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.
With this program of maturity, the Treasury by exercising its option could call in the nation's war debt for redemption in installments every five years until 1947.
Secretary of the Treasury, William Gibbs McAdoo, who was also Director General of Transportation, created a sensation when he resigned both offices in November, 1918, the resignation to take effect January 1, 1919. Coming upon the eve of the peace conference in Paris and the announcement that President Wilson intended to head the American delegates to the conference, the resignation caused widespread surprise. The reasons given by Mr. McAdoo were ill-health and a serious depreciation of his private fortune during his incumbency of governmental positions.
Following the armistice, steps were immediately taken for the repatriation of a considerable portion of the American forces in France and the return to their homes of the men in American training camps. The Third Army of the United States, commanded by General Dickman, was ordered to the western shore of the Rhine, there to co-operate with the troops of the Allies until the conclusion of peace negotiations.
The country was amazed on November 23d when General March announced that the casualties of the American forces which had been anticipated as being less than 100,000, had in reality exceeded 236,000. Explanation for this lay in the fierce on-rush of the American forces during the last month of the war.
A forecast that many thousands of American boys would remain in France was given by Andre Tardieu, General Commissioner for Franco-American affairs, when addressing the Association of Foreign Correspondents in New York City, after the armistice had been signed.
M. Tardieu appealed for permission to retain American soldiers in
France. He said:
"We want first an immediate assistance in the matter of labor. We hope that, during the preparation and the carrying out of the transportation of your troops back to America your technical units as well as other units with their equipment will be able to co-operate in that effort. We soon will have to carry out a colossal work of transportation in view of the supplying of the regions evacuated by the enemy, of the recovering of the railroads in Northern and Eastern France and in Alsace-Lorraine. We will have to clean the reconquered ground of the ruins accumulated by the German hordes. Your army will help us in this work while our population will restore her cities and villages.
"Again in reference, not to all purchases—as a large part of our needs will be supplied outside of the United States—but in reference to those purchases which will be made in America, we are in need of credits in dollars covering about fifty per cent of our total purchases for reconstruction. The assurance of that financial help will bring to every one in France, government and private enterprise, the courage and faith necessary to apply to peace reconstruction the energy and the spirit of enterprise she has so prominently shown during the war.