INTRODUCTION By PROFESSOR IRVING FISHER

HIGH COST OF LIVING A VITAL QUESTION

MEASURING CHANGES IN PRICES

WORTHLESS PAPER MONEY

COMMENTS ON FIGURE 1

COMMENTS ON FIGURE 2

HIGH PRICES NOT DUE TO SCARCITY

HIGH PRICES DUE TO MONETARY CAUSES

COMMENTS ON FIGURE 3

ASSOCIATE EVILS OF HIGH PRICES

MANY SUGGESTED REMEDIES INADEQUATE

PROPOSED REMEDY

WANTED—A STANDARDIZED DOLLAR

HOW GOLD CIRCULATES

CRITERION OF STANDARDIZATION

A PROBLEM CALLING FOR URGENT ACTION

The Great Results of the War

The Great Results of the War PART I I—ECONOMIC RESULTS OF THE WAR

Striking Changes Made by the European Conflict Upon the Economic Life of the Great Nations

FINDING THE MONEY FOR WAR

STRONG POSITION OF UNITED STATES

NEW PACE IN WAR FINANCE

MEANING OF NEW TAXATION

INCOME TAX COMPARISON

ATTITUDE TOWARD WAR TAX BILL

CRITICISM OF THE TAX

WILSON'S TAX PROGRAM

LUXURY TAXES

TAXES OF MANUFACTURER OR PRODUCER

LUXURIES IMPORTED

TAXES ON TOBACCO

DIAMONDS, LEATHER AND MILLINERY

BEARING THE BURDEN

THE FIRST GOVERNMENT LOAN, 1789

POPULARITY OF THE LIBERTY LOANS

HOW EUROPE WILL PAY US BACK

THE LOAN PERIODS

THE INDIVIDUAL INVESTOR

LIBERTY LOANS AND THRIFT

THE THRIFT HABIT

"SAVING AT THE SOURCE"

SPENDING THE MONEY

MONEY LOANED TO ASSOCIATE NATIONS

WHAT IS OWED THE AMERICAN PEOPLE.

FINANCIAL STATUS OF ENGLAND IN 1914

LOSS IN PRODUCTIVE POWER

EQUALIZING LOANS AND TAXATION

GERMANY'S ECONOMIC PREPARATION FOR WAR

GERMAN WAR FINANCE

THE LOAN BUREAU SCHEME

GERMAN WAR PROFITS

GERMAN MONEY INDEMNITY

FORECASTING THE TOTAL COST OF WAR

LOSS FROM DESTRUCTION OF PROPERTY

ECONOMIC LOSS OF MAN-POWER

EFFECTS ON POPULATION

CARNEGIE ENDOWMENT'S ESTIMATES

THE WAR AS A PRODUCT OF HIGH PRICES

QUESTIONS OF INFLATION

CURRENCY EXPANSION IN GREAT BRITAIN

AMERICA'S EXPERIENCE WITH INFLATION

CIVIL WAR INFLATION.

INFLATION ILLUSTRATED.

CREDIT EXPANSION

UNITED STATES A CREDITOR NATION

DISAPPEARANCE OF GOLD CURRENCY

WAR'S EFFECT ON SILVER

STOCK EXCHANGE WAR

GERMAN PROPERTY IN AMERICA

II—WARTIME FOOD AND PRICE PROBLEMS Intricacies of a Perplexing and Critical Situation Which Taxed the Ingenuity of Statesmen of All the Belligerents

UNITED STATES AS FOOD PRODUCER

THE FOOD CONTROLLER

AMERICA'S CONTRIBUTION IN FOOD TO THE ALLIES

AGRICULTURE AND THE WAR

ACREAGE UNDER CULTIVATION

YIELDS OF PRINCIPLE CEREALS

NEED OF FOOD CONSERVATION

GREAT BRITAIN'S FOOD DANGER

ACREAGE INCREASE DUE TO WOMEN'S LABOR

EVIDENCES OF FOOD SHORTAGE

FOOD CONTROL FOR NEUTRALS

FEEDING EUROPE'S STARVING MILLIONS

POLAND THE BIGGEST DEBTOR

FOOD CONDITIONS AFTER THE ARMISTICE

NEW FACTORS AFTER NOVEMBER, 1918

CEREAL REQUIREMENTS FOR 1919

CENTRAL EUROPE IN DIRE WANT

TO PREVENT FAMINE IN GERMANY

SUGAR DISTRIBUTION

KEEPING DOWN THE PRICE

POTATO ECONOMY

FUEL CONTROL

THE COAL SHORTAGE

FUEL CONSERVATION MEASURES

SHUT-DOWN OF INDUSTRY TO SAVE COAL

THE GOVERNMENT'S EXPLANATION

GARFIELD'S PLAN FOR FUEL ECONOMY, 1918—19

DIFFICULTIES OF FUEL CONTROL

COAL AND THE STEEL SUPPLY

SIDE ISSUES OF FUEL CONTROL

FUEL CONTROL IN GREAT BRITAIN

OTHER FORMS OF CONSERVATION

LEATHER CONSERVATION

FAIR PRICE LISTS

HOW FAIR PRICE LISTS ARE MADE UP

PROFITEERING

PROFITEERING IN THE MEAT INDUSTRY

PROFITEERING IN THE MEAT INDUSTRY

JUGGLING OF ACCOUNTS—HUGE SALARIES

WAR COST OF LIVING

CIVIL WAR COST OF LIVING

WHERE THE COST OF LIVES WEIGHED THE MOST

INCREASED COST FOR WEARING APPAREL

WAR PRICES AND LUXURY IMPORTS

GOOD EFFECTS OF PRICE CONTROL

STAY-AT-HOMES WHO MADE MONEY

PRICE CONTROL IN UNITED STATES

WHEAT AT $2.20 A BUSHEL

PRICE LEVEL, NOVEMBER, 1918

FOOD CONDITIONS AND PRICE LEVEL, 1919

III—INDUSTRY AND LABOR IN WARTIME Unprecedented Conditions and Developments Due to the World War and How They Were Met

SAFEGUARDS FOR WORKINGMEN

I. SAFETY

II. SANITATION

III. HOURS

IV. WAGES

V. CHILD LABOR

VI. WOMAN'S WORK

VII. SOCIAL INSURANCE

VIII. LABOR MARKET

IX. ADMINISTRATION OF LABOR LAWS

ORGANIZING LABOR FOR WAR WORK

INFLUENCE OF WAR CONDITIONS

INDUSTRIAL MEANING OF WAR

LABOR DISLOCATION

ADVISORY LABOR COUNCIL

WORK OR FIGHT

WAR SUPPLIES

THE PRIORITY SYSTEM

CIVIL WAR CONDITIONS

GREAT BRITAIN'S PRODUCTIVE POWER

A WHOLE POPULATION AT WORK

BRITISH INDUSTRY ON WAR BASIS.

LABOR POWER IN ENGLAND

INDUSTRIAL DISLOCATION IN FRANCE

THE GERMAN NATION IN ARMS

RUSSIA'S INDUSTRIAL MOBILIZATION

FOREBODINGS OF RUSSIA'S COLLAPSE

LABOR TRADITIONS UPSET

WOMEN WORKERS IN AMERICA

WORK UNSUITABLE FOR WOMEN

ALIEN LABOR FOR WAR PURPOSES

ECONOMIC VALUE OF AMERICAN ARMY TO FRENCH INDUSTRY

FRENCH INDUSTRIAL EXHAUSTION

THE WORK OF REBUILDING

IV—GOVERNMENT CONTROL Wartime Nationalization of Railways and Shipping—Ship-building at High Speed—Trade Licensing, Etc.

OBJECTS OF GOVERNMENT CONTROL

GOVERNMENT CONTROL CRITICISED

BRITISH RAILWAY MANAGEMENT

RAILWAY NATIONALIZATION IN CANADA

FRENCH RAILWAYS IN WARTIME

AMERICA'S SHIPPING PREPARATION

WAR'S EFFECT ON SHIPPING

THE WAR AND WORLD SHIPPING

AMERICA'S SHIP-BUILDING PROGRAM

THE FOURTH OF JULY SPLASH

AMERICAN LOSSES—NEW TONNAGE BUILT

A SHIP-BUILDING CAPACITY OF OVER 1,500,000 TONS A YEAR

TRANSPORTING THE AMERICAN ARMY

ACCELERATED SHIPPING

BRITISH SHIP-BUILDING

BRITISH BUREAUCRATIC METHODS

TRADE POLICY AS A WAR WEAPON

GERMANY'S POTASH BOYCOTT

SHUTTING OFF GERMAN TRADE

THE TRADE LICENSE SYSTEM

THE ANTI-GERMAN TOY EPISODE

SMUGGLING FROM NEUTRAL COUNTRIES

SURPRISING INCREASE OF NEUTRAL SHIPPING

GERMANS AT WORK IN SPAIN

NO ECONOMIC BOYCOTT AFTER THE WAR

AN IMPOSSIBLE PROGRAM

COMMERCIAL AVIATION

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

THE COST OF THE WAR DAY BY DAY

OUR WAR EXPENSES MONTH BY MONTH

HOW MONEY FOR WAR WAS RAISED

WAR TAXATION IN OTHER COUNTRIES

OUR WAR TAXES COMPARED WITH WAR EXPENDITURES

CHARACTER OF WAR TAXATION

TOTAL WAR DEBT, UNITED STATES

VI—AMERICAN BUSINESS IN THE WAR Voluntary Coöperation of Experts and Loyal Support of Labor Put Our Industries on a War Basis

COUNCIL OF NATIONAL DEFENSE

PERSONNEL OF THE COUNCIL

PROPOSALS OF THE ADVISORY COMMITTEE

PRE-WAR ACTIVITIES

MEN OF VISION

MEN OF EXPERIENCE

LABOR PLEDGES SUPPORT

MERGING THE RAILROADS

COÖPERATING COMMITTEES

SERVICE OF EXPERTS

NON-PARTISAN REPRESENTATION

SOME RESULTS OF COÖPERATION

THE FIELD DIVISION

WAR INDUSTRIES BOARD

CANTONMENT CONSTRUCTION

MEN LITTLE KNOWN

VII—THE LIBERTY LOAN ARMY Mobilizing Americans at Home to Pay for the War—A National Effort Which Yielded $24,065,810,350

THE SPIRIT BEHIND THE DOLLAR

MOBILIZING THE LIBERTY LOAN ARMY

ORGANIZING THE FIRST DRIVE

THE APPEAL

GROWING RESPONSE

FOURTH LIBERTY LOAN

AROUSING THE HALF-HEARTED

"FINISH THE JOB"

WAR SAVINGS CAMPAIGN

BENEFITS DERIVED FROM LOAN CAMPAIGNS

VIII—FOOD AND THE WAR How Scientific Control and Voluntary Food-Saving Kept Belgium from Starving and Enabled the Allies to Avert Famine

ECONOMIC SELF-SUFFICIENCY

$600,000,000 WORTH OF FOOD SUPPLIED

THE FOOD PRODUCTION OF GERMANY

GERMANY'S FOOD PROBLEM

THE SUGAR SHORTAGE

NATIONAL TASTES IN FOOD

SCIENTIFIC CONTROL OF FOOD

GOVERNMENT REGULATIONS

NATION-WIDE FOOD SAVING

AMERICAN RELIEF ADMINISTRATION

IX THE HIGH COST OF LIVING A Study of the Extraordinary Conditions Subsequent to the Armistice

THE ESSENCE OF THE HIGH COST OF LIVING SITUATION

AMERICA'S PRODUCTIVE CAPACITY

FOOD SITUATION AND READJUSTMENT

CLOTHING SITUATION

HOUSING PROBLEM

PROVISION OF NEW CAPITAL

CURRENCY AND CREDIT

INFLATION

FOOD SUPPLY—WHEAT, CORN AND SUGAR

THE MEAT SUPPLY

HIGH PRICE OF FOOD

WHY FOOD PRICES WERE HIGH

CONDITIONS FAVORABLE TO PROFITEERING

OTHER COMMODITIES

"OUTPUT AND MORE OUTPUT" ABANDONED

COAL AND IRON

RECOMMENDATIONS

PART II

I—THE PEACE CONFERENCE AT WORK A Vivid Account from the Inside of the Machinery Which Produced the Peace Treaty. How the Crises with Japan, Italy and Belgium Were Averted

COVENANTS "OPENLY ARRIVED AT"

THE "BIG THREE"

THE PLACE OF MEETING

A DESCRIPTION OF THE COUNCIL CHAMBER

HOW THE TREATY WAS COMPOUNDED

THE PROTECTION DEMANDED BY FRANCE

THE LEAGUE OF NATIONS COVENANT

ESSENCE AND SPIRIT OF THE LEAGUE

WORK OF THE COMMISSIONS

DELAYS TO THE TREATY

POLITICS AT THE CONFERENCE

THE DIFFICULTY OF LANGUAGE

THE COMMISSION ON REPARATIONS

AN ESTIMATE OF GERMANY'S CAPACITY TO PAY

THE ITALIAN CRISIS

THE QUESTION OF SHANTUNG

DEMANDS OF BELGIUM

THE TREATY PRESENTED TO THE GERMANS AT VERSAILLES

GERMANY SIGNS THE TREATY

II—WILSON'S FOURTEEN POINTS An Attempt to Raise International Morality to the Level of Private Morality

THE WILSON PROGRAM

III—HOW THE PEACE TREATY WAS SIGNED A Description of the Historic Ceremony in the Hall of Mirrors at the Palace of Versailles, June 8, 1919

A MEMORABLE SCENE

NOTABILITIES ARRIVE

THE SCENE INSIDE

THE PEACE TABLE

ENTRANCE OF CHIEF ACTORS

PRESIDENT WILSON ENTERS

THE GERMANS SIGN

WILSON SIGNS NEXT

THE GERMANS DEPART

IV—THE PEACE TREATY—ITS MEANING TO AMERICA America's "Place in the Sun" Due to Her Efforts to Secure a Just Peace

THE BASIS OF PEACE

MACHINERY OF THE LEAGUE

OBJECTIONS TO THE PLAN

MEANS TO PREVENT WAR

THE MONROE DOCTRINE

GERMAN COLONIES

MISCELLANEOUS PROVISIONS

PROBABILITY OF WAR MINIMIZED

When Peace Came to Verdun

THE TREATY OF VERSAILLES AND THE COVENANT OF THE LEAGUE OF NATIONS

PREAMBLE

PART I The Covenant of the League of Nations

ANNEX

PART II. Boundaries of Germany

PART III Political Clauses for Europe

SECTION I.—Belgium

SECTION II.—Luxemburg

SECTION III.—Left Bank of the Rhine

SECTION IV.—Sarre Basin

ANNEX

CHAPTER 1.—CESSION AND EXPLOITATION OF MINING PROPERTY

CHAPTER II.—GOVERNMENT OF THE TERRITORY OF THE SARRE BASIN

CHAPTER III.—PLEBISCITE

SECTION V.—Alsace-Lorraine

ANNEX

SECTION VI.—Austria

SECTION VII.—Czechoslovak State

SECTION VIII.—Poland

ANNEX

SECTION IX.—East Prussia.

SECTION X.—Memel

SECTION XI.—Free City of Danzig

SECTION XII.—Schleswig

SECTION XIII.—Heligoland

SECTION XIV.—Russia and Russian States

PART IV German Rights and Interests Outside Germany

SECTION I.—German Colonies

SECTION II.—China

SECTION III.—Siam

SECTION IV.—Liberia

SECTION V.—Morocco

SECTION VI.—Egypt

SECTION VII.—Turkey and Bulgaria

SECTION VIII.—Shantung

PART V Military, Naval, and Aerial Clauses

SECTION I.—Military Clauses

CHAPTER I.—EFFECTIVES AND CADRES OF THE GERMAN ARMY

CHAPTER II.—ARMAMENT, MUNITIONS, AND MATERIAL

CHAPTER III.—RECRUITING AND MILITARY TRAINING

CHAPTER IV.—FORTIFICATIONS

TABLE NO. 1.

2. ESTABLISHMENT OF AN INFANTRY DIVISION.

3. ESTABLISHMENT OF A CAVALRY DIVISION.

TABLE NO. 2.

TABLE NO. 3. Maximum Stocks Authorized.

SECTION II.—Naval Clauses

SECTION III.—Air Clauses

SECTION IV.—Interallied Commissions of Control

SECTION V.—General Articles

PART VI Prisoners of War and Graves

SECTION I.—Prisoners of War

SECTION II.—Graves

PART VII Penalties

PART VIII Reparation

SECTION I.—General Provisions

ANNEX I.

ANNEX II.

ANNEX III.

ANNEX IV.

ANNEX V.

ANNEX VI.

ANNEX VII.

SECTION II.—Special Provisions

PART IX Financial Clauses

PART X Economic Clauses

SECTION I.—Commercial Relations

CHAPTER I.—CUSTOMS REGULATIONS, DUTIES, AND RESTRICTIONS

CHAPTER II.—SHIPPING

CHAPTER III.—UNFAIR COMPETITION

CHAPTER IV.—TREATMENT OF NATIONALS OF ALLIED AND ASSOCIATED POWERS

CHAPTER V.—GENERAL ARTICLES

SECTION II.—Treaties

SECTION III.—Debts.

ANNEX

SECTION IV.—Property, Rights, and Interests

ANNEX

SECTION V.—Contracts, Prescriptions, Judgments

ANNEX

I. General Provisions

II. Provisions Relating to Certain Classes of Contracts

Stock Exchange and Commercial Exchange Contracts

Security

Negotiable Instruments

III. Contracts of Insurance

Fire Insurance

Life Insurance

Marine Insurance

Other Insurances

Re-Insurance

SECTION VI.—Mixed Arbitral Tribunal

ANNEX

SECTION VII.—Industrial Property

SECTION VIII.—Social and State Insurance in Ceded Territory

PART XI Aerial Navigation

PART XII Ports, Waterways, and Railways

SECTION I.—General Provisions

SECTION II.—Navigation

CHAPTER I.—FREEDOM OF NAVIGATION

CHAPTER II.—FREE ZONES IN PORTS

CHAPTER III.—CLAUSES RELATING TO THE ELBE, THE ODER, THE NIEMEN (RUSSTROM-MEMEL-NIEMEN), AND THE DANUBE

(I)—General Clauses

(3) Special Clauses Relating to the Danube

CHAPTER IV.—CLAUSES RELATING TO THE RHINE AND THE MOSELLE

CHAPTER V.—CLAUSES GIVING TO THE CZECHO-SLOVAK STATE THE USE OF NORTHERN PORTS

SECTION III.—Railways

CHAPTER I.—CLAUSES RELATING TO INTERNATIONAL TRANSPORT

CHAPTER II.—ROLLING STOCK

CHAPTER III.—CESSIONS OF RAILWAY LINES

CHAPTER IV.—PROVISIONS RELATING TO CERTAIN RAILWAY LINES

CHAPTER V.—TRANSITORY PROVISIONS

SECTION IV.—Disputes and Revision of Permanent Clauses

SECTION V.—Special Provision

SECTION VI.—Clauses Relating to the Kiel Canal

PART XIII Labor

SECTION I.—Organization of Labor

CHAPTER I.—ORGANIZATION

CHAPTER II.—PROCEDURE

CHAPTER III.—GENERAL

CHAPTER IV.—TRANSITORY PROVISIONS

ANNEX

SECTION II.—General Principles

PART XIV Guarantees

SECTION I.—Western Europe

SECTION II.—Eastern Europe

PART XV Miscellaneous Provisions

ANNEX

REJECTION OF THE PEACE TREATY The Senate Fails to Ratify the Treaty of Versailles With the Revised Lodge Reservations by a Vote of 49 to 35

RATIFICATION, WITH ORIGINAL LODGE RESERVATIONS, DEFEATED NOV. 19, 1919.

THE TREATY AGAIN BEFORE THE SENATE

ARTICLE X OF THE LEAGUE

THE ORIGINAL LODGE RESERVATION

THE PROPOSED COMPROMISE RESERVATION

ARTICLE X, SAYS WILSON, NULLIFIES A SACRED OBLIGATION

"A NEW DOCTRINE IN THE WORLD'S AFFAIRS"

DEMOCRACY VERSUS IMPERIALISM

ARTICLE X AS FINALLY ADOPTED

THE TREATY AGAIN REJECTED

THE RESERVATIONS WHICH FAILED Text of the Preamble and Fifteen Reservations as Adopted by the Senate Before the Final Vote on Ratification

The First Meeting of the Council of the League of Nations

PEACE BY CONGRESSIONAL ENACTMENT FAILS

TEXT OF HOUSE RESOLUTION

MINORITY OPPOSITION

RESOLUTION PASSES HOUSE, 242 TO 150

SENATE TAKES UP FIGHT TO FORCE PEACE

TEXT OF ORIGINAL KNOX RESOLUTION

A DEMOCRAT PAYS HIS RESPECTS TO REPUBLICANS

KNOX URGES SEPARATE PEACE WITH GERMANY

WILSON TO BLAME

WHY UNITED STATES WENT TO WAR

WAR AT END, IN FACT AND IN LAW

VERSAILLES TREATY IMPOSSIBLE

KNOX RESOLUTION PASSES BOTH HOUSES

TEXT OF AMENDED RESOLUTION

PRESIDENT'S VETO

THE MAP OF EUROPE REMADE Proposed Form of Government, Countries from Which Formed and Ethnic or Racial Stock of Newly Established Political Units Resulting from the World War.

OUR PART IN WINNING THE WAR Official Figures That Reveal the Enormous Contribution of This Country in Men, Money and Supplies

THE SELECTIVE SERVICE

HOW THE DRAFT WAS MADE UP

CAMPS AND TRAINING

GETTING THE TROOPS OVER

TRANSPORTATION EXTRAORDINARY

FEEDING AND CLOTHING PROBLEMS

GUNS AND MUNITIONS

THE ARTILLERY SUPPLY

THE CAMPAIGN OF 1919

GAS AND EXPLOSIVES

THE AIR SERVICE

CARGO SHIPMENTS

SIGNAL CORPS STATISTICS

CONSTRUCTION STATISTICS

TWO HUNDRED DAYS OF BATTLE

THE DEADLIEST WAR

INDEX

ILLUSTRATIONS

I.—PORTRAITS

II.—GENERAL

MAPS