The Wall Street Journal used this statement as a guide to the Allied Powers for measuring the kind of indemnity that would be imposed upon Germany.
"One of the departments of the Government at Washington has in its files a report of a German commission on industry after the war. Reading this, one can understand the motive for what at one time looked like pure vandalism. Vandalism it was, by descendants of the Vandals, but it was a deliberate destruction of international competitors, killing the workmen—and workwomen—and destroying plants and machinery for the one purpose of removing competition. A physical injury to a child helped to weaken future competition in the world's trade; and it was upon the power gained thereby that Germany hoped to launch another war for world domination....
"A peace that gives the cold-blooded perpetrators of these crimes an advantage over their victims would not be equitable. If any must suffer, let it be those who are guilty, but don't give them a start ahead of their victims.
"In substance, that point should declare that Germany shall not profit through the wrecking of any Allied industry. Except to admit necessary foodstuffs, the blockade should not be lifted until every Allied country from England to Serbia has been industrially rebuilt. One object of the wholesale murder of civilians was to weaken industrially the enemy countries. The greater proportionate loss of man-power in the Allied countries should be met by restrictions on the entry of raw materials into Germany. Every piece of stolen machinery should be returned before her own industries are allowed to resume."
The soft plan of dealing with Germany's war cost was championed by Secretary Daniels. The Springfield Republican and the New Republic seemed to agree with the Manchester Guardian that Germany ought to to to be helped rather than punished, that the main thing was to set her on her feet again.
"Representative papers like the New York Times, Syracuse Post-Standard, Buffalo Express, and Sacramento Bee all insist that while we might or perhaps should claim no war-expenses from Germany, 'we must exact payment,' in the words of the Syracuse daily, 'to the last penny for losses suffered through illegal warfare.' Germany's submarine campaign cost us, according to this paper's figures, 375,000 tons of shipping and 775 civilian lives. If we take the burden of payment for this property and these lives from the guilty shoulders of Germany it would only be to 'pass it on to the innocent shoulders of the American taxpayer,' which, the New York Times declares, would be 'rank injustice'."
FORECASTING THE TOTAL COST OF WAR
It is interesting also to note an attempt made by one of the expert statiticians statisticians attached to the Guaranty Trust Company of New York to estimate the total cost of the war at the close of the four-year period. The five main Allies possessed, before the war, $406,000,000,000 for national work, a sum nearly four times as great as the national wealth of the two Central Powers. In four years the seven leading belligerents had spent $134,000,000,000. The only way to grasp the meaning of this enormous sum is to contrast the cost of the World War with all former wars. The total cost of wars that had taken place since the American Revolution was $23,000,000,000; the World War costs therefore, are six times greater. In these figures, staggering as they are, it was comparatively easy to figure out the costs, debts and interests of actual war expenditures. Much more complicated is the problem of estimating the property value destroyed through military operations on land and sea:
LOSS FROM DESTRUCTION OF PROPERTY
"The total area of the war zone is 174,000 square miles, of which the Western theater of the war, in France and Belgium, stretches over an area of 19,500 square miles, and it contains over 3,000 cities, villages, and hamlets, great manufacturing and agricultural districts, of which some have been totally annihilated and some heavily affected. The estimate by the National Foreign Trade Council of the war losses, which unfortunately does not go beyond 1916, is as follows: