New Britain herald., 1918-11-18
HUNS NATIONAL DEBT ALMOST
$35,OO0,O0O,OOO, REPORTS SAY
Per Capita Burden of War
Will Be Three Times
Greater in Ruined Empire
Than in United States.

Washington, Nov 18-Study of
. Germany's financial situation has been
undertaken by government agencies
here with a view to throwing light
on the ability of the German nation
to pay big sums as reparation for de-
vastation of invaded countries. I'm
: official reports indicate that Ger
manys national debt, represented
mainly by war bonds held within the
empire, now is nearly $35,00O,0 ,0O0, 900
or more than two -tifths CT the est1-
mated national wealth OF eighty
billions.
Costs Run Into Billions.
y Although there has been no Of
fetal announcement or intlmatlon OF
the aggregate amount which the
allies will expect Germany to pay, 1t
is certain to run into billions of dol
lars and necessarily the terms OF
payment must accord with Germany's S
ability to pay. This ability will be
measured by the nations power to
revive her peace time industries and
trade, and to tax this for state pur-
poses. Financial observers here say
some claims for restoration and
restitution set forth by interests in
q few allied nations are extravagant,
because they are beyond Germany's
ability. even though this is estimated
at the highest.
May Take Over War Bonds.
rrhe VICTORIOUS saIliess,will not con-
Germ themselves primarily, it is be-
11tpvod. WITH Fermanyis rs denlptior OF
her own natiora! dc5t, since this is
largely ir7feTn+l Comparatively
small amounts of German war bonds
are owned outside Germany. and per
haps the largest sums are held by
citizens of the United States, former
Germau subjects. officials here who
have known internal conditions in
!, Germany IN the past do not believe
the government will repudiate the
internal Indebtedness but rather
think that taxes will be made so
heavy as TO force !, citizens to turn
in their bonds in settlement. In
this way the debt would be cancelled
without actuaS reputation.
There is some discussion in official
circles here of the advisa bility of tthe
allies requiring payment of an in
definite amount for reparaton, this
sum to be determined in the future
, by commissions, as the physical re-
construction progresses in Belgium
and France and the actual cost of
The work becomes more clearly de-
termined than now. 1t is pointed
out that future prices cannot be
measured accurately at present In
terest on the part of American Of
ficials in the subject is somewhat in
direct, however inasmuch as the
government expects none of the pay
ments to go to it's credit.
Per Capita Burden High.
whatever may be the weight of
the final burden of reparation and
/, restitution to be placed on Germany,
the enormity of the task ahead of
her may be illustrated by comparison
of her national debt with that of
the United States. Germany has 66,-
100000 population and $4,000, ,0OO,-
900 of estimated wealth, to pay S35,-
OO0,000,000 of war debt already
created. The United States has no.
000,0 population and an estimated
national wealth of $250,OO0. 900, 900
TO pay nearly $1S,000,0 100000 war
debt already created, or approxima te-
ly $23, 23,00O,O0O,0O within another six
months. This means that the per
capita burden will be at least three
times greater in Germany than in
the United States.