compensate for the additional military and financial resources the Allies were sure to derive from the United States participation in the war. Canada having to borrow many millions to sustain her warlike effort, and the British money market being closed to further outside investments, had two sources left for her successful financial operations: her own market and that of the United States. The Washington Authorities had generously decided to help financially the European Allies in pressing need of money. The Ottawa Government, before making a grand appeal to the Canadian public, applied to Washington for a loan. Mr. Wilson's cabinet, however much they would have liked to meet the wishes of the Canadian Government, had to answer that, having such a large war expenditure to incur, and such big sums to collect to assist their less wealthy European associates in the struggle, they could not see their way to grant Canada's demand. Acknowledging the value of the reasons given for not complying with their request, the Canadian Ministers then applied to Washington for the permission to negotiate a loan in the open American market. This was readily granted. It was, of course, well understood that going in the open market, Canada, to secure the required sum of money, would have to pay the then current rate of interest increasing, as usual, in proportion to the increased pressure of the demand of funds. It is utterly incredible--but still it is true--that Mr. Bourassa did denounce in his newspaper _Le Devoir_, the Ottawa Cabinet's action in borrowing money from the American saving public. In severe terms he blamed the Washington Authorities for not having lent millions to Canada at the low rate of interest they had agreed to accept from France and Italy. He asserted that this refusal on their part was a testimony of ill-will against the Dominion. And in the most violent terms he charged all those who favoured Canadian borrowings in the American market with being traitors selling their country to the United States. It is hard to say whether the charge is not more ridiculous than contemptible. It is the repetition, in an aggravated form of absurdity, of the argument accusing the British investing capitalists to have had for their only object in lending us their money to help coercing Canada into the Imperial wars.