FULL MEASURE

It is agreeable to note that after our premature and tempestuous rejoicing over the success of the war loan, and our later and yet more tempestuous lamentations that it was to fail, it has now been subscribed with a fat surplus. Again we have been true to our national character, for the American likes to talk, and he talks a great deal; but when he is put to doing a job which must be done, he does it.

We may take this as an augury of future, more martial successes. At first when we had entered the war we talked very bravely. Then we got quite frightened and talked very excitedly. Now we have battles to win, and it is to be presumed they will be well won.

There is no doubt that Berlin has counted repeatedly and with due weight those two billions. It has been vaguely computed that war has cost Germany fourteen billions. She has learned the value of capital. She will learn the value of our capital, well invested in the implements of war. She will learn no less that two billions are but the pledge of a hundred times that amount, which we would pay, if necessary, for victory.