Good Faith

Day before the National Trade Council convention in Charleston, S. C., the Commercial Club of Chicago gathered in Chicago to hear Dwight W. Morrow, partner of J. P. Morgan & Co., discourse on the aims and methods of investment bankers who deal in foreign securities. Mr. Morrow rarely talks in public, but always to the point. Money, said he, should not be collected by war: "Entirely apart from the immorality of putting human lives to the hazard of modern war where the sole issue is a pecuniary claim, there is a conclusive practical reason against such a course, in that war in the great majority of cases does not, and cannot accomplish the desired result. Loans are made to foreign governments in reliance primarily upon the good faith of those governments."