hly risked?

CHANNING OF WELLINGBOROUGH.

40 Eaton Place, London S.W., Oct. 29, 1914.

TO A COUSIN GERMAN.

By Adeline Adams.

My Hans, you say, with self-applausive jest,
"When Albert gave his Belgians Caesar's name--
'Bravest of all the Gauls'--surely 'twere shame
The King, unthorough man, forgot the rest:

"'Bravest because most far from all the best
Provincial culture.'"[2] Friend, if now your aim
Be that fine thoroughness your people claim,
Read on: "Such culture's wares, it stands confest,

"Oft weaken minds." And Caesar's word was just.
If men, bedeviled under culture's star,
Have left Louvain a void where flames still hiss,
Speared babes, and stamped the world's own Rose to dust,
God grant that Belgium's soul may dwell afar
Forever, from a culture such as this!

[Footnote 2: "Propterea quod a cultu atque humanitute provinciae
longissime absunt."]

What the Economic Effects May Be

By Irving Fisher.

Professor of Political Economy at Yale University; member of
many scientific societies.

When the future historian chronicles the facts of the present great
world struggle and attempts to analyze its causes and effects the
economic losses, gains, shiftings, and dislocations will form an
important part of the story. It is, of course, quite impossible at this
time to know, in any detail, what all the economic results will be. Much
will depend on how long the war lasts, how many people and how much
property are destroyed, what financial devices are resorted to in order
to finance it, and which side is finally victorious.

The most palpable and the most fundamental effects will be a partial
stoppage of earnings in the nations directly concerned, i.e., a
reduction in the "real income," which consists of enjoyable goods. All
the other important results follow from this.

The cost, however reckoned, is sure to be stupendous. Prof. Richet is
quoted as reckoning it at $50,000,000 a day. This is probably more than
half the total income of all the inhabitants of the warring countries.
The highest estimates of the total income of the United Kingdom, France,
and Germany, estimates of Bowley, Laverge, and Buchel, respectively,
total up less than $70,000,000 a day. Russia and Austria are poor
countries per capita, and would scarcely bring the grand total to
$100,000,000 a day. Moreover, the loss of real income to Eur