Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1916-06-08
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rams, June o.-1ue RECORDS OF the
National Defense Bonds at the Minis
try of Finances show that the public
is now bringing to the treasury an av-
ielage of so million francs cash a day,
In exchange for the short term obliga-
tions at per cent. This is more than
billion and a half month, or IS
billions year, which is three billions
more than the war of 1870 cost. That
fact, says high authority on French
finance, shows sufficiently that the
cautious French public is not alarmed
by the financial requirements of the
French effort.
There was a period during the war
when people, astounded by the pro-
portions of the conflict had taken, were
inclined to say, 1T can't go on like that.
Where will the money come from?'
Yet it has gone on with steadily in
Icreasing expenditures-bill follow
billions into the gulf of war yet the
money flows in. The truth is that, af-
ter being shocked by the financial eff
fort required, Frenchmen were aston
ished at the revelation of their own
resources"
The deduction drawn by French fl
nancial experts generally is not only
that French confidence is undismayed
by the multiplication of the govern
ments debt, but that it is not money,
but credit, which keeps the war going,
primarily. On the other hand, they
point out, it is war that keeps money
in continual circulation handing it out
to new creditors. as fast as it is
brought in by old ones in exchange for
bonds. In this way the French public
debt has gone from 80 billion francs
before the war to about So billion, an
Increase of nearly 62 per cent, but
nothing in proportion to the increase
in the public debt of Germany, which
is 515 per cent, and in Great Britain.
where it is 165 per cent.
The public debts of the leading bel
ligerent powers before the war, ex-
pressed in millions of francs, and the
per centages to which they have been
increased, as shown in figures availa-
Bile here, are as follows:
Debt Increase
Germany ............ 6,225 SIS IL
Great Britain 49, 05 165 Is
Austria ..18,704 "a IL
France 31,967 81 S-4
Russia ...............23 ,51S SO rs
Italy IA
Calculated per head of population,
the average debt of these six belliger-
ents has gone from 2S0 francs to 535
francs. France now owes 1850 francs
per head as compared with 800 francs
per head before the war; Germany
500 francs as compared with 81 francs;
Great Britain sos francs as against 342
francs.
French economists have estimated
the riches of France all the way from
geo billion to $50 billion francs. TAX
ing 300 billion as basis, it would
mean 1900 francs per head; with an
income per head, not including sala-
RES and wages, of 300 to $50 francs
per head, while the interest charge on
the increased debt now figures out at
about 1,SOO,OOO,OOO francs, or about
80 francs per head.
While France paid $50 million francs
interest on her debt of 80 billion francs
before the war, her annual budget had
gone far above the five billion mark,
Of 1913 francs head. Those budgets
were loaded by generous social legis-
lation and liberalities of all kinds, such
as were particularly favored by the pa
ternal sort of state that the French
republic had become. 1t is pointed
out that strict economy may take at
least billion and half Of francs out
o: these budgets in the future, covering
the interest of 80 billion francs new