have saved in vain.

VI--_The Price of Glory_

When John Jones of the U.S.A. puts his thousand dollars into an English,
French, Russian or German bond he becomes part and parcel of the
mightiest financial structure ever dedicated to a single purpose. He
cannot tell how his funds will be used. They may buy a few hundred
shells, clothe a thousand soldiers, feed a battalion or build a trench.
All he knows is that his mite joins the continuous and colossal stream
of expense that makes up the Red Wage of War.

Now if John Jones employs his money in the stock or bond of a railroad,
corporation, or public utility enterprise he can find out almost
precisely what it does, for it lays down a track, provides new equipment
or builds a power house. The investment, in short, represents something
that produces more wealth.

War, on the other hand, is a gigantic engine of destruction. Instead of
building up, it tears down. It is a monster machine consecrated to
waste. The only possible dividend can be peace.

The cost of the European conflict has a deeper interest for us than mere
curiosity over staggering statistics. The reason is that we have joined
the Paymaster's Corps. In other words, we have backed up our sympathy
with cash. We are silent partners in the costliest and deadliest of all
businesses.

Up to the present stupendous struggle and with the exception of the
Russo-Japanese War in which we floated several issues for the little
yellow men, we have had no definite economic part in the wars that shook
other nations. The losses in money and in men fell on the combatants.

This war, which has shattered so many precedents, has drawn the United
States out of its one-time aloofness. To the dignity of World Trader we
have added the twin distinction of World Banker. Already we have poured
out practically two billions of dollars for securities and credits of
the warring countries. To this must be added an even greater sum
representing our enormous war exports. The price, therefore, of whatever
freedom emerges from these years of bloodshed intimately touches
thousands of American pocketbooks in one way or another.

What is the final toll that Battle will take: more important than this,
what is the future of the treasure that we have laid on its Consuming
Altar?

Before making any analysis of the American stake in the cost of the
European War, it is important to find out first just how much money has
been expended and