The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1918-10-15
WAR COSTS
AND WAR DEBT
NJ An Our Liberty Loans Are
Shot Away.
MOSTLY STABLE INVESTMENT
Records Show That Our Government
10 Putting Greater Part of Loans
Into Ships, Loans to Allies, Build
inss, Railways and Other Lasting
Things.
By THEODORE H. PRICE,
In The Outlook.


AS we are entering upon the cam
paign for the sale of the Fourth Lib
erty Loan, it is altogether appropri-
ate that we should take account of
what two years of war will have cost
us and determine, if we can, in how
far and how speedily our expenditures
can be recovered under peace condi-
lions when they shall have been estab-
lished.
American pride in the widely adver-
tised wealth Of the country has not
emily led US to be lavish In spending,
but 1t has induced more or less exag-
geratton In the current estimates of
the wars cost. Popular feeling Is
expressed by the remark, Hang the
expense let us lick the Huns" and
many people, having come to believe
that victory was largely a matter of
money, have felt a certain satisfaction
In reading of the unnumbered billions
that are being disbursed.
To certain extent the growth of
this feeling has beep encouraged by
the newspapers. until the editors as
well as the public have become care
less Of the facts. Thus in the New
York "Times" of July %, under the
headline American War Bill Now
Fifty Billion" there was published a
Washington despatch dated July o.
from which the following is a quota
tiop:
In the first year the expenditure
amounted 10 s1aS79. IT. O12, while
Congress has authorized for the sec
ond year ending June 80, 1919, appro-
priattons amounting to approximately
$30OOO,OOO.OOO."
This statement and others like it
have been widely printed, and the re-
action Of the public mind seems to
indicate that most people are rather
well pleased with the wealth and mu-
nificence that are implied.
1t would nevertheless be a very
serious matter If we were dissipatinp
our National wealth at the rate NAM
cd. The fact is we are not spending
any such sum for war. and much of
what we are spending is being invest
ed In the interest-bearing obligations
of our allies, which are presumably
good. and in ships, shipyards, termin-
ais, warehouses, railways, and other
things that will be valuable and pro-
ductive long after peace is declared.
The amounts that are being spent
constructively or invested in the in
terest-bearing debt of other nations
cannot be accurately ascertained at
present, but the total is large and
may be Appropriated We know, for
instance, that Congress has authorized
the Secretary Of the Treasury TO loan
100000 100000 to our Allies, and that
the credits already placed at their
disposal aggregate about $1,000 OOO-
OOO
These loans all bear interest at n
satt ans-hali per cent in excess of
what our Government is paying.
A statement obtained from, the Shin
ping Board indicates that the Govern
ment will own the following property
as of August 1, 1919:
Steel ships delivered,
5,sSs,6S5 tons $500. SLOT. ~. 900
Wood and concrete ships
delivered, 1872, 800 tons 300. 412. 500
Ships on ways and fitting
out af1oat:
Steel, 4,OeO,OOO tons. 400,0OO,OO0
Wood 100000 -" 117,OOO,O00
Concrete, 10000 56.250,OOO
Shipyards and plants... 2OO,OOO,OOO
Houses ................ 10O,0OO,00O