Arizona republican., 1919-04-17
FORTUNATE AMERICA
 COMES UP SMILING

Fortunate America!"
 This was the comment of a distin- guished foreigner after listening to an address in which the speaker empha- sized the fact that the United States asked neither financial nor territorial indemnities.
 How fortunate?" he was asked.
 Fortunate because, outside of Japan it is the only country richer today than before the war: because its national wealth today exceeds the combined na- tional wealth of the United Kingdom, Italy and France; because instead of owing all the world money all the world owes it money; because it has piled up a favorable annual trade bal ance of three billion dollars, which could be cut in half and still stand l without precedent; because the war has left it the most thoroughly unified, the most completely efficient and the most powerful national unit the world has ever seen."
 A study of dry statistics shows that the distinguished foreigner is right The sudden ending of the war, before America had more than launched the most stupendous program of expendi- ture undertaken by any belligerent, left the United States with most of the advantages accumulated during the first three years of the world war still I intact.
 These advantages were disappearing 1 at lightning speed. Another twelve months of war would have tripled our 1 national debt, eaten into our national wealth, reduced the trade balance and ! increased immeasurably the difficulties ! involved in reconstruction In Mo- i mber, 1918, the United States was | spending money more rapidly than beligerents who had been piling Pelion ] upon Ossa for more than four years, ] and it's program involved a cumulative | increase in even that expenditure for 1 every month of the succeeding fiscal year. Conservative financial authori-
 ties were beginning to shake their 1 heads.
 Then came the armistice.
 At once the financial skies cleared Millions of dollars worth of contracts for the destructive materials of wal were canceIed. Millions of dollars
 worth of contracts for the constructive Il processes of peace were signed. Mer- l chant ships communicated for wal purposes were restored to the paths o1 |
 Asia and South America poured into
 ports that a month before had room
 only for war materials. Building op-
 eralions were resumed, luxury trades i revived, and overnight confidence ano
 hope and optimistic prophecy succeed
 ed the blight which war had put upor
 ali industry and trade.
 And slowly America IS coming to re-
 alize that the end of the war has Jeff
 her 10 face the new day, richest among nations in wealth, in resources, in uni
 fi,a population.
 On July 1, 1912, the national wealti
 tf the United States was estimated tt
 total 1S8,O00 million dollars. wealsl of S1,965 for each person. The nationa
 debt at that time was about 1000 mil lion or SOFT for each person.
 On October 1, 1917, the nationa : wealth was estimated at 225,000 mil lions, an increase of 37.000 millions il five years, and since that time thi
 increase has grown to more than zG,0G millions.
 It is true that our national debt Ia f also grown. By October, 1917, it wa. , 4.500 millions and today it is 17,30 ? millions. But from that should he de l ducted the 5000 millions due iron ' foreign countries, ong which we are re l ceiving millions yearly in interest T France and the United Kingdom are i r debt to an amount which is nearly one
 half their total national wealth. Tn