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Updated: June 7, 2025
Nothing in all the glory of their victory, neither the ceded provinces nor the indemnity of five milliards, appealed to him so strongly as did that sight of Paris, in a fit of furious madness, immolating herself and going up in smoke and flame on that beautiful spring night. "Ah, it was sure to come," he added in a lower voice. "Fine work, my masters!"
There was no longer any hope, unless he could be persuaded, on some other convenient occasion, to renounce the "White Flag." This matter being settled by the Comte de Chambord himself, all M. Thiers' attention was turned to two things, the disposal of the Communist prisoners, and the payment of the indemnity demanded by the Germans, the five milliards.
It has taken from the poor, from the young and from believers, 5 milliards of capital and 270 millions of revenue; it gives back to them, in public income and treasury interest, about 17 millions per annum.
All the illusions as to the capacity of Germany being able to pay have fallen to pieces, and the indemnities, after the absurd demands which tended to consider as inadequate the figure of 350 milliards and an annual payment of from ten to fifteen milliards have become an anxious unknown quantity, as troublesome to the victors as to the vanquished.
By the year 1906 the number had increased to thirty-five milliards; and by 1914, to fifty milliards. Distance no longer exists for the telegraph; "the entire civilised world has become a large room in which we can all talk with one another." Such changes cannot fail to influence social life.
German credit is very high; the Imperial Government has just floated a loan of several milliards. And you have our stamped Quittungen." He became at once voluble and persuasive in his cupidity, and forgot something of his habitual caution. "You surely do not doubt the word of the German Government?" he said. The maire doubted it very much, but he discreetly held his tongue.
If it is not thought desirable to proceed at once to annulment, there remains only the solution of including them in the indemnity which Germany must pay in the measure of 20 per cent., allocating a certain proportion to each country which has made loans to allied and associated governments on account of the War. In round figures the inter-allied loans come to 100 milliards.
One devastated area was exactly like another a heap of rubble, a morass of shell-holes, and a tangle of wire. The amount of human labor which would be required to restore such a countryside seemed incalculable; and to the returned traveler any number of milliards of dollars was inadequate to express in matter the destruction thus impressed upon his spirit.
Germany will issue one hundred milliards of gold marks of bearer bonds, and afterwards all such issues as the Reparations Commission shall demand, until the amount of the debt be reached in order to permit the stabilization of credit. The payments will be made in money and in kind. The payments in kind will be made in coal, live stock, chemical products, ships, machines, furniture, etc.
And then, are all uprisings calamities? And what if the revolt of July did cost a hundred and twenty millions? The establishment of Philip V. in Spain cost France two milliards. Even at the same price, we should prefer the 14th of July. However, we reject these figures, which appear to be reasons and which are only words. An uprising being given, we examine it by itself.
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