"Please tell me whether in your opinion there is a hidden deficit in the Russian budget, or whether there is none."
"I am telling you that as long as there are people who are willing to make further loans to us we shall pay the interest. Were our budget a real one, we should not need to contract new debts in order to pay the interest on the old ones."
"That is what I wanted to know. And do you consider Russia a really insolvent country, that cannot really pay its debts, and cannot bear the burdens of modern national life?"
"On the contrary, Russia is intrinsically so rich a land in uncovered treasures that it only needs another and a just régime to pay its debts and to assume still further burdens."
"And this other régime?"
The banker pointed to the east. "Our future is being decided there. If it goes hard with us there, it may become better here more quickly than is suspected."
"Hence, worse for the bankers," said I, jokingly.
"People accustom themselves to honesty when there is no other way," answered the banker, also jokingly. "And when universal honesty comes into vogue, it will no longer be a shame to be honest."
With this I parted from the banker, whose pleasing cynicism always amused me, the more so since I recognized in him the essence of sterling, honorable views. Later interviews with other members of the financial world showed me that my first informant conveyed the generally accepted opinion. Isolated Germany will, for political reasons, and as a favor to the Russian régime, support Russian credit; the great German banks will not renounce the splendid loan-issuing business; and the German investor will permit the imposition upon him of the Russian bonds. "Sheep must be shorn," coolly said one of the brokers to me, when I expressed a doubt that the German imperial government would pay for its political business with the hard-earned pennies of its investors. Your Bismarck did not hesitate for a moment to throw Russian values into the street, and to destroy thereby milliards of German property, when it suited his political convenience. Your present government will not be at all embarrassed in sacrificing again milliards of German property to place us under obligation. And, finally, no one is compelled to it. Whoever is not able to figure sufficiently to see how Wishnegradski prepared the balances to deceive the eye had better keep his money in his stocking and not buy securities. If he does buy them, let him bleed. Another explained, however: "The Germans will buy our bonds. When no other bait is attractive there is still one left to us. When the landowner sells his crops, and is thinking of investing his proceeds, the banker will say to him, 'How about a little of the Russian securities?' 'But those are supposed to be insecure,' answers the good fellow. 'The idea! This is only a Jewish trick. Probably on account of Kishinef.' And the good fellow will hand over his shekels, for he cannot be fooled about Kishinef."