was rising a vision of continental cooperation, a glimpse of
the time when science, always international, should also
internationalize the art of living.

Clearly the close season for war was near at hand. The old men
found means to bring it on and in so doing to exploit the
patriotism, enthusiasm, devotion and love of adventure of the
young men of the whole world.

The use of fear and force as an argument in politics or in
business--this is war. It is a futile argument because of
itself it settles nothing. Its conclusion bears no certain
relation to its initial aim. It must end where it should begin,
with an agreement among the parties concerned. War is only the
blind negation, the denial of all law, and only the recognition
of the supremacy of some law can bring war to an end. In time
of war all laws are silent as are all efforts for progress, for
justice, for the betterment of human kind. If history were
written truthfully every page in the story of war would be left
blank, or printed black, with only fine white letters in the
darkness to mark the efforts for humanity, which war can never
wholly suppress.

In this paper I propose to consider only economic effects of
this war and with special reference to the great industry which
brings most of this audience together, the business of
insurance.

The great war debts of the nations of Europe began with
representative government. Kings borrowed money when they