Now, let us for a moment apply the very general rule thus revealed to the particular case of the United States at this present juncture. American merchants may in certain cases, if they are shrewd and able, do a very considerably increased trade, though it is just as certain that other merchants will be losing trade, and I think there is pretty general agreement that as a matter of simple fact the losses of the war so far have for America very considerably and very obviously overbalanced the gains. The loss has been felt so tangibly by the United States Government, for instance, that a special loan had to be voted in order to stop some of the gaps. Whole States, whose interests are bound up with staples like cotton, were for a considerable time threatened with something resembling commercial paralysis. While we may admit advances and gains in certain isolated directions, the extra burden is felt in all directions of commerce and industry. And that extra burden is visible through finance--the increased cost of money, the scarcity of capital, the lower negotiability of securities, the greater uncertainty concerning the future. It is by means of the financial reaction that America, as a whole, has felt the adverse effects of this war. There is not a considerable village, much less a considerable city, not a merchant, not a captain of industry in the United States that has not so felt it. It is plainly evident that by the progressive dearness of money, the lower standard of living that will result in Europe, the effect on immigration, and other processes which I will touch upon at greater length later, any temporary stimulus which a trade here and there may receive will be more than offset by the difficulties due to financial as apart from industrial or commercial reactions. This war will come near to depriving America for a decade or two of its normal share of the accumulated capital of the older peoples, whether that capital be used in paying war indemnities or in paying off the cost of the war or in repairing its ravages. In all cases it will make capital much dearer, and many enterprises which with more abundant capital might have been born and might have stimulated American industry will not be born. For the best part of a generation perhaps the available capital of Europe will be used to repair the ravages of war there, to pay off the debts created by war, and to start life normally once more. We shall suffer in two ways.