We have given elsewhere some reasons for believing that France
is arming, and wish here to call attention to the astonishing glut of unemployed capital in Western Europe. There are more than fifty- seven matrons in the two State Banks, and the rate has gone down
to 2 per cent. Yet nobody demands money. There is a paralysis of enterprise everywhere, caused in great part, we believe, by a sense that peace cannot be depended on from month to month. No other feeling could keep the foreign Governments out of the market while it is in such a condition. France wants millions, Italy is pledging her Church property, Spain is compromising her debt to get admission on 'Change, Russia is selling railways, every- body wants cash, the market is overflowing, and yet nobody dares to ask for it. If Napoleon is not going to fight this year he should signify that much, and let trade have the benefit of the six months' lull.
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