Effects of the War on Money, Credit and Banking in France and the United States

By Benjamin M. Anderson | Go to book overview

CHAPTER XVI
Public Finance and Bank Credit

The entrance of the United States into the war brought at once a very great increase in expenditure's by the federal government particularly when advances to the Allies are included. The following table1 prepared by Professor Bogart gives the expenditures of the United States through the months of 1917, excluding advances to Allies. The first three months, when expenditures were on a peace footing, are also given by way of contrast. The entrance of the Uniied States into the war was on April 6, 1917:

  MonthlyDaily
January$79,910,714$2,577,765
February75,844,4982,708,406
March72,773,9032,347,545
April81,599,5982,719,986
May114,102,8103,680,736
June134,304,0404,776,801
July208,299,0316,719,323
August277,438,0008,949,613
September349,013,30511,337,768
October465,045,36014,904,690
November512,952,03517,098,401
Deceinber611,297,42519,719,272
 Total$2,982,580,719 

Professor Bogart gives also a table covering three fiscal years showing the objects of expenditures, as follows:

Purpose 1915-16 1916-17a 1917-18
Civil establishment$380,911,373$425,565,747$1,995,886,359
Military establishment132,185,275409,789,3218,964,443,485
Naval establishment155,029,426257,166,4371,609,178,036
Rivers and harbors32,450,30130,487,56038,295,750
Panama Canal17,503,72813,112,13023,739,099
Public debt22,910,31324,742,12993,454,000
Miscellaneous1,016,31034,028,110344,120
 Total$742,006,726$1,194,891,434$12,725,340,849
Purchase of obligations of foreign govern-
  ments
 885,000,000b3,351,400,000
 Total $2,079,891,434$16,076,740,849
aAppropriations.bActual for period July 1-December 31, 1917.

-179-

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