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But neither the danger of a postwar inflation nor of a subsequent collapse in production and employment is yet overcome. We must base our policies not on unreasoning optimism or pessimism but upon a candid recognition of our objectives and upon a careful analysis of foreseeable trends. Any precise appraisal of the economic outlook at this time is particularly difficult.
That the telephone has had a greater development in America than elsewhere and that the United States has avoided all those mistakes of organization that have so greatly hampered its growth in other lands, is owing to the fact that Vail, when he first took charge, mapped out the comprehensive policies which have guided his corporation since.
He based his declaration, therefore, not mainly on right and justice, but on the doctrine of the separation of the European and American spheres of politics. The Monroe Doctrine and the policy of isolation thus became linked together in the public mind as compensating policies, neither one of which could stand without the other.
They sympathize with the people; their hearts no doubt go out to the great masses of unknown men in this country; but their thought is in close, habitual association with those who have framed the policies of the country during all our lifetime.
From the day Disraeli uttered these words down to this present time there has been a persistent, continuous, well-financed and resourceful movement looking towards the establishment in London of some kind of a central governing body parliament, council, cabinet, call it what you will which will determine the foreign policies of the British Empire and command in their support the military and naval potentialities of all the dominions and dependencies.
He wrote therefore when the Crimean War was still going forward. That war which, amongst mistaken policies, blundering Government tactics, and aimless ambitions, holds a foremost place. It was not till the end of the year 1855 that it came to an end.
When the fifth Conference, now termed Imperial instead of Colonial, met in 1907, there was much impassioned advocacy of preference and protection on the part of Alfred Deakin of Australia and Sir L.S. Jameson of the Cape; but the British representatives stuck to their guns and, in Winston Churchill's phrase, the door remained "banged, barred, and bolted" against both policies.
The key to the history of the next four years is in the growth of this positive Southern party, which had the inevitable result of forcing the Whig remainder to choose, not as in 1856 between a positive sectional policy and an evasive nonsectional policy, but in 1860 between two policies both of which were at once positive and sectional.
There is no disposition among any of our people to promote prohibitory or retaliatory legislation. Our policies are adopted not to the hurt of others, but to secure for ourselves those advantages that fairly grow out of our favored position as a nation.
Quite recently, on the eve of the present war, we were formally given to understand that Germany, in any war with France, might annex French colonies ; and it is easy to see how such an object would reconcile the divergent policies of the German military and naval experts.
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