The United States has been a great financial factor since entering the
war. The Government lent to the Allies on the security of their bonds
$4,436,329,750. For America's own expenses Congress has already
authorized $2,034,000,000, of which one item alone, merchant shipping,
accounted for more than $1,000,000,000. The total expenses in the first
year were more than $9,800,000,000, but about $800,000,000 of this went
for normal activities not connected with the war, so that its total cost
has been about $9,000,000,000, of which more than $4,000,000,000 has
been in loans to the Allies. Expenditures for aircraft alone have
amounted to more than $600,000,000. Naval appropriations, made and
pending, are more than $3,000,000,000; the War Department has taken
$7,464,771,756. The army's annual payroll now exceeds $500,000,000 and
the navy's $125,000,000, and these items are trifling compared with the
cost of ships, ordnance, munitions, airplanes, motor trucks, and
supplies of every kind, to say nothing of food. Allotments and
allowances to soldiers' and sailors' dependents paid by the Government
in the month of February alone amounted to $19,976,543.
Bonds, certificates of indebtedness, War Savings Certificates, and
Thrift Stamps issued by the Treasury up to March 12 totaled
$8,560,802,052.96. To meet expenses the Government has successfully
floated two Liberty Loans with total subscriptions of $6,616,532,300,
and on April 6, 1918, the first anniversary of America's entrance into
the war, a third loan campaign for $3,000,000,000 was begun.