In a recent report issued by the Agricultural Department at Washington is a paragraph to the effect that one of the main factors which have operated against the development of the American farm is the difficulty that the farmer has found in securing abundant capital and the high price that he has to pay for it when he can secure it. It will in the future be of still higher price, and still less abundant, because, of course, the capital of the world is a common reservoir--if it is dearer in one part, it is dearer to some extent in all parts. So that if for many years the American farmhouse is not so well built as it might be, the farm not so well worked, rural life in America not so attractive as it might be, the farmer's wife burdened with a little more labor than she might otherwise have, and if she grows old earlier than she might otherwise, it will be in part because we are paying our share of the war indemnities and the war costs. But this scarcity of capital operates in another way. One of the most promising fields for American enterprise is, of course, in the undeveloped lands to the south of us, but in the development of those lands we have looked and must look for the co-operation of European capital. Millions of French and British money have poured into South America, building docks and railroads and opening up the country, and that development of South America has been to our advantage because quite frequently these enterprises were under the actual management of Americans, using to the common advantage the savings of the thrifty Frenchman and the capital of the wealthy Englishman. For, of course, as between the older and the newer worlds there has gone on this very beneficent division of labor: the Old World having developed its soil, built its cities, made its roads, has more capital available for outside employment than have the population of newer countries that have so much of this work before them. And now this possibility of fruitful co-operation is, for the time being, and it may be for many years, suspended. I say nothing of the loss of markets in the older countries which will be occasioned by sheer loss of population and the lower standard of living. That is one of the more obvious but not perhaps the most important of the ways in which the war affects us commercially.