156 APPENDIX 



credit were little known or understood in the United 

 States, and therefore her requirements have been 

 financed by England as a war measure, excepting negli- 

 gible amounts furnished by this country and Japan. 

 It thus turned out that the one country in Europe best 

 able to stand the strain of a great war, both as regards 

 men and natural resources, was for its immediate needs 

 in the weakest financial position. This has all made 

 a deep impression in Russia. What individual 

 economists and thoughtful business men have been 

 thinking and saying has suddenly become the con- 

 viction of the entire country. The people are united 

 in the purpose to develop, completely and as rapidly 

 as possible, the natural resources of their country. 



The public debt has increased from $4,500,000,000 

 in 1914 to about $12,000,000,000 at the present time, 

 and the annual debt charge from $218,000,000 to 

 about $600,000,000. These figures will continue to 

 increase until the end of the war. Russia faces the 

 necessity of raising immensely greater revenues than 

 she had ever contemplated as necessary. To do this 

 the wealth of the nation must be rapidly increased, and 

 the ability of the individual to pay taxes greatly 

 augmented. 



These three factors in the Russian situation the 

 quickening of the Russian spirit, the realization of the 

 economic follies of the past and the importance of 

 commercial and financial independence, and the spur 

 of necessity are combining to bring about a great 

 program of development throughout the Empire. 

 It is everywhere being discussed and advocated where 



