HARPER'S PICTORIAL LIBRARY OF THE WORLD WAR _In Twelve Volumes Profusely Illustrated_ VOLUME XII THE GREAT RESULTS OF THE WAR Economics and Finance, The Peace Treaty, The League of Nations. Index [Illustration: Painting by Frank Stick A Soldier of the Soil] =HARPER'S PICTORIAL LIBRARY OF THE WORLD WAR= _In Twelve Volumes Profusely Illustrated_ FOREWORD BY CHARLES W. ELIOT, PhD. _President Emeritus, Harvard University_ VOLUME XII The Great Results of the War _Economics and Finance, The Treaty of Versailles and League of Nations----Index_ WITH INTRODUCTION BY PROFESSOR IRVING FISHER, YALE UNIVERSITY _Edited by_ DR. W. L. BEVAN, KENYON COLLEGE _and_ DR. HUGO C. M. WENDEL, NEW YORK UNIVERSITY GENERAL EDITORIAL BOARD PROF. ALBERT BUSHNELL HART Harvard University GEN. DOUGLAS MACARTHUR, U.S.A. Chief of Staff, 42nd Division ADMIRAL ALBERT GLEAVES U.S. Navy PROF. W. O. STEVENS U.S. Naval Academy, Annapolis GEN. ULYSSES G. MCALEXANDER U.S. Army JOHN GRIER HIBBEN President of Princeton University J. B. W. GARDINER Military Expert, _New York Times_ COMMANDER C. C. GILL, U.S.N. Lecturer at Annapolis and aide to Admiral Gleaves HENRY NOBLE MACCRACKEN President of Vassar College PROF. E. R. A. SELIGMAN Columbia University DR. THEODORE F. JONES Professor of History, New York University CARL SNYDER PROF. JOHN SPENCER BASSETT Professor of History, Smith College MAJOR C. A. KING, JR. History Department, West Point HARPER & BROTHERS PUBLISHERS NEW YORK AND LONDON Established 1817 Copyright, 1920, by Harper & Brothers Printed in the United States of America M-U CONTENTS OF VOLUME XII PAGE _Introduction_ Professor Irving Fisher vii PART I I. Economic Results of the War 1 II. Wartime Food and Price Problems 34 III. Industry and Labor in Wartime 65 IV. Government Control 87 V. The Money Cost of the War, Edwin R. A. Seligman 105 VI. American Business in the War, Grosvenor B. Clarkson 115 VII. The Liberty Loan Army, Guy Emerson 126 VIII. Food and the War, Vernon Kellogg 135 IX. The High Cost of Living, Director of the Council of 142 National Defense PART II I. The Peace Conference at Work, Thomas W. Lamont 149 II. Wilson's Fourteen Points 163 III. How the Peace Treaty Was Signed 165 IV. The Peace Treaty--Its Meaning to America, George W. 170 Wickersham THE TREATY OF VERSAILLES AND THE COVENANT OF THE LEAGUE OF NATIONS