WE DON'T UNDERSTAND THIS LOAN GAME
(In Germany there is a game by which children passing a coin from one to another are supposed to, but do not, get richer.)
German statesmen and editors make a boast of the fact that so far they have not raised any war funds by taxation. That is true, but they are pursuing the far less commendable course of raising the money by loans and by "hanky-panky" manipulations of currency paper. Dr. Helfferich, the Imperial Minister of Finance, recently admitted that he dared not impose further taxation, and it is a fair inference that he knew any such proposals would be futile—that the burdens of the German taxpayers are already as heavy as they can bear.
The Nineteenth Century and After.
