by 23,091,635 francs, indicating an addition of twenty
times that sum to the principal of the debt. The Government of
the Restoration added in 1815, 101,260,635 francs to the annual
interest. Thus the cost of the Napoleonic wars to France may be
stated at about $487,000,000 added to the principal of the debt,
or less than one-fifth of the increment of our national obligations
on account of the rebellion. The French burdens were extended over
the whole period from 1800 to 1814. Our own were concentrated into
the space of four years.

NATIONAL EXPENDITURES IN THE WAR.

The total expenditures of Great Britain during the French Revolution
and the career of Napoleon were L1,490,000,888, or nearly five
times that sum in dollars. The largest expenditures in any single
year were in 1815, L130,305,958, or in dollars, $631,976,894.
After 1862 our expenditures were not so low as that in any year,
and they were more than double that sum in the closing year of the
war when the great armies were mustered out of service and final
payment was made to all.

The British expenditures in the war against the French during the
period of the Revolution were a little more than L490,000,000 and
against Napoleon a little less than L1,000,000,000; or $4,850,000,000
in the aggregate, for twenty-three years. The total outlay was
therefore larger than our payments on account of the rebellion.
But there was no period of ten years in her wars with the French,
in which Great Britain expended so much as the United States expended
in four years. The loss of Great Britain by discounts in raising
money or by the use of depreciated paper was greater than that
incurred by the United States. A leading English authority says
that of the vast burden up to 1816, the "artificial enhancements
due to discounts in raising money were so great that for every L100
received into the treasury a national debt of L173 was created."

No other wars than those of England and France can be compared with
ours in point of expenditure. For the war between France and
Germany in 1870 the indemnity demanded by the conqueror was
5,000,000,000 francs, equivalent in American money to $930,000,000.
This sum was much in excess of the outlay of Germany. The expenses
of France on her own account in that contest were 1,873,238,000
francs, or $348,432,068, and this is only from one-half to one-
third of the annual outlay of the United