The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1918-11-19
COST OF WAR TO
ALL BELuIGERANTS
S175,OOO,OOO,O
For Purely Military and Naval Pur-
poses Is Is Estimated That Par
ticipant Up to May !, Have
Spent $4,000, 100000 -
Germany's War Debt
Is Said To BE
S35y000,000.

Washington, November 1S-The d.
rect cost of the war for all belliger-
ent nations to last May 1, was report
ed at about $175, 900, 100000 by the fed
eral reserve board bulletin, issued to-
day, and 1t Is estimated that the cost
will amount to nearly 5000, 100000
before the end of this year. While
their accuracy is not vouched for, the
board believes the figures are substan-
TALLY correct.
For purely military and naval pur-
poses it is estimated that all belllg-
erent had spent about 1892, O0O,000,0 900
to May 1, or about three fourths of the
total war cost. The balance repre-
scented interest on debt and other in
direct war expenses.
How the cost mounted as the war
grew in proportion from year to year,
is illustrated by tabulations showing
that the mobilization and the first five
months of tlfe war in 1914 cost all bel
ligerents about 100000 100000.
In 1915, the expenses jumped to
$26 900 900, 900; in 1916 they increased
to S,0OO,OO0,0OO and in 1917 they
were estimated at $60,000,000, 900.
This year expenses have run only
little above the rate last year.
About $15O,OO0OOO,OO0 of the total
war cost has been raised by war loans
of various nations and comparatively
little by taxation. The public debt of
the principal Entente allies is calcu-
lated at approximately S105,O00,0 900
or more than twice as much as the ag-
gregate debt of the Central Powers,
set at $4,000, 100000. This does not
take into consideration debt incurred
since last May.
The enormous size of the war costs
and debt is illustrated by comparison
with the ante-war debt of the seven
principal belligerents, which did not
exceed $25,OOO,OOO,OOO.
The cost of supporting this debt was
only about $1,000, 100000 year. Here
after the annual burden to pay inter-
est and sinking fund allowances will
be not less than $4,000, 100000 and
probably much more.
Unofficial reports indicate that Ger
many's war debt, represented mainly
by bonds within the empire, is now
nearly $4,000, 100000 with her total
national wealth estimated at $S0,00O,
600, 900.
No statement has been made as to
what Germany will be expected to pay
to the Allies, but the amount is GER
tain to run into the billions, and nee
essarily the terms of payment must
accord with Germany's ability to pay.
This ability will be measured by the
! Nations power to revive her peace
! time industries and trade to tax for
state purposes. Financial observers
say some of the claims made by the
Allies are extravagant because they
are beyond Germany's ability to pay.
1t is not believed the victorious AL
lies will concern themselves with Ger
many's redemption of her own nation
al debt, since this is largely internal
Comparatively small blocks of Ger
man bonds are held outside that coun-
try, the largest sums being held, per-
haps. by citizens of the United States
who were former German subjects.
Whatever may be the weight of the
final burden of reparation and restitu-
ton to be placed on Germany, the en-
ormity of the task may be illustrated
by comparison of her national debt
with that of the United States. Ger
many has 66,O0O,0OO population, and
$40 200, 100000 of estimated wealth to
pay $50, 100000 of war debt al
ready created. The United States no.
100000 population and an esti-
mated national debt of $3.50 600 100000
to pay nearly $1S,0O0,OOO,O0 war debt
already created, or approximately
1923 ,000,000000 within another six
months. This means that the per ca
pita burden will be at least three