Through the ravaging of immense areas of crop-producing lands, the driving away of the people that lived on them, and the dislocation of commerce, the food supplies for millions of non-combatants are so reduced that the rising generation in several countries is impaired on a scale never approached in any previous war. In any country which becomes the seat of war an immense destruction of fixed capital is wrought; and at the same time the quick capital of all the combatants, accumulated during generations, is thrown into the furnace of war and consumed unproductively. In consequence of the enormous size of the national armies and the withdrawal of the able-bodied men from productive industries, the industries and commerce of the whole world are seriously interrupted, whence widespread, incalculable losses to mankind. These few months of war have emphasized the interdependence of nations the world over with a stress never before equaled. Neutral nations far removed from Europe have felt keenly the effects of the war on the industries and trades by which they live. Men see in this instance that whatever reduces the buying and consuming capacity of one nation will probably reduce also the producing and selling capacity of other nations; and that the gains of commerce and trade are normally mutual, and not one-sided. All the contending nations have issued huge loans which will impose heavy burdens on future generations; and the yield of the first loans has already been spent or pledged. The first loan issued by the British Government was nearly twice the national debt of the United States; and it is supposed that its proceeds will be all spent before next Summer. Germany has already spent $1,600,000,000 since the war broke out--all unproductively and most of it for destruction. She will soon have to issue her second great loan. In short, the waste and ruin have been without precedent, the destruction of wealth has been enormous, and the resulting dislocations of finance, industries, and commerce will long afflict the coming generations in all the belligerent nations.