Chapter I: Foreword: BY CHARLES W. ELIOT, PhD

_President Emeritus, Harvard University_

VOLUME XII

The Great Results of the War

_Economics and Finance, The Treaty of Versailles and League of Nations----Index_

WITH INTRODUCTION BY PROFESSOR IRVING FISHER, YALE UNIVERSITY

_Edited by_

DR. W. L. BEVAN, KENYON COLLEGE _and_ DR. HUGO C. M. WENDEL, NEW YORK UNIVERSITY

GENERAL EDITORIAL BOARD

PROF. ALBERT BUSHNELL HART
Harvard University

GEN. DOUGLAS MACARTHUR, U.S.A.
Chief of Staff, 42nd Division

ADMIRAL ALBERT GLEAVES
U.S. Navy

PROF. W. O. STEVENS
U.S. Naval Academy, Annapolis

GEN. ULYSSES G. MCALEXANDER
U.S. Army

JOHN GRIER HIBBEN
President of Princeton University

J. B. W. GARDINER
Military Expert, _New York Times_

COMMANDER C. C. GILL, U.S.N.
Lecturer at Annapolis and aide
to Admiral Gleaves

HENRY NOBLE MACCRACKEN
President of Vassar College

PROF. E. R. A. SELIGMAN
Columbia University

DR. THEODORE F. JONES
Professor of History, New York
University

CARL SNYDER

PROF. JOHN SPENCER BASSETT
Professor of History, Smith College

MAJOR C. A. KING, JR.
History Department, West Point

HARPER & BROTHERS PUBLISHERS

NEW YORK AND LONDON

Established 1817

Copyright, 1920, by Harper & Brothers Printed in the United States of America M-U

CONTENTS OF VOLUME XII PAGE

_Introduction_ Professor Irving Fisher vii

PART I

I. Economic Results of the War 1
II. Wartime Food and Price Problems 34
III. Industry and Labor in Wartime 65
IV. Government Control 87
V. The Money Cost of the War, Edwin R. A. Seligman 105
VI. American Business in the War, Grosvenor B. Clarkson 115
VII. The Liberty Loan Army, Guy Emerson 126
VIII. Food and the War, Vernon Kellogg 135
IX. The High Cost of Living, Director of the Council of 142
National Defense

PART II

I. The Peace Conference at Work, Thomas W. Lamont 149
II. Wilson's Fourteen Points 163
III. How the Peace Treaty Was Signed 165
IV. The Peace Treaty--Its Meaning to America, George W. 170
Wickersham

THE TREATY OF VERSAILLES AND THE COVENANT OF THE LEAGUE OF NATIONS

Preamble 179
Part I. The Covenant of the League of Nations 182
Part II. Boundaries of Germany 186
Part III. Political Clauses for Europe 188
Part IV. German Rights and Interests Outside Germany 206
Part V. Military, Naval, and Aerial Clauses 209
Part VI. Prisoners of War and Graves 216
Part VII. Penalties 217
Part VIII. Reparation 217
Part IX. Financial Clauses 226
Part X. Economic Clauses 229
Part XI. Aerial Navigation 246
Part XII. Ports, Waterways, and Railways 247
Part XIII. Labor 255
Part XIV. Guarantees 261