Harper’s Pictorial Library of the World War, Volume XII / The Great Results of the War

Harper’s Pictorial Library of the World War, Volume XII / The Great Results of the War

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Author: Fisher, Irving, 1867-1947
World War
1914-1918
League of Nations
1914-1918 — Economic aspects
Treaty of Versailles (1919 June 28)
1914-1918 — Finance
Harper’s Pictorial Library of the World War, Volume XII
The Great Results of the War
Transcriber’s Note:
Words marked with a dotted underline are changes made by the transcriber. To view the published words, mouse-over the underlined words. There is a table of all words changed by the transcriber at the end of the book. The cover image was created by the transcriber and is placed in the public domain.

HARPER’S PICTORIAL LIBRARY OF THE WORLD WAR

In Twelve Volumes
Profusely Illustrated
VOLUME XII
THE GREAT RESULTS OF THE WAR
Economics and Finance, The Peace Treaty, The League of Nations. Index

Painting by Frank Stick
A Soldier of the Soil
Click for a larger image.

HARPER’S PICTORIAL LIBRARY OF THE WORLD WAR

In Twelve Volumes
Profusely Illustrated

FOREWORD BY CHARLES W. ELIOT, PhD.
President Emeritus, Harvard University
VOLUME XII
The Great Results of the War
Economics and Finance, The Treaty of Versailles and League of Nations——Index
WITH INTRODUCTION BY PROFESSOR IRVING FISHER, YALE UNIVERSITY
Edited by
DR. W. L. BEVAN, KENYON COLLEGE
and
DR. HUGO C. M. WENDEL, NEW YORK UNIVERSITY
GENERAL EDITORIAL BOARD
Prof. Albert Bushnell Hart,
Harvard University
Gen. Douglas MacArthur, U.S.A.,
Chief of Staff, 42nd Division
Admiral Albert Gleaves,
U.S. Navy
Prof. W. O. Stevens,
U.S. Naval Academy, Annapolis
Gen. Ulysses G. McAlexander,
U.S. Army
John Grier Hibben,
President of Princeton University
J. B. W. Gardiner,
Military Expert, New York Times
Commander C. C. Gill, U.S.N.,
Lecturer at Annapolis and aide to Admiral Gleaves
Henry Noble MacCracken,
President of Vassar College
Prof. E. R. A. Seligman,
Columbia University
Dr. Theodore F. Jones,
Professor of History, New York University
Carl Snyder
Prof. John Spencer Bassett,
Professor of History, Smith College
Major C. A. King, Jr.,
History Department, West Point
Harper & Brothers Publishers
NEW YORK AND LONDON
Established 1817

Vol. 12—Harper’s Pictorial Library of the World War


Copyright, 1920, by Harper & Brothers
Printed in the United States of America
M-U

CONTENTS OF VOLUME XII
PAGE
Introduction Professor Irving Fisher vii
PART I
I. Economic Results of the War 1
II. Wartime Food and Price Problems 34
III. Industry and Labor in Wartime 65
IV. Government Control 87
V. The Money Cost of the War, Edwin R. A. Seligman 105
VI. American Business in the War, Grosvenor B. Clarkson 115
VII. The Liberty Loan Army, Guy Emerson 126
VIII. Food and the War, Vernon Kellogg 135
IX. The High Cost of Living, Director of the Council of National Defense 142
PART II
I. The Peace Conference at Work, Thomas W. Lamont 149
II. Wilson’s Fourteen Points 163
III. How the Peace Treaty Was Signed 165
IV. The Peace Treaty—Its Meaning to America, George W. Wickersham 170
THE TREATY OF VERSAILLES AND THE COVENANT OF THE LEAGUE OF NATIONS
Preamble 179
Part I. The Covenant of the League of Nations 182
Part II. Boundaries of Germany 186
Part III. Political Clauses for Europe 188
Part IV. German Rights and Interests Outside Germany 206
Part V. Military, Naval, and Aerial Clauses 209
Part VI. Prisoners of War and Graves 216
Part VII. Penalties 217
Part VIII. Reparation 217
Part IX. Financial Clauses 226
Part X. Economic Clauses 229
Part XI. Aerial Navigation 246
Part XII. Ports, Waterways, and Railways 247
Part XIII. Labor 255
Part XIV. Guarantees 261
Part XV. Miscellaneous Provisions 262
Rejection of the Peace Treaty 264
The Reservations Which Failed 269
Peace by Congressional Enactment Fails 271
The Map of Europe Remade 279
Our Part in Winning the War 280
Index
Text 291
Illustrations 363
I. Portraits 363
II. General 368
Maps 383
ILLUSTRATIONS IN THIS VOLUME
A Soldier of the Soil Frontispiece
Price Movements of the United States and England from the Earliest Index Numbers Through the First Years of the World War viii
Trend of Prices Before and After the Great Wars of History ix
William McAdoo xi
Money and the Price Level xii
John Pierpont Morgan xiv
President Wilson and Rear Admiral Grayson Passing the Palace of the King in Brussels xvii
Women Munition Workers in the International Fuse and Arms Works 3
Poster for Boy Scouts Who Worked for the Victory Loan 7
Dropping the First Bomb 10
A Poster Used During the Fourth Liberty Loan Campaign 14
Detroit—City of Automobiles 17
A Woman Doing Road Construction Work 20
A Woman Operating a Multiple Spindle Drill in an English Shell Factory 23
Launching the Quistconck at Hog Island 26
Ship-building at Camden, N. J. 30
Diagram Showing the Effect of the War on the Prices of Stocks 33
Centres of Live Stock Production Throughout the World 36
Members of “The Women’s Land Army” in England 41
A Map Issued by the Food Administration to Show Food Conditions in Europe After the Signing of the Armistice 43
A Food Riot in Sweden 46
Harry A. Garfield 49
Drying Fruit and Vegetables to Save Tin and Glass 52
“Back on the Farm” 54
The Nations and Their Wheat Supply 59
A Municipal Canning Station 61
In the Heart of the Bethlehem Steel Plant 67
Forging Armor Plate 70
Building Howitzers 73
Guns and Armaments for United States and Her Allies 74
Plowing by Night 76
A War Time Warning 81
Women Workers in America 84
Samuel P. Gompers 87
Walker D. Hines 90
Building a Steel Ship in Seattle, Washington 93
Hog Island Ship-building Yards 94
Launching the City of Portland on the Columbia River, near Portland, Oregon 96
Examining Cargoes for Contraband 99
An Antidote for the Submarine Pest 102
The Awkward Squad 104
The Economic Conference in Paris 106
Lord Reading 110
While the Men Fought, Those Left Behind Bought Bonds 112
French School Children Waiting to Welcome General Pétain 114
United States Council of National Defense and Its Advisory Commission 117
Bernard M. Baruch 119
Daniel Willard 122
John D. Ryan 125
A Poster Used During the Fourth Liberty Loan Campaign 128
A Poster for the Third Liberty Loan Campaign 131
Victory Way at Night 133
The Battle Scene at Home 137
A Community Conference on Food-Saving 140
Will There Be Enough to Go Around? 144
Women Doing Night Farming 147
The Ore Market—Cleveland 148
David Lloyd George 151
President Poincaré With the Swiss President, M. Gustave Ador, Driving to the Peace Conference in Paris 154
Where the Peace Treaty Was Signed 157
Awaiting the Decision of the German Peace Delegates. 160
The George Washington 162
Paris Crowds Greeting President Wilson 164
Henry White 167
Count von Brockdorff-Rantzau 169
Victoria Hall at Geneva 172
William Howard Taft 176
Woodrow Wilson, President of the United States 181
President and Mrs. Wilson Waving Good Bye 187
President Wilson’s Welcome in Paris 193
Sir Eric Drummond 202
Lord Robert Cecil 207
Berlin Demonstrations Against The Peace Treaty 214
German Press Representatives in Versailles 220
Dreadnoughts Welcoming President Wilson Home 227
M. Stephen Pichon 233
Henry Cabot Lodge 239
America’s Peace Capitol in Paris 245
The White Flags That Meant Defeat for the German Cause and Marked the Beginning of the End of the War 251
Paris in War Time 258
Senator Philander C. Knox of Pennsylvania 274
Male Population Registered and Not Registered 281
Comparative Losses of Merchant Shipping During the War 282
Production of Training Planes and Engines to the End of Each Month 286
Number of Battle Aeroplanes in Each Army at the Date of the Armistice 287
Our Flag in Alsace 288
Secretary of War Baker Drawing Registration Numbers 289

INTRODUCTION
By PROFESSOR IRVING FISHER

Department of Political Economy, Yale University
In various ways, as this volume shows, the war has profoundly affected our economic and political life. War has ever been a disturber and innovator, always leaving after it a different world from that which existed previous to it. On account of our tremendously complex economic organization—the specialization of industry among nations, and the network of commerce—war today causes more profound changes than ever before. There can not be a human being in the world today whose life is not altered by the war through which we have just passed.
In trying, now that the war is over, to stop drifting, and to think our way out of the bent (or broken) remains of the ante bellum life, the world is confronted by a maze of problems and a still greater maze of proffered solutions.
Many of these proposals are, unfortunately, of the nature of treatment directed not at fundamental conditions, but merely at symptoms. We should be past the stage, in our social science, as we are in medicine, where we treat symptoms without a thorough diagnosis of the fundamental causes.
And yet it is just this thorough diagnosis that we lack.
What, then, are the changes brought about by the war which most deeply affect “the body politic,” and by meeting which the most far reaching improvements can be made?

HIGH COST OF LIVING A VITAL QUESTION

I can not take up, or even touch on, all of them; but to one of them I wish to call especial attention—the High Cost of Living or, more generally, the high level of prices, which is the most striking economic effect of the war throughout the world. It is, as I see it, hard to over-emphasize the need for attacking this problem of the price level as a preliminary to attacking the other economic problems which the war has left us.
We need only glance at a newspaper today, or step into a corner grocery, or fall into conversation with our neighbor in the train to have this topic come out as foremost in interest. It is, I believe, responsible for much more of our present uncertainty and confusion than is usually realized. In its ramifications it is chiefly this phase of the war’s effects which, as I suggested above, touches every one of us at every point of our lives. A member of the Federal Reserve Board has called the price level problem the central economic problem of reconstruction.
Professor William Graham Sumner, who has inspired so many to the scientific study of social conditions, used to say: “In taking up the study of any social situation, divide your study into four questions—(1) What is it? (2) Why is it? (3) What of it? (4) What are you going to do about it?”
Let us follow this outline, and look first at the facts of the case; secondly at their causes; thirdly at the evils involved; and lastly at the remedies.

MEASURING CHANGES IN PRICES

We now possess a device for measuring the average change in prices. This is what is known as an “index number.”
Thus, if one commodity has risen 4 per cent. since last month and another, 10 per cent., the average rise of the two is midway between the sum of 4 per cent., and 10 per cent., or 7 per cent. It is
4 + 10          
————  =  7
2    
If we call the price level of the two articles last month 100 per cent., then 107 per cent. is the “index number” for the prices of the two articles this month. The same principle, of course, applies to any number of commodities.

The index number of the United States Bureau of Labor Statistics, the best index number we have, shows an average price level in 1918 of 196 for wholesale prices and 168 for retail prices of food on the basis of 100 per cent. for 1913, the year before the war; showing that wholesale prices, on the average, almost exactly doubled. The latest index number for wholesale prices (May, 1919) is 206, and for retail (July, 1919), 190.
A look at the history of prices shows the interesting fact that, while prices have sometimes fallen, they have generally risen. The high cost of living has been for centuries a source of complaint. In the 16th century, people objected to the price of wheat, which was three to ten times what it cost during the preceding 300 years.

WORTHLESS PAPER MONEY

Where, through ignorance of monetary science, irredeemable paper money was used, prices have sometimes gone up quite “out of sight.” This was the case with the famous assignats of the French Revolution, and the “Continental” paper money of our own Revolution. After the Revolution a barber in Philadelphia is said to have covered the walls of his shop with continental paper money, calling it the cheapest wallpaper he could get! Jokes were also heard of a housewife taking a market-basket full of this “money” to the butcher’s shop and bringing home the meat in her purse! This money became a hissing and a byword; and, even to this day, one of the favorite expressions for worthlessness is “not worth a Continental.” We see the same situation repeated again today with Russian paper money.
But our first scientific measurement of price movements began with 1782, the beginning of Jevons’ index number of wholesale prices in England.

COMMENTS ON FIGURE 1

Figure 1 shows the course of prices in England from that date, and also, for comparison, that in the U.S.

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