New-York tribune., 1918-04-08
Make, This Our Penance Loan

Make Ibis Our fenance Loan
In the first twelve months of its par
ticipation in the war the United States
spent directly for it's own war activities
only little more than one-third Of what
it was estimated last May or June would
be required.
Aside from the normal expenditures OF
SSO0,OOO,OOO a year, the total outgo for
the twelve months was very nearly 49,
100000 Of this amount more than
half, or nearly s5,Oo00o0,000, was in
loans to our allies. Our actual ex-
penditures for the war we're only little
over s4,0OO,0O0,000 instead of the $12,-
O0O0OO,OO0 roughly estimated eight or
ten months ago.
Our outlay in the first year, aside
from loans, was rather less than that OF
any of the four principal belligerents-
England, Germany, France and Russia
in their first year of the struggle.
Proportional to it's population and re-
sources, it may be said in very rough
way that the United States in it's initial
year made about one-third as large a
contribution to the war as our chief
allies or our chief antagonist made.
This, of course, excludes loans to the AL
lies, because these are secured chiefly by
the bonds and obligations of France and
England.
Only about s125,ooo,ooo was lost to
Russia. But even if we put together all
our loans and all our expenditures, our
outlay in the twelve months falls con-
siderably short of that Of little England
for the same period.
We have two and one-half times the
population of Great Britain and nearly
double it's industrial and banking
strength. Our output of steel, for ex-
ample, before the war was more than
twice that of Great Britain.
England's expenditures for the last
year, including loans to her allies,
amounted to 1,5o0,Ooo,ooo
A proportional expenditure by the
United States would have been at least
S22,O00,000,0 And if we were to
compare our resources now, swollen by
three unparalleled years of war profits,
with those of England, depleted now af-
ter three years of grim and gruelling
struggle, the relative expenditure might
easily have been above 100000, 100000.
In these three and half years, it will
be remembered, more than two-thirds of
Britain's adult male strength has been
at one time or another enlisted in her
army and navy.
When we have raised a proportional
army we shall have sent to France
100000 men!
But it will be said that we are far
overseas, three thousand miles away
from the seat Of war. Secretary Baker
reminded US Of that in framing our ex-
cuses.
Well, our neighbor on the northern
border has already raised, by volunteer
action, an army of 100000 men, and is
now gathering another hundred thou
sand by conscription. Canada has about
one-sixteenth the population of the
United States.
An army of half million men, there
fore, for Canada would be the equiva-
lent Of an army of 100000 men for the
United States.
Canadian war loans to date aggregate
s7s8,00o,000. The equivalent of this for
the United States would be $12,OO0,-
10000.
And far-away Australia has done
even better Her new loan, which will
call for S100,0000O0, closes this week.
1t will bring the total of loans we'll
above s6oo,ooo,ooo. A proportional
amount for the United States would
mean $4,000, 900, 900.
England's total expenditures to date
are very nearly $35,00000 1000. Of this
her total of loans to her allies reaches
nearly $7,500,000,000.
When we shall have made a propor-
tional outlay our loans to our allies will
reach at least s15,0oo,0O0 900, and our
own direct war expenditures will have
been ss0,ooo,ooO,o ,oo0
We cite these figures at the present
time lest any one should imagine that
we have made, TO date, any great sacri-
fee In this war, or any heroic effort TO
win the war. The figures for France
are parallel and on the came scale.
What England has done France has
done.
And what England and France have
done together Germany has very near
}y edu4Iled~--Aa waa IN hn a~nne+nd
from the fact that her population and