It is true that the mark has fallen, and that the German financial fabric is in a parlous condition. But that fabric is kept from crumbling away by the war, just as the Egyptian papyrus is preserved so long as it does not come into contact with the air. Moreover, common prudence should impel us to find out at what a cost to ourselves we have reduced the value of the mark. If financial exhaustion be among the ways in which one group of belligerents may be made to succumb, it is wise to ask whether it is the States which have to pay gold for their huge requirements or those which can get almost everything they need for paper that are likely to succumb first.
The question is relevant, yet, because it has not been moved into the foreground of discussion, there are few people who ponder on it.
Personally, I am convinced that impecuniosity and loss of credit will never bring the Germans to their knees.
Great Britain has achieved wonders in the financial sphere during this war, as the Allies and certain neutrals can testify. Our budgets are monuments of the nation’s spirit of self-sacrifice. But we have not come scathless out of the ordeal. And besides our inevitable losses we are suffering from criminal waste. No other country is so thriftless as ours. In this respect we are a byword among the peoples of the world. But we give no thought to the consequences. Yet the yearly outlay on the one hand and the means of meeting it on the other hand are calculable, and it would be well if those who rely upon Germany’s financial prostration would carefully reckon up and compare the two, were it only for the sake of the sobering effect. On this aspect of the problem it is needless to dwell further. It will compel close and painful attention before the end of the campaign.
Another point to which inadequate heed has been paid, is the lack of working men. This dearth of labour is not felt in Germany or Austria, because they have two million prisoners and two million Poles on whom they can draw not only for agricultural work but also for skilled labour. And the authorities of both those empires are employing their war prisoners very freely. Here, as everywhere else, the Teuton is enterprising. I have seen photographs of Russians in Germany harnessed and employed as beasts of burden. At any rate, it is no secret that from the latter half of the year 1915 Germany and Austria were far ahead of Great Britain, France, Russia, the United States and Japan combined in the amount of munitions they turned out every week. And they are still ahead of them to-day. This fact, which can be verified, has an ominous ring. What it connotes is that our enemies have no strikes, no conscientious objectors, no fiddling with obligatory service, industrial or military. Each man is at his country’s beck and call. Germany is free from strikers, slackers and such-like anti-social types.
In Russia the want of working men is felt keenly. It is one of the main elements of the sharp rise of prices there. In France, too, the number of hands needed is very great, and the loss inflicted by their withdrawal from the labour market is more sensible than the average reader has any notion of. And far from being filled, these gaps are becoming wider day by day. This shortage is a source of solicitude to the Government of the Republic.
What it portends may readily be imagined. It certainly compels us to qualify the cheering assertion that time is on our side. What else it implies may be left to the imagination of the reader.
More serious still than the financial burden, or the dearth of workmen, is the inadequacy of the mercantile marine to the needs of the Allies in general, and of Great Britain in especial. To this privation submarine warfare has contributed materially. And there is not the slenderest ground for hope that the Germans will desist from it during this campaign. On the contrary, they will intensify it. Of the neutrals, some are too weak and others too timid to enter an energetic protest against this violation of international law. The freight-carrying capacity of the transports still available is less than the British optimist realizes. How much less, it would be unfruitful to inquire. It is enough to know that in this matter, too, we had better seek a more helpful ally than time. Those who are most conversant with these elements of the problem are haunted by a restive consciousness of disappointment and apprehension.
For the power, the independence, the destinies of the Empire are interwoven with our command of the sea. On our merchant tonnage depend our economic life, our army and navy, everything we have and are and hope to be. That destroyed or paralysed, nothing remains but a memory. And the Germans are working hard and not unsuccessfully to cripple it. During the week ending April 13, 85,000 tons of British and neutral shipping were destroyed. Since the beginning of the submarine blockade over 3,000,000 tons have been sent to the bottom of the sea. On an average 50,000 tons a week are being torpedoed or mined, and our losses tend to augment rather than diminish. Nor is that all. Not only is our merchant tonnage being whittled down below the minimum needed for our strict requirements, but we are also being hindered from utilizing the transports available. And herein lies a danger the full significance of which has not yet received proper attention. Shortage of labour is pleaded as the reason why effective measures have not been adopted to fill the gaps made by the enemy submarines. And labour is inadequate because the Government eschewes industrial as well as military compulsion. It possesses the power, but shrinks from wielding it. To my thinking, this is one of the symptoms of that madness with which the gods strike a nation before destroying it.
And the longer this process of—shall we call it mutual?—exhaustion goes on, the more important grow the neutral States and the louder sound their voices. They are like Jeshurun, who waxed fat and kicked. Without special aptitudes for arithmetic one may calculate, with a rough approach to accuracy, the time when the process of mutual exhaustion will enable the neutrals to exert an absurdly disproportionate and possibly dangerous influence over the belligerents. That is a calculation which those optimists would do well to make who tell us that all is well because “time is on our side.”