The public debt of the United States was calculated to January 1, 1918,
in order to be in line with those of other countries, increasing by that
date to over $8,000,000,000 from a pre-war figure of a billion and a
quarter. Since that time $11,500,000,000 have been subscribed to the
Liberty Loans, thus increasing the national debt about sixteen fold.
The most extraordinary increase of all was that of Germany, rising from
$1,208,000,000 to $26,332,000,000.
Austria owed $2,736,000,000 at the beginning of the war, which was
increased by June, 1917, to $11,573,000,000.
Hungary increased her debt from $1,392,000,000 to $5,910,000,000 by
December, 1917.
The neutrals, Denmark, Spain, Holland, Norway, Sweden and Switzerland
together owed $2,871,000,000 when war began and increased their debts
only to $3,710,000,000.
Existing war obligations of the United States at the close of 1918
matured as follows:
First Liberty Loan, $2,000,000,000, redeemable at the option of the
Treasury after 1932 and payable not later than 1947; Second Liberty
Loan, $3,808,000,000, redeemable after 1927, payable in 1942; Third
Liberty Loan, $4,176,000,000, redeemable and payable without option in
1928; Fourth Liberty Loan, $6,989,047,000, redeemable after 1933,
payable in 1938; War Savings, $879,300,000 up to November, 1918, payable
in 1923.
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