Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1918-11-15
soc. Coo, $l.2O

most successful in attaining its de-
sired ends.
The most powerful instrument in
German penetration and domination
was effected through the establish
ment of banking institutions like the
Banca Commercials. Opened in 1894
and commencing business with CAPT
tai of only 100000 lires. in 1914. the
capital had been increased to 156,000.
600 lires. and its total resources were
over 1.O00,000.000 lires. This German
institution. controlling corporations
in Italy capitalized at about 100000
900 lires, including the electric. steel
and iron industries, thus became the
virtual master of the Italian Army and
Navy. The steel works of TERM, the
most important in Italy, were abso-
lu ely controlled by German interests,
and through the TERM works, control
was held in all subsidiary steel COM
panies throughout Italy. Through the
medium of the Elektra bank, which
has its headquarters in Switzerland,
Germany controlled the electric works
of Genoa and important cities in Italy.
The gas and navigation companies
were all under German control. Nor
did Germany confine herself to the
most important enterprise. but also
swarmed all Italian cities with Ger
man shopkeepers, German commercial
travellers. German newspapers and
correspondents who influenced the
press, and who, during Italy's neutral
ity, carried on subterranean propa-
ganda bringing over to their cause not
only peasants and workmen, but even
leading Italian politicians who thus
unconsciously worked against their
country's interests-inci ed thereto by
German batteries and German prom
ises.
We cite all of the above facts to
show that Italy's declaration of war
against Germany was a very serious
and difficult mater because ii disor
ganized at moment the entire indus
trial and financial life of Italy, due to
the fact that the most important in
Italy we're virtually controlled by Ger
mans. The declaration of war agains
Germany paralyzed all of these insti-
| tutions, and 1t was therefore an
heroic move on the part of Italy to
take the step, regardless of the con-
sequences.
Isaly entered the war with her
eyes wide open, has gone through it
| in the most wonderful manner, and
has made innumerable sacrifices little
known to the people of the allied coun-
tries After war was declared Italian
money became almost worthless. Here
in the United States (the great ally of
Italy, the Italian lire In July, 1918,
was selling at over nine lires to the
dollar (the normal par value of the
Italian lire being little over five Tires
to the dollar). Furthermore, when,
through German financial propaganda.
the American dollar, the British pound
sterling and the French franc were
selling in the European neutral coun-
tries and in South American countries
at an enormous discount--in some
instances as high as 30 and 40 per
cent-the Italian lire was selling at
an even larger discount than any of
the allied moneys, by reason of the
fact that the fabric of Italian financial
life had become so disorganized that
it was impossible for the Italian gov
eminent to protect the value of fits
currency in neutral foreign countries
or even in the countries that were al
lied with il in the struggle for free
dom
Even today the Italian lire is sell
ing at very large discount, six Tires
and 35 centimes to a dollar, whereas
five Tires and eight centimes is the ac-
tual par value of the Italian lire. This
shows what sacrifices Italy has will
ingly made in joining the Allies.
The value OF the American dollar,
British pound sterling, French franc
and Italian lire should be placed on
identically the same basis. These
values could be standardized through
the instrumentality OF government
credits and united financial efforts
Italy suffered more than any one OF
her Allies by reason Of the deprecia-
ton of her currency abroad When
the American one hundred cent dollar
in Spain was selling at 81 cents, the