threatened, for a time, to be the most heart-rending catastrophe of the war.

That evening, when Billy climbed stiffly out of the automobile in front of the "News-Herald" building, he saw familiar faces awaiting him. Among them was his mother, Phineas Wetherby, and Mr. Morgan. They were radiant. Billy's mother hugged and kissed him. But Mr. Morgan's greeting was a hearty hand-shake. The party went up to the "News-Herald" office. Mr. Morgan was rattling out orders as he went:

"Kelly, bring a chair for Billy! Mr. Pitts, write a careful account of Mr. Wetherby's invention. Goodness knows,

it is costing us enough money! The 'NewsHerald' has bought it. Mr. Moore, a good story, please, on Billy's behavior in the hydroplane. Now, Billy, my boy, you can have anything you wish in the way of a career. What will it be,-college, mechanics, travel, a medical education,— what?"

"If you please, Mr. Morgan, I'd like to go to bed first," Billy pleaded. "Then I want to stay on at the 'News-Herald' and become a reporter!"

Mr. Morgan looked triumphantly at Billy's mother.

"I told you so!" he exclaimed.
Billy's mother nodded happily.

EARLY in the morning of January 6, Theodore Roosevelt was "mustered out." In the words of a favorite quotation of his own, he had "fought the good fight," and was ready for "the crown of glory."

The facts of Theodore Roosevelt's career need not be recited here; and to present in detail its lesson would be needless. Every boy and girl in America knows them both.

Theodore Roosevelt had armies of friends, and regiments of political enemies. Reluctant to begin a fight, he never shrank from one when it became his duty to fight for right and justice. And he never did less than his honest best.

readiness to serve, together with his ability and his tireless energy, made him a leader of men. Hating insincerity and cowardice, he set for all men, in his own conduct, an example of honesty and courage.

Theodore Roosevelt-soldier, servant, and leader, good citizen and fearless President of the greatest of nations, the world respected and admired him, but America-loved him. Beside the names of Washington and Lincoln on the American roll of honor must be placed in letters of glowing gold the name of Theodore Roosevelt-American.

Of those who pay the last tribute of respect to the strong man who departed from this life on the sixth day of this year, none can do him greater honor than it is in the power of young Americans to pay to his memory by studying the story of his life and endeavoring to prove in their own lives the worth and beauty of the lesson he gave us all-the lesson of true Americanism.

What a sight it made! The great steamer, decked with flags, was preceded by Vice-Admiral Mayo's flagship, the battle-ship Pennsylvania, which kept that position all the way across, a position of honor and some danger, because of the possibility of contact with floating mines,and convoyed by a fleet of destroyers.

As the George Washington moved down the bay and through the opened anti-submarine net at the Narrows, guns boomed, whistles shrieked, airplanes flashed over the water, and from the shores came cheer after cheer as the people bade the nation's head God-speed. A transport, coming in

fulfilled, they broke ranks and waved and cheered with true American fervor. It was a splendid farewell.

On the voyage the President was kept in close touch with Washington by wireless, and was also supplied by radio service with up-to-the-minute news from Europe. Day after day he worked, preparing speeches for European audiences, and putting the finishing touches on his peace program. But, busy as he was, he found time to attend, unexpectedly, a "sing" held by the crew of the ship.

On December 7 the fleet encountered a severe storm, and on December 10 it passed the Azores. Off the coast of France it was met by a squadron of war-ships, and on December 13 the President landed at Brest. Here, by the way, another precedent had been broken by the establishment of an American port on foreign soil.

On his arrival in Paris, the President

was greeted by throngs which outdid, in numbers and enthusiasm, even the joyous outburst of "Armistice Day." It was the greeting of the French Republic to the United States of America.

The program included conferences with Prime Ministers Lloyd George, Clemenceau, and Orlando; Christmas with the troops; a visit to London as the King's and the nation's guest; a tour of the wartorn parts of France; a visit to Rome; and return to Paris for the opening of the Peace Conference on January 10 or 11.

The boys and girls who read the story of the President's visit, from day to day, have surely seen history in the making!

AS TO GERMANY

THE only thing in Germany that stood still long enough, in December, to be studied satisfactorily through the TELESCOPE was the army of occupation. On reaching their stations in the Rhine Valley,

ment, and Premier Eisner, of Bavaria, were in opposition from the start. The leaning of Bavaria was toward separatism.

that is, toward a breaking up of the empire into disunited states. Ebert represented the more wholesome tendency to strive for preservation of unity and the reorganization of the empire, or rather conversion of it into a republican form of government.

In Berlin the danger of Bolshevism was strongest. Karl Liebknecht, representing the extreme of radicalism, organized a counter-revolution-an opposition to the revolution which had overthrown the Imperial Government. There were riots in Berlin, and Liebknecht's forces, called the Spartacus party, showed alarming strength.

On December 7, according to the news reports, Ebert was hailed as the first president of a new German republic, and a national assembly was called for.

On December 11 Foreign Minister

the French, British, Belgian, and American soldiers settled into position with pleasing steadfastness. But beyond the neutral zone all was confusion.

Premier Ebert, of the Berlin Govern

Solf resigned. He had held that office before the armistice, and had been continued in it by the Ebert Government.

The more reasonably inclined elements in Germany regarded Solf with some dis

trust because of his connection with the Imperial Government that had plunged the country into ruinous war. When they seem to be winning, the Germans are arrogant and boastful; defeated, they turn with suspicion upon those who have led them.

The Prussian Guards pledged support to the Ebert Government until a National Assembly should have been convened and should have legislated a new form of government for the country.

On December 18 a congress of German Soldiers' and Workmen's Councils transferred such power as they had to the People's Commissioners (the Ebert Government), pending the organization of a National Assembly to be convoked, it was reported, December 29 for the election of a president of the German Republic.

This is the story of December's developments in the history of the German people, as far as it can be dug out of a mass of cloudy and conflicting news reports. We do not guarantee either its

In fifteen months, from April, 1917, to the end of June, 1918, the war had cost us $13,222,000,000. A large part-nearly half of the money was used for purposes of permanent value, such as the building of ships and shipyards, the enlargement of the Navy, and the construction of army camps and buildings. Many millions of it, borrowed by the Allies, will return to us with interest.

Here are some of the facts embodied in the report: On June 30, 1918, the national debt was about twelve billion dollars, and this was increased, by the Fourth Liberty Loan, to about nineteen billions; the Government lent the farmers, in the year ending September 30, $118,528,000; the sale of War Savings Stamps, up to November 1, had brought into the Treasury 834,000,000 dollars, and the secretary hoped the sale of stamps would be continued in peace times, to encourage thrift and give the people a more direct share in the operation of the Government.

accuracy or the correctness of the conclusion, which seemed to be that Germany was going to follow the course pointed out by self-interest and that the menace of Bolshevism might be passed.

UNCLE SAM'S TREASURY IN December Mr. McAdoo rendered his last annual report as secretary of the treasury. The next report will carry the signature of Mr. Carter Glass, appointed by the President after Mr. McAdoo resigned. (Mr. Glass proved his merit as a doctor of finance, and his mettle as a man, when the Federal Reserve Act was being made and passed.)

More than eight billion dollars had been lent to the Allies; more than three and one-half billions had been collected in taxes, and the nation had raised in Liberty Bonds-well, a number of billions of dollars that any member of our class in American patriotism can name.

Every one who owns stamps or bondsand there are mighty few of us who have not invested in Uncle Sam's future!-will read, or re-read, with pleasure this paragraph from the report: "The payment into the Treasury of vast sums in war taxes and from bond sales and the transformation of our varied and complex economic life to the supreme task of winning