In the hope that these pages may be useful to my fellow countrymen in giving them the facts of this war, its commercial causes, its financial progress, its sacrifice in humanity,--sacrifice that could not be demanded but for a greater future,--these papers are taken, as completed in my financial publications in this month of February, and placed before the reading community in book form, as requested in hundreds of personal letters. They were never conceived or written with any idea of their permanent preservation. They were prepared for the banking community, which demands news-facts and figures discriminatingly presented. The banker wants the truth; he will make his own argument and reach his own conclusions. The reader will readily see that these chapters are day-to-day issues aiming to present that news from the standpoint of finance. But under all sound finance must be primarily the truth of humanity. They do not claim to be from beginning to end a harmonious book-presentation of the war, but it is believed that they contain the essential fundamental war-facts; and the aim was to present them in most condensed expression. They cover the first six months of this most Audacious War. Whether it is to continue for another six months or another sixteen months is not so material as the character of the peace and what is to follow. No greater problem can be placed before the world than that of how the peace of nations may be maintained. Having cleared my own mind upon this subject, I submit it in the final chapter, which naturally follows after that treating of the lessons for the United States from this war. Only in an international organization, with power to make decrees of peace and enforce them, and with insurance of powers above those of all dissenters, can we find the peace of nations as we have found the peace of cities. This Audacious War has forced such an alliance as can yield this power. Its transfer to the support of an International tribunal can make and keep the peace of Europe and eventually of the world. Then may the earth cease to be, in history, that steady round of Prosperity, Pride, and War. C. W. Barron. February 15, 1915. CONTENTS I. THE WORLD'S GREATEST CONTEST II. TARIFFS AND COMMERCE THE WAR CAUSES III. THE POLITICAL CAUSES OF THE WAR IV. PEACE PROPOSALS V. FRANCE AND THE FRENCH VI. THE POSITION OF FRANCE VII. FRENCH FINANCE VIII. THE BELGIAN SACRIFICE IX. RUSSIA AND THE RUSSIANS X. THE ENGLISH POSITION XI. ENGLISH WAR FORCES XII. ENGLISH WAR FINANCE XIII. GERMAN RESOURCES XIV. IS IT THE PEOPLE'S WAR? XV. THE GERMAN POSITION XVI. THE LESSONS FOR AMERICA XVII. WHAT PEACE SHOULD MEAN THE AUDACIOUS WAR CHAPTER I THE WORLD'S GREATEST CONTEST The Censorship--The Warship "Audacious"--Mine or Torpedo?--The Battle Line--War by Gasolene Motors--The Boys from Canada--The Audacity of it.