Now, how is it that France comes to be in the position of a creditor of ours? As a matter of fact, we have drawn nothing whatever from France except a few million bottles of champagne which were emptied in the first intoxication of delight at the success of the great Revolution, and before the State had taken the regulation of consumption into its own hands. Russia, however, has had the perfidy to cede a part of her claims on us to France, in order to construct a common basis of operations against us. Our indebtedness to Russia has now run up to over a milliard, although our imports of corn, wood, flax, hemp, etc., from that country have only been the same as they were in former times. These are imports which we absolutely cannot do without. But the unfortunate part of the business is, that those manufactures which we had been in the habit of sending to France and Russia, in the way of exchange for imports, have of late nearly all been returned to us, on the pretence of their not being at all up to the mark, of the price being too high, and so forth. If such a thing had happened to us in former times, we should simply have paid the Russians in Russian bonds or their coupons, of which there was then no scarcity in Germany. But having now no bonds, and no stock of noble metals to fall back upon, we are rather bothered by the lack of a convenient means of exchange.
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