ld by the average man, and connived at or approved by the authorities,
were wholly fantastic, just as were some of the expectations of other
Allied states. The French people differ from their neighbors in many
respects--and in a marked way in money matters. They will sacrifice
their lives rather than their substance. They will leave a national debt
for their children and their children's children, instead of making a
resolute effort to wipe it out or lessen it by amortization. In this
respect the British, the Americans, and also the Germans differ from
them. These peoples tax themselves freely, create sinking funds, and
make heavy sacrifices to pay off their money obligations. This habit is
ingrained. The contrary system is become second nature to the French,
and one cannot change a nation's habits overnight. The education of the
people might, however, have been undertaken during the war with
considerable chances of satisfactory results. The government might have
preached the necessity of relinquishing a percentage of the war gains to
the state. It was done in Britain and Germany. The amount of money
earned by individuals during the hostilities was enormous. A
considerable percentage of it should have been requisitioned by the
state, in view of the peace requirements and of the huge indebtedness
which victory or defeat must inevitably bring in its train. But no
Minister had the courage necessary to brave the multitude and risk his
share of popularity or tolerance. And so things were allowed to slide.
The people were assured that victory would recompense their efforts, not
only by positive territorial gains, but by relieving them of their new
financial obligations.

That was a sinister mistake. The truth is that the French nation, if
defeated, would have paid any sum demanded. That was almost an axiom. It
would and could have expected no ruth. But, victorious, it looked to the
enemy for the means of refunding the cost of the war. The Finance
Minister--M. Klotz--often declared to private individuals that if the
Allies were victorious he would have all the new national debt wiped out
by the enemy, and he assured the nation that milliards enough would be
extracted from Germany to balance the credit and debit accounts of the
Republic. And the people naturally believed its professional expert.
Thus it became a dogma that the Teuton state was to provide all the cost
of the war. In that illusion the nation lived and worked and s