The amount of indebtedness that the several nations in the present war have contracted seems appalling. It would become a comparatively light burden, if we could feel that for the future the world had nothing to do but to pay it. The waste of interstate rivalry, the burden of preparations for future wars, the loss to industry through uncertainties on account of wars, all these things would disappear from the consideration of the financiers, the credit of a federated world would become excellent, and bonds that are likely to be quoted very low when the artificial stimulus they get from patriotism is taken away would be considered better investments than any bonds ever offered under the existing system of states. The capitalists of the world, like the American capitalists of 1787-1789, should be the most earnest supporters of federation. In the United States a great deal has been said about “entangling alliances.” As the term was used a century ago it meant an alliance that was likely to make us parties to the quarrels of European states, one against the other. Into such a maze of selfish maneuvers it would never be well for us to enter. But to take our place in a federation to preserve peace would be quite another thing. That it would pledge us to the discharge of a duty is not to be doubted; but we should be entering no intrigue. We should be doing the most patriotic thing possible; for the very essence of the act would be to protect ourselves from the possibility of being drawn into “entangling alliances” with Europe. Let us suppose that the old system is continued, and that Germany has a mind to pay off what she may consider an old score. Suppose she tries to set Mexico up against us, or to induce Japan to attack the Philippines, or to interfere with any weaker American government in such a way as to threaten the integrity of the Monroe doctrine, have we not an “entangling alliance” on hand? If Germany emerges from the present war strong enough to threaten the world as before the war, when other nations found it necessary to form _ententes_ against her, we shall not dare remain outside of some kind of alliance that will be formed to check her pretensions. World federation is the guaranty against the formation of “entangling alliances” on the part of the United States.