Lloyd George went before the public and explained it all with a clearness and potency which made it apparent that money was as important as soldiers. It was in his first big speech on these lines that he coined the phrase "silver bullets" and made the nation understand that among his other operations was that of raising a huge war loan, to which every patriot must subscribe. "We need all our resources, not merely the men, but the cash. We have won with the 'silver bullet' before. We financed Europe in the greatest war we ever fought, and that is how we won." It was in this speech that he showed clearly the importance of giving British finance stability, and how that stability was threatened. A boy at school might have followed his explanation. "We have not only our own business to run; we are an essential part of the machinery that runs the whole international trade of the world. We provide capital and raise produce. We carry half the produce, not merely of our own country, but of the whole world. More than that, we provide the capital that moves that produce from one part of the world to another, not merely for ourselves, but for other countries. I ask every one to pick up just one little piece of paper, one bill of exchange, to find out what we are doing. Take the cotton trade of the world. Cotton is moved first of all from the plantation, say to the Mississippi, then down to New Orleans, then it is moved from there either to Great Britain or to Germany or elsewhere. Every movement is represented by a paper signed either here in London or in Manchester or Liverpool; one sender is practically responsible for the whole of these transactions. Not only that, but when the United States of America buys silk or tea from China, the payment is made through London. By means of these documents accepted in London New York pays for the tea bought in China. What has happened? All this fine, delicate paper machinery has been crashed into by a great war affecting more than half, and nearly two-thirds, of the whole population of the world. Confusion was inevitable. It was just as if one gave a violent kick to an ant-hill. The deadlock was not due to lack of credit in this country; it was due entirely to the fact that there was a failure of remittances from abroad. Take the whole of these bills of exchange. There were balances representing between 350,000,000 pounds and 500,000,000 pounds. There was that amount of paper out at that time with British signatures. Most of it had been discounted. The cash had been found at home from British sources, and failure was not due to the fact that Britain had not paid all her creditors abroad: it was due entirely to the fact that those abroad had not paid Great Britain."