The chief aim of this year’s campaign has been to change the public opinion of Europe. Thus it is that Russia has conducted a pre-arranged system of retreats, and that the inspired press of Europe has raised the hue and cry of “Yellow Peril,” with such success that the peoples now stand with their governments on the side of Russia. The combination is ready to move, and we can expect renewed reports of Chinese violation, of neutrality, of Chinese disturbances and Japanese intrigues in China, Russia reporting upon the affairs in Mongolia, France upon the affairs in Kwangsi, and Germany in Shantung and Chili. The agents of these powers will probably facilitate and exaggerate the Chinese disturbances, and then upon the pretext of preventing massacre and a general Chinese uprising, the armies by pre-arranged program will enter and occupy the Provinces of China, never again to leave. Opposition on the part of Great Britain is evidently anticipated, and the inexplicable seizure of British ships, followed later by the inexplicable firing upon British fishing vessels, appears as part of a plan to excite British indignation, so that at the opportune moment, the British may be the more easily provoked to commit an act of war which would at once put into operation the Russian treaty of alliance with France, and this would be the signal for Germany, Austria-Hungary and Italy to join Russia and France. Thus the present war is producing a grouping that imperils the balance of power, placing a heavy preponderance on the side of the military as against the industrial nations or on the side of war as against the peace forces. No thoughtful observer can fail to see here all the elements for a world war; nor can we look except with alarm upon the declination by the military powers of the interstate to the proposed second convention of The Hague, and the Russian note complaining of alleged violation of neutrality by China. It is idle to imagine that the United States, the foremost industrial power, with more at stake in the Orient than any nation, could look on with indifference. We should awaken to the full significance of the events gathering in the Orient. The two antagonistic systems, militarism and industrialism, are gathering for a death struggle. The Orient is the battle ground—China is the objective. If militarism succeeds in intrenching itself upon the yellow race, securing the myriads upon which to levy for men and for means, then it will perpetuate its harsh reign for centuries yet to come. On the other hand, if thwarted in obtaining the spoils of war and left simply to a fair competition, militarism will be unable to hold its own, and will be driven to the wall, and be compelled to disarm by the great economic forces of commerce and industry, and we can then confidently expect the establishment of general and enduring peace long ere this century is gone. What would be the effect upon cotton?