urity, to which the German is prone. The round-about
method of issuing German War Loans unquestionably puzzles Michael; but
will not impose on the world outside.

Let it be marked also, that German credit methods have been, in part,
the proximate cause of this War; a system of credit-trading may last for
some years only to threaten disaster and general ruin. Now, it is "neck
or nothing"; Michael goes the round of the Loan offices, and behold him!
Germany herself fears a crash in credit, and even the German Michael
feels that it is impending. Already the mark exchanges over 30 below
par.

W. M. J. WILLIAMS.

[Illustration: LOAN JUGGLERY

MICHAEL: "For my 100 marks I obtained a receipt. I gave this for a
second 100 marks and I received a second receipt. For the third loan I
gave the second receipt. Have I invested 300 marks and has the
Government got 300, or have both of us got nothing?"]

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THEIR BERESINA

_"Is it still a long way to the Beresina?"_

The whole civilized world sincerely hopes not.

Death, with the grin on his fleshless face, is hurrying them along to it
as fast as his troika can go. Three black horses abreast he
drives--Dishonour, Disappointment, and Disgrace--and the more audacious
of the carrion-crows fly croaking ominously alongside.

Little Willie, with the insignia of his family's doom on his head, is
not happy in his mind. "Father's" plans have not worked smoothly, his
promises have not been fulfilled. Little Willie is concerned for his own
future. He is the only soul in the world who is.

When the First--the real--Napoleon entered Russia, on June 24, 1812, he
led an army of 414,000 men--the grande armee. When the great retreat
began from burnt-out Moscow he had less than 100,000. By the time the
Beresina was reached but little of the grand army was left. "Of the
cavalry reserve, formerly 32,000 men, only 100 answered the
muster-roll." The passage of the river, which was to interpose its
barrier between him and the pursuing Russians, was an inferno of panic,
selfishness, and utter demoralization. Finally, to secure his own
safety, Napoleon had the bridges burnt before half his men had crossed.
The roll-call that night totalled 8,000 gaunt spectres, hardly to be
called men.

_"Father, is it still a long way to the Beresina?"_

We may surely and rightly put up tha