The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1916-01-07
by .. ". II. Mason,
written Tor The United Press.

than twenty-six billion dollars, ex-
eeeding by five hundred million the
total national debts OF the six prin-
elpal belIigerent powers when the
conflict begun. with the exception
Of about five million raised in the
United kingdom by taxation, prac-
tically all the expenses OF the war
have been met by borrowed mon
ev. The end OF 1915 therefore,
finds the fighting nations saddled
with double the debt they had ac-
cumulated in all the centuries pre-
eeding the outbreak OF the war.
In the early days of the war the
NEST liberal estimate of its cost, in
Guiding the destruction of property
and the economic losses caused by
casualties. was fifty million dollars
Der day. The actual expense now,
exclusive of economic and property
losses, is eighty-five million per
dsv or this amount the Quad
ruple Entente is paying two-thirds
and the Teutonic Allies one-third.
II the war continues through the
winter the cost will probably rise
10 a hundred million per day. The
interest for war loans which the
war has already imposed on Eu-
ropes future generations is about
n billion, two hundred million per
year. Every week the war lasts
fixes an additional annual interest
burden on the belligerents OF
twenty-five million
Colossal taxation will have TO be
imposed on the soldiers when they
return home after peace is deelar-
ed The bellgernts will be bowed
beneath burdens OF the war debts.
The Germans for time this year
believed it might be possible Tor
them to evade their cost of the con-
flict by compelling the Quadruple
Entente powers to pay full indem-
nifty. DR.. Helfferich, the German
minister of finance, made this state
ment in the Reichstag last August.
But as the years fighting continued
with constantly increasing expendi-
lures, the German government
changed its mind about the pos
sibility of any belligerent being
able to escape from the financial
net. DR.. Helfferich, therefore, an
nouneed a fortnight ago that al
though Germany might collect an
indemnity yet the war would i'm
pose "a colossal burden of new
taxes on the Germans.
During the year, various British
statesmen uttered warnings con-
corning the financial outlook. And
the possibility of bankruptcy over
taking Europe has several times
been mentioned in the House of
Lords. All the belligerent govern
ments have become uneasy about
the monetary outlook, but the sys-
them of running the war on borrow
cd money has prevented the people
themselves from feeling financial
pinch, except in Great Britain. The
British government is now raising
about five hundred million per year
for war costs by direct taxation;
but no other nation has as yet seri-
ously increased its peace taxes. The
British tax, large as it is, does no
more than meet the interest on the
governments war borrowings
The was has compelled the rapid
expenditure of such unprecedented
sums of money that it's difficult TO
believe the warning governments
win continue the strain for another
year unless one side or the other
sees the possibility of a complete
victory. No decisive success for
anyone is now in sight. Even if
either belligerents has the power to
force the other into bankruptcy, it
IL not probable that power will be
applied The injury which would be
Gone 10 the most robust of the war
ring nations would not justify the
infliction OF condition of insolven'
es upon the enemy.
France is leading the other ma
tons in taking preliminary stops TO
recover from the financial blight of
the war, The northern area of
France now in the enemy's possess
sion is one of Europe's most I'M
portant manufacturing centers. The
factories will have to be rebuilt and
new machinery must be installed,
after peace is declared 4 French
commission is now in the United
States studying American labor
saving devices and American meth
eds of production, Factory output