Der Deutsche correspondent. [volume] (Baltimore, Md.) 1841-1918, 1916-10-17

creditor Of bankrupt States (Portu-
sal, Servia, Italy, Belgium, Roumania
and Russia)
AS far as France is concerned, the
reputed richest country in the world,
she has been a sad disappointment to
her friends. From a military point
OF view, she has done wonders;
financially she has failed. Her finan-
cial straits started before the be-
ginning OF the war, as her market
was inundated by Russian loans. For
as England is the banker of the Al
lies, France was the banker of
Russia.
Russia is the typical debtor State
in Europe, she has to remit large
sums every year to her creditors alb
road AS q rule, her exports surpass
her imports considerably (between
$75,200,O00 to $222,000,000 in the
three years before the war). This IS
her only means Of paying interest.
Whenever her crops are bad her eX-
ports fall Off She then has financial
difficulties and the ruble declines;
for she has nothing to pay the in
terest with, which is due abroad
except the proceeds Of q new loan.
Before the war the Russian national
debt was SO billion rubles. The
yearly interest was about 100000,
900 rubles; about 800, 100000 rubles
had to be paid abroad. The war has
added 9,26l, 100000 rubles up to
the end Of 1915. One billion seven
hundred and fifty-three million
rubles were borrowed abroad, bring
inc Rpgeia's foreign interest charge
to at least $4OO, ,OOO,OOO. Most OF
Russia's foreign loans are payable III
goid or IN foreign currency Wheh-
ever the ruple uecnnes' the cost OF
renting IN Iorelgn currency IN
creases' heh lhe ruDie ls at Pr
the payment OF interest abroad would
amount 70 4VV'UVV'VVO ruDles' Wlen
the ruble mas tallen 10 ABOUT 5V.9
cents, as II naS uohe laIely' lhe COST
OF lemltlnS 4VV'VVO'VUV ruDies IN
gold VIII Ds 1Vo'VVV,VVV IuDles III
currency as RUSSIA credll Dalance
CeXcess OF exports over imports IN
her best year was only 450'VOV'VVV
ruDleS, she mas holhlns 10 pay WIN
the interest on her foreign deDI
which mas grown 10 more tnan oVV'-
100000 rubles; and Desldes that
huge item, she has to pay interest on
private investments abroad. she mas
lost some OF her most ilourlshlng pro-
vinces, and her lnternal deDt mas
grown to lS,VOV,0OV ruDles.
1t is wen known mat Dy tar lne
greatest part OF her toreign prlVate
and public debt Is IN the hands OF the
French people, only lately Ehslahu
has taken snare. me Hnahces Oh
France are dependent on the man
ces OF Russia, ana since England mas
become the banker OF the Allles, her
own iinaheial prosperity is lhFolVeu.
No doubt England makes some pronl
on the $3,OOO OOO,OVO She mas ad-
yanced TO them, She sells thenl
steel, etc, Tor tne MAKING OF am
munition at the rate OF S5V,OVV,VVV
a month are her investments WIN
the Allies quite salef Aller all the
Central Powers hold the real secur-
ity, on which England mas tent the
money, Kurland' roland, Belglum'
Servia, Albania and Northern france
England holds nothing put thelr un-
secured promissory notes. Ihere IS
no doubt, hGssia IS a Dig country
with great natural resources. - sils
going to sacriilce the development ol
these resources 10 the interest," Oh ner
foreign credltorsY Aiter al the hus-
slams VIII say that they dld the nsnt-
ing ana tlat oChers lent the casil.
are they TO go on paying III money
after they nave been paying III
blood?
AS Time goes on, no uOuDl, thc
burdens Of tha war hnCOme heavier