These
preparations, moreover, had to be made in so hasty a manner,
because, as soon as the Russians advance farther into the interior
of Prussia, of course both a conscription and the recall of the
furloughed soldiers would be impossible."
"But this is not all. The king yesterday authorized the minister of
finance to issue ten million dollars in treasury-notes, to be taken
at par. What is this enormous sum destined for, M. Chancellor? Why
does the king suddenly need so many millions?"
"You ask what the king needs so much money for? Sir, the clause
ordering these treasury-notes at par would be a sufficient reply to
your question. When a government is unable to procure funds in any
other way than by compelling its subjects to take its treasury-notes
at par, it proves that it has no credit to negotiate a loan--no
property which it might render available; it proves that not only
its treasury, but the resources of the country, are completely
exhausted, and that it has reached a point where it must either go
into hopeless bankruptcy or endeavor to maintain itself by
palliatives. Prussia has come to this. Let us not examine by whose
fault or by what accumulation of expenses and obligations, this
condition of affairs has been brought about; but the fact remains,
and, as the king is unwilling that the state should be declared
bankrupt, he resorts to a palliative, and issues ten million dollars
in treasury-notes.
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