The Bridgeport times and evening farmer., 1920-06-26

 ized for them materially less than that which they non1inally represent and eft which interest payments must De made, and final payment also made at their fuli face value, irrespective of the sums received fur them when they were issued. This statement re- ties especially. to the share of the debts elassed as "funded' or bond ea': In d few countries, especially the United States. Australia and in most of the issues of Canada, the is- sue of securities was made at the full face CT par values, but in a very large proportion of the funded seeuf- ities issued by the European govern ments, the custom which has long prevailed on that continent of mak- ing the sales at something less than the nominal face value of the bonds prevailed during the war, increasing In intensity with the needs of the respective governments and the de- elihins gold value of the currency utilized in payment for the securities issued. In fact, the sums which the European governments received for their refunded debts created during the war was about $s,boo, ,00e,ooo be- low the face value of the securities issued.
 The creation of national debts, which began with the Republic of Venice in tt7t, was then declared 5ustifiable in time Of war upon the grounds that future generations should bear a part of the expense Incurred in defense of the common country, and, from that time down to the present, the bulk Of national debts has been accumulated by wars or in preparation for war. The ad- ditfens to national debts in the per- fod of the Napoleenie War was over $200, 100000 per annun, dropping to an average of less than $5o,ooo,- 900 in the ss years from their close to the Crfmean War, averaging about ssso, o,ooo,0o0 per annum in the 20 years 1sS&-74, which included the Crfmean, the American Civil and the Franco-Prussfan Wars. In the 27 years between the close of the Fran co-Prussian War to the great Euro pean War a period which included the Spantsh-American, the British Boer, the Balkan, and the Russo Japanese Wars, and also the creation of great war organizations on land and sea and the construction of rail- way and telegraph lines, in part by government or governmental aid, the additions to national debts averaged about $500, 100000 per annum, though in few instances exceeded $1,0Oo,- 0oo,0o0 per annum. but sink into sig nif1cance when compared with the an- nual average of $35, ,OO0, 100000 per annum in the six years since the be- ginning of the European War.
 Increase General in All Countries
 The chief increase occurs in the debts of the dozen countries and colonies participating In the war, though in practically every country for which figures are available the 191e-2O figures show larger totals than those at the beginning of the war period, which advanced the costs of everything and increased expendt- lures, necessitating loans of at least a temporary character. This is illus trated by the fact that the aggregate debts of the European countries as a whole grew from $32,OOO,OO0, ,OO0 at the beginning of the war to 84.000,- 000,000 at the date of the armiStice, and $223,00O,000, 0,0O0 at the latest available date; those of North Amer ica, which included the United States and Canada among the participants in the war, grew from $2,1 ,0oO, 900 at the beginning of the war to $27,- SO0,O0O,00O at the date of the armis- tice, and $26,946, ,000 at the pres ent time, while those of South Amer
 
 bined grew from less than 8 1-2 bl.- lion dollars in-1913 to 12 3-4 billions in 1919.
 Of the s220,0O0,OO 1000 added to world national indebtedness since the beginning of the European War, ap- proximately $200,00O, 100000, or more than nine-tenths, was created by the seven great countries participatin s in the war, Great Britain, France, Italy, the United States, Russia, Ger many and Austria-Hungary. Great Britain increased her debt from ap- proximately 3 1-2 billion dollars in 1913 to 3S billions at the present time; France, from Is billion dol lars to 46 billions; Italy, from about billion dollars to 15 billions; the United States from 1 billion to 25 billion dollars; Russia, from 1-2 billion dollars in 1913 to 25 billions at the date of thes advent of the Bolsheviki in 1917; Germany, from a little over 1 billion dollars in 191: to AS billions, and Austria-Hungary from 1-3 billion dollars in 1913 te 27 billions (though how much of this latest figure will be charged respec. | lively against the political entitie: formed from the former Austro 1 Hungarian Empire cannot now be i determined)- Belsium's debt, whicf | was little less than S1,OO0,00O, O,OO( | prior to the war, is now about $4, ] 900, 900, 900; Canada and Australia | increased their indebtedness abou
 1 1-2 billion dollars each; Japan ap | parently paid her way" from cur. | rent funds and taxation, since he debt at the present time exceeds tha l of 1913 by less than S100,000, 900, mere trifle as compared with that O l other active participants of the war | Poland has developed a debt (meas ured by her paper currency, whicl l has an extremely small gold back | ing) of about l 1-2 billion dollars l face value, since her establishment
 as an independent government, witt
 power to create national debts. Tn 1 increase in the debt of Turkey, whici | can only be approximated, was ap 1 parently about 1 1-2 billion dollars | aside from loans by Germany an l Austria-Hungary. How much of tn indebtedness of the countries dis | membered as a result of the war, in | cluding especially Russia, Austria | Hungary and Turkey-to say netnin l l>1