the world to the right of the individual in the common fund of money,
so far as money is needed to effect transfer of credits. This is the
keynote in our Federal Reserve act: that business has just as much
right to regulation promoting safe and smooth credits as it has to
national regulation promoting safe and sound transportation.

Out of this war must arise better international relations, and they
comprise not alone the relations of peace, but closer relations to
international transportation, as respects both ships, international
money, and international credit.

While many people are looking for financial independence between
nations, the United States taking back from Europe in the next three
years the larger part of the $6,000,000,000 of American securities
owned abroad, it is quite possible that the opposite will take place: a
greater interrelation, not only in credits but in investments.

If nations are to be more closely knit together hereafter, it will be
not alone in alliances of peace, but in financial alliances in security
ownership.

It is far better for both Europe and America that, instead of Europe
selling its American securities, America should buy European
securities--first, acceptances, making a basis for credits and
international purchases in connection with the war; and later, American
investment in the funds of foreign nations. It may be that before this
war is over many European nations will have to appeal to America with
their loans.

If France could see her way clear to put out a long-term loan at 5 per