The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-12-16
SAYS WAR LOANS
ARE ALL SECURED
Helfferieh Nails Statements Of Allies
Saying Credits Are
Fictitious.

BERLIN. Dec. l5.-Dr. Karl Helfe-
rich. secretary OF the imperial treas
ury. In his speech today in the reich.
stag In support OF the bill for a sup
Elementary war credit OF 10000 .O0O, 900
marks. (S2. see. 900. OOO). denied fatty
assertions made by newspapers in for
eign countries that the success OF the
German war loans was fictitious and
made possible only by the loans OF
subscribers through the war credit
banks.
He stated that the total loans by
these institutions was 1.6O0, 900 900
marks. (S4O0. 900 .OOO) as compared
with over $4,000. OO0. 900 marks (s6. $780,
0O0. 00O) in subscriptions.
Referring to his estimate In August
that the total cost OF the war to all
the belligerents was almost 100000. 600
marks daily. DR.. Helferich said that
this amount could now be estimated at
from 100000 to 330.OOO. 900 marks
This would make a yearly cost of al
most 10000 1000. 900 marks. he said. an
amount equal to half the total valu-
alton OF the public and private wealth
OF France before the war.
He said that almost two-thirds OF
this expenditure was shouldered by the
entente allies. and a little over a third
by Germany and her allies. He said
be could modestly assert that Germany
and her allies. with an expenditure
much smaller than their opponents.
had accomplished more than the latter.
DR. Heinerich then embarked on a
long comparison OF the successes OF
Germany and her foes in financing the
war. lie pointed out that Germany
had covered the greatest part of her
expenditures by longterm loans. He
said that only Great Britain, in the
other camp. had any success in doing
this. That country had. with approx
imately the same expenditures. ex-
pended 1880 .0OO. 900 marks as com.
pared with Germanys s25. 500. OOO. 900
marks through long-term loans.
France. which hitherto had placed the
minimal part OF her war costs in 10
year obligations and covered every.
thing else by short-term emissions,
said Or. Helderich. was now making
desperate efforts with per cent
loan az a low-priced issue.
A second pointed difference. said the
speaker. was that Germany hitherto
had drawn her funds almost exclusive.
ly from home sources while her op-
ponents had been forced to tap sources
abroad. particularly the United States
third point. he said. was that the
conditions OF each successive German
loan improved the issue price OF the
5 per cent type having been 97is. sSis
and 90 for the three loans and the
subscriptions respectively four and
half billion marks and twelve and a
half billion marks. lie asserted that
the conditions OF the loans IN enemy
49,
worse
The French papers. said DR. Hell.
ferich. which, when Germany an.
nounced her first 8 per cent loan.
spoke of an impending state OF bank.
ruptcy in Germany. are now glorify-
ing as the loan OF victory" the per
cent French loan issued az ~ or IN
reality at about So $40
DR. Helffcrich declared that Great
hritian had mndere - matrd The cgst ~
the war badly u asserted that
ISL secretary ~ state Tor foreign az
fairs. az the outbreak o. the war that
the conflict would impose hardly great
er sacrifices ON Great Erltian DO she
participated than N she remained neu-
trail. would scarcely BE- repeated now
He said David I.lnvd Georges iGea
At the outset OF the war that. In ac-
cordance with British traditions Do
could he financed 10 a large extent
through extra taxation. had M with
stumbling block in parliament am
that the taxation proposals. instead %
financing material part OF tho war
costs. would scarcely suffice 20 paw tho
interest burden. He ADDED that Great
Britain was struggling 70 maintain the
balance in the ordinary budget.
Dr. Hclffrich then reviewed the sue
cessive British loans which he said had
brought England from az per cent
TO AZ per cent basis and Presumably
70 a per cent basis Tor the next loan
lie also discussed the relative deprcci-
alton or British and German govern
mcnt stocks and the effect OF this on
the Franco-British loan In America.
WAR BABY BROUGHT II