THE BILLIONS OF TODAY

The thousands of yesterday have become the billions of today as America enters the second year of her financial support of the war. Large figures no longer attract attention and have become the rule rather than the exception. Yet anyone who attempts a mental picture of a billion dollars or a million men is astounded by their magnitude. We may take pride in the greatness of our resources, but we may wonder at the strain they are now standing.

Professor Channing has compiled some figures which go to explain the comparative ease with which we now expend so large a portion of our wealth. In the Civil War times our national debt at no time exceeded three billions. Today it has more than tripled that figure and shows every sign of increase. But in 1865 our total of accumulated wealth amounted to only sixteen billions and our annual production was less than six. Today our accumulated wealth has grown to 187 billions, and our production exceeds forty. Figures may lie, but in this case they go far toward explaining our financial strength.

In a half-century of unprecedented expansion and growth in wealth, we have reached a material prosperity unequalled in history. We may be thankful at such a time as this that American development has kept pace with the increase in our national needs. The Civil War strained northern finances almost to a breaking-point. It is the source of our strength that the far greater demands of the present can be met by the America of today. Billions are tremendous drains on any nation and involve the necessity of every economy and saving. But billions we have in America, every cent of which we are ready to pour in the stream of the day's obligation.