UNITED STATES In Millions Debt Less Annual Cash in Interest Treasury Charge April 5, 1917 $1,189 $23 June 30, 1917 1,909 84 June 30, 1918 10,924 466 June 30, 1919 24,233 619 DEBT ON JUNE 30, 1919 Bonds Pre-war bonds 833 War loans First Liberty Loan $1,985 Second Liberty Loan 3,566 Third Liberty Loan 3,959 Fourth Liberty Loan 6,795 Victory Loan (notes) 3,468 20,455 Treasury Certificates 3,634 Old debt on which interest increased 2 Non-interest bearing debt 236 ------ Total gross debt 25,485 Cash on hand 1,252 ------- Net debt (In Millions) $24,233 The other belligerents need not be treated separately. The total pre-war debt, including Japan, whose debt was increased only by the money raised to loan to Great Britain and France, amounted to almost $28,000,000,000. The debt at the close of the war amounted to over $224,000,000,000, making the net war debt somewhat over $196,000,000,000. When we compare this with the total cost of the war, which, as we have seen, will amount to about $210,000,000,000, it appears that almost the entire cost of the war will have been defrayed from loans, the difference of well-nigh $15,000,000,000 derived from taxation being due almost entirely to the efforts of Great Britain and the United States respectively.