The war finance, as I remember it, always supplied items of the most absorbing interest. I do not mean to say that I was an authority on finance or held any official position in regard to it. But I watched it. I followed it in the newspapers. When the war began I knew nothing about it. But I picked up a little bit here and a little bit there until presently I felt that I had a grasp on it not easily shaken off.

It was a simple matter, anyway. Take the case of the rouble. It rose and it fell. But the reason was always perfectly obvious. The Russian news ran, as I got it in my newspapers, like this:—

"M. Touchusoff, the new financial secretary of the Soviet, has declared that Russia will repay her utmost liabilities. Roubles rose."

"M. Touchusoff, the late financial secretary of the Soviet, was thrown into the Neva last evening. Roubles fell."

"M. Gorky, speaking in London last night, said that Russia was a great country. Roubles rose."

"A Dutch correspondent, who has just beat his way out of Russia, reports that nothing will induce him to go back. Roubles fell."

"Mr. Arthur Balfour, speaking in the House of Commons last night, paid a glowing tribute to the memory of Peter the Great. Roubles rose."

"The local Bolsheviki of New York City at the Pan-Russian Congress held in Murphy's Rooms, Fourth Avenue, voted unanimously in favor of a Free Russia. Roubles never budged."

With these examples in view, anybody, I think, could grasp the central principles of Russian finance. All that one needed to know was what M. Touchusoff and such people were going to say, and who would be thrown into the Neva, and the rise and fall of the rouble could be foreseen to a kopeck. In speculation by shrewd people with proper judgment as to when to buy and when to sell the rouble, large fortunes could be made, or even lost, in a day.

But after all the Russian finance was simple. That of our German enemies was much more complicated and yet infinitely more successful. That at least I gathered from the little news items in regard to German finance that used to reach us in cables that were headed Via Timbuctoo and ran thus:—

"The fourth Imperial War Loan of four billion marks, to be known as the Kaiser's War Loan, was oversubscribed to-day in five minutes. Investors thronged the banks, with tears in their eyes, bringing with them everything that they had. The bank managers, themselves stained with tears, took everything that was offered. Each investor received a button proudly displayed by the too-happy-for-words out-of-the-bank-hustling recipient."