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For many years I have studied the figures in relation to private wealth and the wealth of nations, and I have written at length on the subject. I know how difficult it is to obtain by means of even approximate statistics results more or less near to the reality. Nothing pained me more than to hear the facility with which politicians of repute spoke of obtaining an indemnity of hundreds of milliards. When Germany expressed her desire to pay an indemnity in one agreed lump sum (
At the same time it is true that the Minister Loucheur declared on February 17, 1919, in the French Chamber that the reconstruction of the devastated regions in France required 75 milliards that is, very much more than double the private wealth of all the inhabitants of all the occupied regions.
Germany has an increase of expenses which the fall of the mark renders more serious. In 1920 she spent not less than ninety-two milliards, ruining her circulation. How much has she spent in 1921? Austria and Hungary have budgets which are simply hypotheses.
Accordingly La Houssaye, comptroller-general, rendered a perfectly clear statement, by which it appeared that there were bank bills in circulation to the amount of two milliards, seven hundred millions of livres, without any evidence that this enormous sum had been emitted in virtue of any ordinance from the general assembly of the India Company, which alone had the right to authorize such emissions.
Nor should it be forgotten that already we have received eight milliards' worth of securities stolen from French bearers. So do not consider the Treaty as a misfortune for France."
It flamed in the setting sun, it touched the heavens with its spire, amidst the soaring of the milliards of prayers which caused its walls to quiver. Here, however, was the church that had died before being born, the church placed under interdict by a mandamus of the Bishop, the church falling into dust, and open to the four winds of heaven.
Great Britain during the War had to sell at least 25 milliards of her foreign values. The United States of America, on the contrary, have immensely increased their reserves. But this very increase is harmful to them, inasmuch as the capacity for exchange of the States of Europe has been much reduced.
These absurd legends, formed during the War, were not forgotten, and there are even now many who believe in good faith that Germany can pay, if not twenty or twenty-five milliards a year, at least eight or nine without any difficulty.
"At Ligny, the other day, where we smashed the Prussians into ten hundred thousand milliards of atoms, a bit of a shell cut me across the leg and opened an artery. It was spouting as high as the chimney, and in half a minute I had lost enough to fill a pitcher.
In eighteen months the five milliards of francs were in the coffers of the Emperor William, and the last Prussian soldier had quitted the soil of France. The loan raised by the Government for the repayment of the sums advanced for the indemnity was taken up with enthusiasm by all classes of the French people. The horrible year of 1871 was followed by one of perfect peace and great prosperity.
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