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.
[Illustration: 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?"]
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THEIR BERESINA
_"Is it still a long way to the Beresina?"_
The whole civilized 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.
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