s dollars. A temporary moratorium for debts was
established, balances were placed at the disposal of bankers, and
guarantees given for the payment of bills accepted by British houses.
There were other arrangements carried out equally swiftly. "An
estimate of our national assets," said Lloyd George, in explanation of
his action, "is 17,000,000,000 pounds. To allow the credit of the
country to be put in doubt for twenty-four hours in respect of
350,000,000 pounds, most of it owing to our own people, would have been
a criminal act of foolishness."

The financial houses cried blessings on Lloyd George's head. Even the
_Daily Mail_ gave him a careful word of praise. As for a great part of
the country, it somehow got the impression that finance, under Lloyd
George, was at least as important as military operations, and indeed
the glowing speeches of the Chancellor of the Exchequer almost gave the
impression that it was more important. When the Welsh statesman flung
himself into an endeavor the business of the moment was to him the most
important thing in all the world, and his own supreme belief made other
people think so, too. By general consent Lloyd George did extremely
well in his bold, rapid, and unconventional financial policy. He was,
nevertheless, one of the first to realize that a new strong policy in
directions other than finance was necessary if ultimate victory was to
be achieved. Indeed, before the end of that fateful five months of
1914, during which a sturdy British army of less than two hundred
thousand men had, under the pressure of the German hosts, been fighting
a retreat, yard by yard and mile by mile, in a way which will live
forever in British military history, there had been forced upon Lloyd
George as one of the principal members of the Cabinet that there were
grave deficiencies at the front in equipment, that the British
soldiers, unsurpassable for valor, for their individual skill, and
their contempt of death, were being, not only overwhelmed by German
numbers, but swept down by gun-fire which was in extent and in power
tremendously superior to that of the British. It was a deadening,
horrible thought. All the fighting spirit of Lloyd George rose to meet
the emergency. His financial arrangements were in train and going
well. He was, it is true, Chancellor of the Exchequer, but he was also
Lloyd George, and with the whole impetuosity of his nature he turned
his attention to the needs of th