e is a process
of exchange, the continuance and promotion of which is dependent upon
the degree of mutual profit. Commercial gain is not a consequent of
military success. It is since England seized the gold fields, diamond
mines, and fertile plateaus of lower Africa that British securities
have dropped twenty points. In 1871 Germany humbled and humiliated
France almost beyond toleration, yet her share of the world's commerce
has not been augmented thereby. So would it be with England. True,
Germany might commit some depredations and hinder the passage of
trade, but what would be her motive? How could she gain? Even if the
British Isles were depopulated, it is doubtful whether Germany would
benefit. For by what miracle would Germany be able to develop the
facilities, the shipyards, mills, factories, foundries, mines and
machinery, to supply the trade which the foremost of commercial
nations has been generations in building up? Germany's banner might
wave over the Bank of England, her excise boats police the Thames and
the Clyde, yet she would behold the trade of a conquered province
going to foreign nations. Trade does not follow the flag. Undisturbed
by political changes or military reverses, it flows in constantly
widening channels wherever productive fields are found.

And in the waging of war, do we reckon the direct cost to commerce?
The commercial relations of the entire world are disturbed. Prolonged
conflict is accompanied by the closing of the bank and the factory,
the dismantling of the shop and mill, and the lengthening of the bread
line in every city and town. In what state of prosperity and happiness
might not France have been had Napoleon never lived? With half a
century gone, our own country is still suffering from the devastation
of the Civil War. Our commerce with South America is scarcely beyond
the point it had reached before our week-end tiff with Spain. Yet
there are those who prate of national honor and of war as insuring
prosperity. From the leader of a newborn national party we hear that
without a periodic war America would become effeminate and weak, her
aggressive commercial life timid and corrupt, and within a few brief
years the great Republic would sink to a fourth-rate power. Up, brave
Americans, and man the guns! Awake, sons of freedom, and sweep the
seas! Fourteen years without a war; our beloved land is ruined. You
men of the factory and mill, you men of property and business, you
produc