War Loans or Subsidies

ACENTURY before the World War began, another worldwide war was drawing to its close. In the twenty-three years of European struggle, broken only by two short intervals of armed peace, which ended in 1815, the expenditure of national energies and resources was relatively as great as the waste we have recently witnessed, if not greater; and the exhaustion of the combatants, as testified by the subsequent economic distress and the protracted recovery, paralleled the present European situation. National hatreds had been as deeply aroused. But when the peace was made, even though the victors, after the Hundred Days, were demanding more