ans of transportation. Now
the enemy has destroyed our railroad tracks, our railroad equipment, and
our rolling stock, which in the first month of the war, in 1914, was
reduced by 50,000 cars, has undergone the wear and tear of fifty months
of war.

"Our merchant fleet, on the other hand, has lost more than a million
tons through submarine warfare. Our shipyards during the last four years
have not built any ships. For they have produced for us and for our
allies cannon, ammunition, and tanks. Here, again, for this item alone
of means of transportation we must figure on an expense of 2,500,000,000
francs.

"This makes, if I sum up these different items, a need of raw material
which represents in cost, at the present rate of prices in France, not
less than 50,000,000,000 francs.

"And this formidable figure, gentlemen, does not cover everything. I
have not taken into account the loss represented for the future
production of France by the transformation of so many factories which
for four years were exclusively devoted to war munitions. I have not
taken into account foreign markets lost to us as a result of the
destruction of one-fourth of our productive capital and the almost total
collapse of our trade. I have not taken into account the economic
weakening that we will suffer tomorrow owing to that loss, to which I
referred a while ago, of 2,500,000 young an vigorous men."

This was one of the great by-products of the war. Thousands of young
Americans, vigorous evangels of democratic thought, remained in Europe
to bring American ideals and American force into the affairs of the old
world.

Those who returned were formidable factors in re-shaping the affairs of
the nation. Grave injustices were done in some instances to young men
who had volunteered in the early days of the war through patriotic
motives and who returned to find their places in industry taken by
others. In the main, however, the process of absorption went forward
steadily and without serious incident.

One factor making for satisfactory adjustment was the insurance system
put into effect by the United States Government, affecting its war
forces. Immediately following the armistice, the following announcement
was made:

Preparations by the government for re-insuring the lives of soldiers and
sailors on their return have been hastened by the signing of the
armistice. Although regulations have not yet been fully drafted, it is
certain that each of