The Columbia evening Missourian., 1920-09-07

debt, was raised by advances from the
banks Of France and Algiers and from
the United States and Great Britain.
Considerable financial embarrassment
was felt in the early years Of the war,
owing 10 the small gold reserve, but this
was speedily rcmedied and an enormous
increase in the issue Of notes stabilized
conditions. 1t was at first believed that
the war would be Of short duration and
could be financed by advances from the
Bank Of France, but as time went on il
Was clearly seen that large loans and
heavy iaNation was essential.
The war profits tax was added and
number Of other forms of taxation. Form
er taxes we're raised and in some cases
the rates were more than doubled. The
income tag was later revised and the
rates we're largely increased. As the war
progressed new loans were necessary and
a number of short-iime obligations were
to be met. A large amount was borrow
ed from the United States when that
country entered the war, and a large loan
was floated at home. Taxes were in
creased and every opportunity for adding
new taxes was taken.
In Russia the Bolsheyiki and civil war
have rendered conditions so unsettled
that .iuls can be determined as to the
ac;uai situation there. II. however. the
war, is assumed to end for Russia in
March. 1917. her expenditures for war
we're s22,593. .950.0G0. The civil expenses
increased in this time Sl,790. 100000. The
debt Of Russia is about $1,000, ,O00.0
and The largest part Of the remainder Of
the war costs is represented by unse-
cured paper money in excess of eight
billions. The revenue from taxation was
little increased and the abolition Of the
state traffic in vodka made the problem
Of even keeping the income up TO the
pre-war level perplexing one.
L. s. PAID As MUCH As ANY
haly's total war expenditures amount
ed to sl2.ii0,o5l.0O0. OF this, $685..
100000 was raised in war loans, 81, ,468,.
$1,000 by taxation and the remainder
was borrowed from other countries on
short-term credits at home.
The expenses Of the United States, al
though We entered the war late, were as
large as those Of any other country, total
ling s22,625.252,8i3. Besides this. So
t55.0l4,l25 was advanced to other Allies.
The five liberty loans we're all over sub
scribed. The rest Of the expenditures
with the exception Of the amount raised
by war savings certificates, was met b.
taxation. As the war went on. the Unit
ed States became he largest spending
ed States became the largest spending
country in the world. Expenses
rose from se,7l9,S23 10 more than
forty million.
The war cost Belgium in the ncighbor-
hood Of $1,000, 100000; Of this amount,
sl.15Lt67. .9lf was borrowed from the Al
lies. the remainder representing other
debts and fines and leyies imposed by
Germany. These figures do not in any
way include the property loss and devas,-
alton which was many times more than
this.
JapaR's pari IN the war was slight and
her expenses were but SI0O00000. So
great was her prosperity that m,ny taxes
were reduced and others abolished. The
losses to the other Allies is about 81
900 100000.
GERMANY MADE GREAT PLANS
Germany had laid great plans for f.
nancing the war and although her ex-
penditures were larger than those Of any
other participant, S37, 7,175.OO0, 900, she ex-
perienced less difficulty in many ways
than others. In addition, several billions
were loaned to her allies. Her debt is
now some s32.927,ll9.925 at home Ger.
many's main financial difficulties will
come in the future. since il is estimated
that about five billions is needed to pay
the interest on the debt and indemnity
alone.
Ausiria-llungary was in a serious H.
nancial condition when the war started
and throughout was forced to resort to
numerous tricks and expedienis to raise
the s20.622,950.000 the war cost it, al
most all of which was raised by borrow
ing. Specie payment was discontinued
early, and a condition Of near panic pre-
vailed all through the war.
The cost Of the war to Turkey is diff
ficuli to determine, as little can be learn
ed Of the real workings Of its budget sys
tem- But il was about 81, 30.000 900,
Of which s900.O00,OO0 was borrowed from
Germany and small amount from Aus
tria. The remainder was raised by is
suing paper money. Only an internal
loan of about. s63.OO0.OO0 was made, and
that not until 1913.
Bulgaria was the heaviest financial
sufferer Of all the belligerents. in pro-
portion to her size. A debt Of approx
imately sl,500,000O00 was accumulated,
whereas the total wealth of the country
is estimated at not more than &. 200 .O00,-
600. The Bulgarian debt to Germany is
s660.Oo0,o00. while a large part Of the
remainder is in paper money to the
amount Of s500lOO0.0OO. which has de-
preciated to less than half lis face value.