WHILE the lives and the wealth of the European nations are being sacrificed on a scale hitherto unparalleled, it is well in the interests of those nations, as well as of our own, that we conserve the lives and wealth of our own people. The greatest wealth of a nation is its children, its productive workers, its scientific men and other leaders, its accumulated knowledge and social traditions. These are immeasurable, but the Bureau of the Census has recently prepared a report on the material wealth and indebtedness, according to which it is estimated that the total value of all classes of property in the United States, exclusive of Alaska and the insular possessions, in 1912, was $187,739,000,000, or $1,965 per capita. This estimate is presented merely as the best approximation which can be made from the data available and as being fairly comparable with that published eight years ago. The increase between 1904 and 1912 was 75 per cent., for the total amount and 49 per cent. for the per capita. Real estate and improvements, including public property, alone constituted $110,677,000,000, or 59 per cent. of the total, in 1912. The next greatest item, $16,149,000,000, was contributed by the railroads; and the third, $14,694,000,000, represented the value of manufactured products, other than clothing and personal adornments, furniture, vehicles and kindred property. The net public-indebtedness in 1913 amounted to $4,850,461,000. This amount was made up as follows: National debt, $1,028,564,000, or $10.59 per capita; state debt, $345,942,000, or $3.57 per capita; county debt, $371,528,000, or $4.33 per capita; and municipal debt, $2,884,883,000, or $54.27 per capita. Thus the average urban citizen's share of the net federal, state, county and municipal debt combined was $72.76; and the average rural citizen's share of the net federal, state and county debt combined was $18.49. The total federal debt in 1910 was $2,916,205,000, of which amount $967,366,000 was represented by bonds, $375,682,000 by non-interest-bearing debt (principally United States notes or "greenbacks"), and $1,573,157,000 by certificates and notes issued on deposits of coin and bullion. Against this indebtedness there was in the treasury $1,887,641,000 in cash available for payment of debt, leaving the net national indebtedness at $1,028,564,000, or $10.59 per capita. The increase in the net indebtedness between 1902 and 1913 amounted to 6 per cent., but for the per capita figure there was a decrease of 13 per cent. The burden due to the national debt is thus very light in comparison with that imposed by the indebtedness of other great nations.