Various accounts have been published during the week of the
speech made by Dr. Helfferich, the German Minister of Finance, and we hesitate to say what the true version may be. One report attributes to Dr. Helf%rich the statements that the proposed new loan of 2500,000,000 would absolutely exhaust German resources, and that any increase of Treasury warrants by the Reichsbank, after the issue of the loan, would result in complete failure. He added that it was there- fore necessary to prepare for an honourable peace. Other reports tell us that Dr. Helfferich announced that be would not exact new taxes from the German taxpayer—we may be sure that he would not be restrained by scruples of delicacy if be thought that the squeezed lemon had many more drops in it—and that henceforth the war would be carried on by means of loans, to be repaid ultimately out of indemnities. These indemnities would be paid for" through many decades" by the enemies of Germany. We hope that the substance of these reports may be true. If it is, German finances are in a fine muddle. The Government and the people are at present living, so to speak, by taking in one another's washing. Their paper money is good among themselves, but will be of little value to the outside world at the end of the war. Dr. Helfferich knows this, and talks with consummate recklessness of putting every- thing straight by indemnities. This is gamblers' talk.
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