"But in this speculation we must be cautious, because, so far, the
costly war material which has been consumed, such as fortresses
destroyed, guns worn out, ammunition consumed, soldiers' clothing, and
in general food, were principally accumulated and paid for long ago.
They have come out of the world's past production, and their cost
already has been written off.
"The real loss, the new waste, over and above the devastation of Belgium
and other lands, has been of labor, productive activity which would have
been carried on during the period of the war had the struggle been
avoided, the destruction of the lives of men in their economic prime,
the maiming of others to the depletion of their future usefulness and
the loss to European fatherhood.
"But if the war lasts a long time, necessitating the general renewal of
ships, fortresses, weapons, and stores, the waste will be enormous, for
the actual money expenditure will then come out of funds newly
accumulated or charged against the future, and not out of those set
aside in the past for war purposes."
One Great Change Occurring.
"Thus one great economic change already is occurring--the devastation
wrought, the destruction of hoarded funds and supplies and of useful
human life.
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