[309] Ibid., pp. 14-17.
[310] Ibid., p. 18.
[311] Ibid., pp. 21, 22.
[312] Ibid., pp. 45, 46.
CHAPTER XXXII
THE EARLY EVENTS OF THE EUROPEAN WAR IN RELATION TO MONEY BANKING AND FINANCE
American Finance and the European War
[313]During the half-century that has elapsed since the Civil War, there has probably been no period of six months within which there have occurred transformations of so far-reaching a nature in American banking and finance as during the half-year between July 1, 1914, and January 1, 1915. It will be long before the full meaning and significance of these events are thoroughly understood; for what has been done cannot be finally interpreted until facts which have not yet been ascertained have developed their consequences. On the other hand, it would be impossible to forecast the ultimate effect of the European war should any one of certain tendencies which are still at least possible be fully carried out. What has already taken place, however, comprises a range of events full of important lessons and significant for the light they throw upon the methods to be employed in the near future in the management of industrial and commercial enterprises. This experience has been particularly rich in its bearing upon the relationship between banking and finance in the strict sense of the terms on the one hand, and the future of commerce and industry in general on the other. Though it be true that only hasty thinkers will endeavor to draw final conclusions from what has thus far occurred, it is, nevertheless, also true that much can be learned from the mere marshaling of recent events in their relation one to another.