At the end of that war only half of its reckoning was
represented in the country's bonded debt. After fifty years we are still
paying in some way for the other and larger outlay, the invisible strain
on the country.
Strange as it may seem in the light of the present frightful ravage in
Europe, no country has ever been completely ravaged by war. When I
returned from Europe more than a year ago, I was convinced that economic
exhaustion would be the determining factor: that victory would perch on
the side of the biggest bank roll. After a second trip to the warring
lands I am convinced that I was wrong in my first impression.
Observation again in England and France leads me to believe that man
power--beef, not gold--will win. The extents to which financial credit
can be extended in the countries at war seem to be almost without limit.
This leads to the final but all essential detail: How will the European
nations pay?
Since the Allies practically have a monopoly on the American money sent
abroad for war purposes, let us briefly look at the equity behind the
Thing known as National Honour. Its first and foremost bulwark is
Wealth. Take England first. The wealth of the United Kingdom is
$90,000,000,000: the annual income of the people $12,000,000,000. To
this you can add the wealth, resource and income of all her far-flung
colonies and the immense amount of money due to her from foreign
countries. Unlike France and save for a few Zeppelin raids, the Empire
is absolutely free from the ravage of war.
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