To-day the financial relationships of nations are inextricably entangled. The big banks in the capitals of the world are in communication with each other every second of the day. During the American crisis in 1907 the bank rate in England went up to seven per cent, forcing many British concerns to suspend operations. Because of the Balkan War the bank rate in Berlin, Paris, and Vienna is the highest in twenty years, and European securities have depreciated over six billion dollars. Foreign investments are raising insuperable barriers to war. Should the French bombard Hamburg to-day they would destroy the property of Frenchmen. Let Emperor William capture London, loot the Bank of England, and he will return to find German industry paralyzed, the banks closed, and a panic sweeping the land. Let English regiments again move to invade the United States, English warships draw up in battle line to attack our seaports, and four billions of the earnings of the English people would bar the way. To the victor of the present the spoils of war are valueless. Japan, victor over the great Russian Empire, staggers under a colossal debt. The Italian government hears rumbles of discontent, because the cost of winning a victory has been too great. What better proof do we need that war is profitless, that it means financial suicide? It has been transformed from a gainful occupation into economic folly, and war will cease because the price is becoming prohibitive. In this movement for peace, capital's strongest ally is her most active enemy. Raised to a position of independence and power by the Industrial Revolution, labor is wielding an effective influence. The complexity of modern business has aroused workingmen in every country to a common interest and sympathy. The International Congress of Trade Unions, representing twenty countries and over ten million men, has declared for universal disarmament. Just last month eighty-five thousand coal miners in Illinois resolved that if the United States declared war on a foreign power, they would call a general strike.