All who have followed Germany’s financing of the War share Michael’s perplexity. Brag is a good dog: but it does not do as a foundation for credit. Gold at Spandau was trumpeted for years as a “war chest”; but when the “best laid schemes o’ mice and men gang aft agley,” especially when a war does not end, as it should, after a jolly march to Paris in six weeks, through a violated and plundered Belgium, then comes the rub—and the paper which puzzles Michael. A German, possibly Dr. Helfferich, the German Finance Minister, may believe, and some do believe, that it does not matter how much “paper,” in currency notes, a State, or even a Bank, may issue. The more experienced commercial and banking concerns of the world insist upon a visible material, as well as the personal security, to which the German is prone. The round-about method of issuing German War Loans unquestionably puzzles Michael; but will not impose on the world outside.
Let it be marked also, that German credit methods have been, in part, the proximate cause of this War; a system of credit-trading may last for some years only to threaten disaster and general ruin. Now, it is “neck or nothing”; Michael goes the round of the Loan offices, and behold him! Germany herself fears a crash in credit, and even the German Michael feels that it is impending. Already the mark exchanges over 30 below par.
W. M. J. WILLIAMS
LOAN JUGGLERY
Michael: “For my 100 marks I obtained a receipt. I gave this for a second 100 marks and I received a second receipt. For the third loan I gave the second receipt. Have I invested 300 marks and has the Government got 300, or have both of us got nothing?”
Their Beresina
“Is it still a long way to the Beresina?”
The whole civilised world sincerely hopes not.
Death, with the grin on his fleshless face, is hurrying them along to it as fast as his troika can go. Three black horses abreast he drives—Dishonour, Disappointment, and Disgrace—and the more audacious of the carrion-crows fly croaking ominously alongside.