It is a novelty to an English mind to find banking thus mixed up with politics, but it is not a novelty in Italy. All over Venetia there are agricultural banks which are said to be “clerical.” I grappled with this mystery. “How are they clerical?” I asked Captain Pirelli. “Do they lend money on bad security to clerical voters, and on no terms whatever to anti-clericals?” He was quite of my way of thinking. “Pecunia non olet,” he said; “I have never yet smelt a clerical fifty lira note.”... But on the other hand Italy is very close to Germany; she wants easy money for development, cheap coal, a market for various products. The case against the Germans—this case in which the Banca Commerciale Italiana appears, I am convinced unjustly, as a suspect—is that they have turned this natural and proper interchange with Italy into the acquisition of German power. That they have not been merely easy traders, but patriotic agents. It is alleged that they used their early “pull” in Italian banking to favour German enterprises and German political influence against the development of native Italian business; that their merchants are not bona-fide individuals, but members of a nationalist conspiracy to gain economic controls. The German is a patriotic monomaniac. He is not a man but a limb, the worshipper of a national effigy, the digit of an insanely proud and greedy Germania, and here are the natural consequences.
The case of the individual Italian compactly is this: “We do not like the Austrians and Germans. These Imperialisms look always over the Alps. Whatever increases German influence here threatens Italian life. The German is a German first and a human being afterwards.... But on the other hand England seems commercially indifferent to us and France has been economically hostile...”
“After all,” I said presently, after reflection, “in that matter of Pecunia non olet; there used to be fusses about European loans in China. And one of the favourite themes of British fiction and drama before the war was the unfortunate position of the girl who accepted a loan from the wicked man to pay her debts at bridge.”
“Italy,” said Captain Pirelli, “isn't a girl. And she hasn't been playing bridge.”
I incline on the whole to his point of view. Money is facile cosmopolitan stuff. I think that any bank that settles down in Italy is going to be slowly and steadily naturalised Italian, it will become more and more Italian until it is wholly Italian. I would trust Italy to make and keep the Banca Commerciale Italiana Italian. I believe the Italian brain is a better brain than the German article. But still I heard people talking of the implicated organisation as if it were engaged in the most insidious duplicities. “Wait for only a year or so after the war,” said one English authority to me, “and the mask will be off and it will be frankly a 'Deutsche Bank' once more.” They assure me that then German enterprises will be favoured again, Italian and Allied enterprises blockaded and embarrassed, the good understanding of Italians and English poisoned, entirely through this organisation....
The reasonable uncommercial man would like to reject all this last sort of talk as “suspicion mania.” So far as the Banca Commerciale Italiana goes, I at least find that easy enough; I quote that instance simply because it is a case where suspicion has been dispelled, but in regard to a score of other business veins it is not so easy to dispel suspicion. This war has been a shock to reasonable men the whole world over. They have been forced to realise that after all a great number of Germans have been engaged in a crack-brained conspiracy against the non-German world; that in a great number of cases when one does business with a German the business does not end with the individual German. We hated to believe that a business could be tainted by German partners or German associations. If now we err on the side of over-suspicion, it is the German's little weakness for patriotic disingenuousness that is most to blame....
But anyhow I do not think there is much good in a kind of witch-smelling among Italian enterprises to find the hidden German. Certain things are necessary for Italian prosperity and Italy must get them. The Italians want intelligent and helpful capital. They want a helpful France. They want bituminous coal for metallurgical purposes. They want cheap shipping. The French too want metallurgical coal. It is more important for civilisation, for the general goodwill of the Allies and for Great Britain that these needs should be supplied than that individual British money-owners or ship-owners should remain sluggishly rich by insisting upon high security or high freights. The control of British coal-mining and shipping is in the national interests—for international interests—rather than for the creation of that particularly passive, obstructive, and wasteful type of wealth, the wealth of the mere profiteer, is as urgent a necessity for the commercial welfare of France and Italy and the endurance of the Great Alliance as it is for the well-being of the common man in Britain.
3
I left my military guide at Verona on Saturday afternoon and reached Milan in time to dine outside Salvini's in the Galleria Vittorio Emanuele, with an Italian fellow story-writer. The place was as full as ever; we had to wait for a table. It is notable that there were still great numbers of young men not in uniform in Milan and Turin and Vicenza and Verona; there was no effect anywhere of a depletion of men. The whole crowded place was smouldering with excitement. The diners looked about them as they talked, some talked loudly and seemed to be expressing sentiments. Newspaper vendors appeared at the intersection of the arcades, uttering ambiguous cries, and did a brisk business of flitting white sheets among the little tables.
“To-night,” said my companion, “I think we shall declare war upon Germany. The decision is being made.”