Note 19 — V—THE MONEY COST OF THE WAR Over $210,000,000,000 Spent by the Belligerents—How This Stupendous Sum Was Raised—What the War Cost Uncle Sam

Obtained by deducting 11/12 of the annual (peace) expenditures for 1915—1916 exclusive of postal expenditures, i. e. 11/12 of $1,008—287 millions—60 millions. Secretary Glass in his letter of July 9, 1919 to the Chairman of the Committee of Ways and Means excludes postal expenditures in the first column, but fails to exclude them when making the deduction for peace expenditures. He consequently arrives at the figure of 30,177 billions as the cost of the war; making allowance for this fact, and using the final corrected figures, we reach the figure of $32,261,000,000 as the cost of the war to June 30, 1919.