The grievous depression we are passing through must be attributed to the war in the Orient. Without war cotton would now be from 12 to 15 cents per pound, even with the big crop. Think what prosperity this would have meant. Can anyone contend that the United States should be indifferent to this war? It may be pointed out that our diplomatic moves were masterful, both in getting the powers to commit themselves to limiting the war zone, and to preserving the integrity of China, and also in negotiating, by cable, treaties with China, not Russia, opening up Mukden, Dalny and Antung, in Manchuria, thus recognizing Chinese sovereignty, and placing the United States in the same attitude as Japan, in standing for the evacuation of Manchuria. Unfortunately, our diplomatic moves had but little deterrent effect, not being backed by an adequate navy. Had we possessed an adequate navy, I am bold to say that Manchuria would have been evacuated and the war would not have come to disturb the earth and bring the present depression over the Southern people. It is hardly necessary to point out that our losses already incurred would have covered many fields over the cost of such a navy. But as great as are these losses they cannot compare with the greater losses that may lie ahead, if the present drift of events should go unchecked and lead to a general war over the division of China. Naturally, the Continental powers of Europe do not wish to have to compete with our industrial nation on the basis of an equal footing in this great market. They have, therefore, combined to seize China by force, and partition it among themselves, leaving the industrial nations out. The first step taken in this direction came at the conclusion of the war between China and Japan, when the Continental powers intervened to despoil Japan of the fruits of victory, preventing the consummation of the treaty of Shimonosoki, that would have ceded to Japan part of Manchuria, including the Liaotung Peninsula with Port Arthur. Soon Russia came to occupy the same territory wrested from Japan, Germany seized Kiaochao, and part of the Shantung Peninsula, Italy attempted to seize a Chinese port, and France became active on the frontier of Indo-China. The next step in the seizure of China is planned for the present war. Indeed, the seizure of China is the very purpose of the war, and to this end Russia is conducting her war operations.