The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-12-31
THE WAR Its
LOSSES AND GAINS
Annual Review Shows That
War Has Forced Vital
Cnange in U. S, Inter
national Position
Especial TO The Timss.)

NEW YORK, Dec. 31.-Over 50.00o.000
men are under arms in Europe. whose
energies have been turned from produe-
ton to destruction. over 100000
men have been killed or permanently
injured since the war began the killed
alone numbering over 1000 GOO. Over
500 coo 100000 have been expended by
the nations at war, and at present rate
OF rising expenditure the cost viii eN-
ceed $150,0o0, 100000 when the end Of
the fourth year n reached next August.
When II is Remembered that for every
man at the front from three 10 five are
required at the rear for his support, 1t
Following that between 15o.00o,0oo and
200,00O0oO men have been Withdrawn
from the normal channels Of production
into the abnormal No wonder that the
world is facing a serious economic
famine, not only in food and clothing
but also IA the iunumcrabie materials
required for human comfort and sup
porte The loss in life and money only
partly measures the colossal bill for
damages. which will be a crushing
burden for generations such bill
must also include the setback TO moral
and spiritual forces, the inheritance of
bitterness the detrimental effects upon
art. literature, science. education and
all the varied social and political activi-
ties which are part of bur civilization.
These are losses that viii leave their
impress upon the nations for many
future decades.
The huge cost OF this war can be ap-
preciated when it IS considered that the
SIX great wars preceding-the Russo
japanese. the Boer, the Franeo-Prus-
sian. the American Civil War, the
t,rimean and tho Napoleonic wars-cost {
about $4,000. COO 600, as against $50 /
ooo. 600 600. the estimate of this var UP
Ia next August Great Britain viii then
have spent $4,000 .000,eo0 including
IS oo0 600 GOO in loans TO Allies. and
-ood authorities estimate that in these
lsree years the warning powers will
have ouadrupled their debts, the inter-
est on which already amounts TO So
600. .0Oo. 600 1t would seem as if such
burdens would break the back of any
nation, Vet the tremendous development
,sf resources, and the great poteutials
racuperative powers of the various ma /
fions afford good basis for the belief
that recovery viii be more rapid than
expected. This country viii recover
with bound when peace comes. and
the gain from our exports and newly +
opened markets VIII largely offset pres
ent losses. Great Britain will certainly /
recuperate rapidly. as she has always
done after each war. Germany viii
make tremendous efforts at recovery. +
though handicapped by imraircd fnauccs
and the break up Of her foreign trade. T
She should not be bau1pered when peace
comes by retalistory tariffs; they would I
onlv keep lealousv alive and limit her I
purchasing powers from the United !
states. France. too, viii also show I
great rcsiliency. ono Of the most seri- !
Gus after-war problems will be that Of I
defation: Germany. Russia and France
have trebled or quadruplad their issue {
If paper money, England IS the only
leading nation in Europe redeeming its +
obliEs tions in gold.
Effects OF War Upon United States.
In the political machinery Of the
United states revolutionary changes
have already taken place and others arc
imminent. Within few short months
government regulation Of Industry has
been established an scale that would
have required many years to put into
effect in times Of peace. our vast rail-
way system has come under govern
mont control, and is not likely to re-
turn to the old system OF scattered
private mana cement. Railroad unifica
tion will remain. and the tendency OF
Capitalization promises to surpass the
widest dreams of even a disciple OF
hartman. Government ownership is
not vet in sight but government con
troll has been adopted. to the benefit of
the public and the railroads alike.
Upon the United States the most
striking effects Of war have been 4
marvellous expansion Of banking power.
The change from a debtor 10 n creditor
nation; sensational development in,
our foreign commerce; the sudden crea-
tion Of a great mercantile marine; the
birth Of en- important chemical industry;
the great expansion of our steel in
dustry. and the raising of agricultural
products valued at $4,000, 900. coo. COM
pared with S14. 900 0o0. GOO year ago.
On the other hand Germany as result
Of war has lost the second place as a
maritime power; also her foreign trade,
her colonies her far eastern schemes,
and her chemicsl industry.
Perhaps the greatest surprise CT the
war was our suddenly developed power
as an international banker. Since the
war began we have loaned Europe over
$4,000 100000, most Of which was ex /
PENDED for munitions produced within
our own boundaries. We have prac-
tieaIv repurchaed all American sccuri-
Ties held abroad. We have extended
huge loans TO all of the Allies. and
changed from being a debtor 10 credi-
tor nation. For the last twelve months
We have been the leading banking pow
M ~ min