated international purchas- j ing board. We do not know to what j extent the government will be able to carry out its programme, but we see the necessity for taking some action in the premises in order that we come out of the war in the best possible financial condition. In other words, we should not throw away all of the advantages we now possess when by proceeding cautiously we can maintain our su- premacy in both tho realm of finance and fte world of trade. Just now a campaign is being waged throughout the length and breadth of the land to induce citizens of all classes to purchase liberty bonds and it now seems probable prob-able that the $2,nnO,i)Oii.0uG offered will be largely over-subscribed. But other bond issues will without doubt come along if the war lasts and the American people will be called upon to buy them. It is none too early to begin drawing draw-ing the lines more closely, for no man can forecast the future or even guess as to how long the war will last or what sacrifices the American people will be called upon to make. But we all know enough about the situation to see that it is necessary that we conserve our gold supply. To this end we should cease the importation of luxuries, such as silks from Japan, which is the one countrv now menacing our reserves of yellow bars and coin. There are a great manv other foreign products we could get along without if we were not able to import them. This being so it would be 'the part of wisdom to voluntarily ! give thorn up during the time the war , lusts, if we do not practice many little economies we shall not have money enough to indulge in fuch luxuries when peace is declared. |