Raemaekers is pitiless, but never oversteps the truth. National Debts are ever national millstones, worn around the neck. They are worn unwillingly, and they are not ornamental; they are a burden, and the weight is sometimes crushing. A prospect of that sort seems to be the lot of several of the "Great Powers" of Europe for the remainder, and the greater portion, of the Twentieth Century. Though German "civilization" were more worthy of such a term and its associations as Kultur ten times over, would it become any Potentate and his advisers to impose it on so many countries at such a cost in suffering as all this—and more?

But Kaiser Wilhelm and his crew of State-at-any-price men impose not on other peoples only: they impose on their own kith and kin. Look at these three sad and apprehensive figures playing the Loan Game—the first, the second, the third Loan! Children, says the artist, passing the coin from one hand to another's, and getting richer at each pass!! Yes, children, the German people treated so by a few dominies. State dominies and the Director (or dupe!) at Berlin! No people gains, every people loses by incurring a Debt; but in Germany, and to-day! to incur an indebtedness, contract a loss, does not suffice; the people must not know it.

Even the children know that coin has not left them richer: many, very many Germans know the Kultur War to be ruinous: but Berlin must play the Game still, and assume that the tricks and aims cannot be understood! It is lack of regard for other nations carried into German Finance; and all because the bureaucratic military heart is a stone. The piling up of State paper goes on, but not merrily, as Michael goes from Darlehnkasse to Reichsbank, one, two, three (and is about to go the fourth time!). This game of processions to the Kasse does not increase the available wealth within beleaguered Germany: and the 100-mark Note has no reference to material wealth securing it.

Now, the Commercial magnates of Germany realize the crushing fact—No indemnity possible!! and what of the Notes which are held? When shades of night fall heavily, and the Loan Game can be played no more, will the German people, tricked and impoverished, go to bed supperless and silent? German finance IS "a scrap of paper."

W. M. J. WILLIAMS.