The Washington herald., 1920-04-07
By ELISHA HANSON. =
Copyright, 1901
ARTICLE NO .


Financially, the United States to-
day occupies with respect to Europe
the same position which Europe oc-
cupied with respect to us at the
close OF the civil war. We have a
tremendously favorable trade bal
ance. so favorable in fact that 1t is
dangerous. We are a great creditor
nation and We do not care to assimi-
late any more European loans.
At the close of the civil war the
trade balance was against US and in
favor Of Europe. We owed Europe
some money-not so much as some
of our financiers would have had
and more than others desired. The
government would not have object
ed to raising additional funds in
Europe, but European governments
and European financial experts were
skeptical as to the future.
Cost of World War.
Thus far and only thus far. how
ever. will the comparison hold good.
Bad as the sitI alton seemed then.
there are elements in it today which
make 1t far worse, notwithstanding
the fact that We are creditor ma
ton and that we have a tremendous
balance of trade in our favor.
According to the last annual re-
port of the Secretary of the Treas
ury. the total cost Of the world war
to the United States, including for
eign loans, was $32.s30. 100000.
Foreign loans on october 81 last
amounted to 50. 9.406.000,000. II these
are subtracted from the aggregate
cost as set forth by the Secretary,
the net cost would be s23,424,00 900.
But this is q cost which is figured
only for the months of actual fight
ing-that is. from April. 1917. to
November. 1918.
Inasmuch as the foreign loans
have not been paid, and this coun-
try must carry not only the loans
themselves but the interest due
upon them for several years, 1t is
but proper therefore to figure the
cost of war at the figure set out
by Secretary. now Senator, Glass at
s32, $50, 100000.
Statistics on Early Wars.
The revolution, through which
we won our independence, cost, in
round figures, $4,000. .0oo-less than
we spent in any one week of the
world war following July, 1917.
The war of 1919 cost. in approx
mate figures. s12S.000.o 900. or just
about one-tenth of what 1t cost the
United States to wage war against
Germany during the one month OF
June, 1918.
The Mexican war cost was only
sea, 3,605,621. In fact, during the pc
riod of May. 1918. to November.
1918. our Mexican war expenditures
would have been eaten up in about
thirty-six hours.
The civil war, raging more than
four years. was about as expensive
in money as two months of the
world war. the aggregate cost OF
the conflict to the union side being
$500. 900. 900.
No accurate data are available rs
to the exact cost, of the Spanish
American war. but 1t is safe to say
that it was well under $500.000.000.
Debt Ten-foId Greater.
These figures serve to show how
enormously expensive it was for
America to enter the world war
to preserve itself against aggres-
sion from Germany. They further
show that the national debt which
has been piled up as a result OF
the conflict is far greater, proper
tionately. than at any time in our
history.
In other words. while our popu-
lation now is slightly more than
three times that of the country al
the close of the civil war. our debt
Is more than ten times greater
than the debt then.
The annual interest charge on the
public debt. as 1t stood on June 80.
last, was S1,o52.333,621.15-a sum
greater than the total expense OF
our entire government Cor aKy
single year Of its history up to
1916. Add to this approximately
$500. 100000 interest due from the
xltiss sash year, which tAAy eAnDs1