Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-08-12
PAYING THE WAR BILLS

Wv 1eCtS OF discussion just now.
If Germany wins, what stag
gering price will her ruthless govern
ment exact from the allies? If the
allies win. will they put on Germany
burden of debt that will be almost as
frightful to future generations as the
"frightfulness' of Germany in Bel
gium? What will Italy require of Aus
tria? What penalty must the Turks
pay for allowing themselves to be
drawn into the fray? These and other
questions of indemnity are being asked
and widely discussed. But little is be-
ing said of the war bills each of us is
paying.
During the last three months Eng
land alone floated a three billion
dollar loan. Russia, Germany and
France have been plunging into debt
on the same grand scale. Before the
war is over and paid for there will be
imposed upon the shoulders of each
man, woman and child living in bellig-
erent countries a debt of from fifty
to three hundred and fifty dollars. At
the same time their barns and fac
tories will be burned, their best arti-
sans killed. and their fields and vine
yards torn with ruts and trenches.
It is clear that they cannot buy
frcm us as much as they have in the
past and that they cannot produce and
sell to us so cheaply as before the
things we have been accustomed to
buy from them.
Furthermore, Europe will not be
development of our industries to the
same extent as before the war. In
fact, she may quit sending us new
capital and actually demand that we
pay back what we owe. or even ask
us to begin lending to her.
Our present debt to Europe has been
estimated at FIVE or six billions. Will
Europeans want us to pay that back
when it falls due. or will they prefer to
retain their claims against a people
that will in all probability be more
prosperous than any other?
The governments of Europe are bid
| ding high to attract that capital away
from US and they will bid higher still
as the war goes on. AS a cold busi-
ness proposition on both sides it will
be hard for our railroads and indus
trial corporations to compete with
such an interest rate as that, especially
when they have to fear government
persecution at home. But it is not a
cold business proposition. The nations
of Europe will add to the attractive
rate of their loans an appeal to the
patriotism and pride of their people.
We cannot hope to profit ultimately
through the impoverishment of our
neighbors. however much we may be
| deceived for the time being into self
complacency by the strength of our
position as compared with theirs.
A merchants success lies in the
prosperity of his customer. Europe
has been Uncle Sans best customer
abroad. With Europe bankrupt after
the war is over. it is probable that our
exports will fall to a minimum. Then
the American people will realize that
the world is one economically and that
war. however localized. is a worldwide
calamity for which all nations must
pay.
| But however affairs may shape
themselves following the war, right
now we are helping pay the bills. Our
business is upset and uncertain, our
loaves of bread are smaller, horses
cost more. the price of meat is up. it
costs more to print the newspaper. we
are throwing our supplies into the
hopper that is grinding them to pow
der, we are helping support millions
of worse than idle men. and we are
helping pay the bill.