The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-08-24
SEVENTY BILLIONS OF WAR
DEBTS; WHAT IT MEANS TO
THIS COUNTRY.

The accumulation of war debt by
the European nations is the subject OF
an instructive article in the San Fran
cisco Chronicle by John p Young. So
far as we have observed, no writer has
hitherto gone so deeply into the mat
ter and presented anything like SO
complete a totality of the enormous
increase of national debt that has re-
suited from war expenditures. At the
outset of the war, August l, 1914, the
combined debts of the warning nations
was $40, 700, 100000, of which Great
Britain owed $3,500, OO0, 900, France &c.
600 900, 900, Russia $4,000 100000, Ger
many, 1,250,0OO,OO0 and Austria Hun
gary $3.75O,OOO, 900; total. $19,7OO,OO0,-
600.
Two years later, August /, 1916, this
total had reached $65,250,OO0 1000. a
debt Increase in two years Of $45,55O,-
100000 If the debt of Italy be added,
the total would reach nearly $7O,000,-
100000.
These are stunning figures. Two
years ago no man living could have
imagined such tremendous bulk of
national debts that some time and
somehow must be paid by the taxation
Of the people of those countries. In
the meantime interest must be paid.
Mr.. Young estimates the annual inter-
est charge at $2,70O,0O0,00O year.
This big charge can only be met by
taxation, and as much more must be
raised in the same way each year in
order to provide a sinking fund for the
ultimate payment of the principal.
Some Of the contrasts presented by
Mr.. Young are striking, France, with
population one third that Of the
United States, has debt of $14,500,-
900, 900, against the United States debt,
July /, 1915, of $1,000, 14S,0O6; a popu-
lation one third of our own population
and debt IA times larger than our
national debt In France the debt per
capita is 1887 so; in the United States
the debt per capita is less than $11.
Mr. Young has done valued public
service in bringing to notice the dread
full aggregation of debt that has al
ready been incurred by the fighting
nations of Europe IA debt which con-
tinues to Increase at the rate Of bill
lion dollars month while the war
lasts. There Is lesson to be drawn
from these enormous figures. Through
the exaction of more than five billion
dollars a year from the pockets of the
people of these several European coun-
tries must come serious drain upon
the money of the people who pay these
heavy taxes. That means a general
loss of purchasing power. That, in
turn, means that every one of these
will consume less at home
than heretofore of its industrial pro-
ducts, and hence must sell more
abroad than ever before.
Billions worth of surplus industrial
products, unstable at home, must be
marketed in other countries. In what
countries? Chiefly in the United
States, beyond a doubt. Here is the
richest country In the world, the coun-
try best able to take and pay for Eur
Ope's vast industrial surplus. And that
surplus will mostly come to the Unit
ed States, will flood our market with
products at prices with which our own
producers can not possibly compete,
and will create such a displacement of
American labor, wage earning and
wage spending as to bring about an
and financial cataclysm that
IS appalling to contemplate.
Now all this is going to happen; II
,annot help but Happen IL at the close
If the European war our country re-
mains powerlcss to prevent the indus
rial invasion with all of it's dreadful
Shall our country remain industrially
Yes. II the present free
rade tariff remains in force. That is
he one big question of the day; a
ar bigger and more vital question than
hat of military preparedness; a vast
y more exigent and more compelling |
question than the question of how
many mistakes have been made by
administration in dealing
With the Mexican situation.
The thing to think of now, to talk |
bout, to urge upon the minds Of the
people is how to get rid of
! tariff law that will make our country
! dumping ground for all Europe, and
n its place give the country tariff