Richard Wagner's letters to Emil Heckel give an insight into the immense difficulties which he and his admirers had to overcome. There was in 1873 a money crisis extending over the whole of Germany and Austria. Banks which had promised credit were unable to meet their promises, and this delayed the realisation of his scheme. He had always calculated upon the King's assistance. On the 16th of January he wrote to Heckel that he had requested "his ever-generous protector" to guarantee a loan, but that the latter, for some reason unknown to him, had refused his assistance.--A German poet had written an eulogistic ode in Ludwig's honour and had requested Wagner to set it to music, but the latter, unaware that the King knew the poem, had coldly refused to do this. Ludwig had been offended. He could not, however, long be angry with his friend; already in February in the same year he gave the desired security. The first "Niebelungen-cycle" was given in Bayreuth from the 13th to the 30th of August 1876. It was repeated three times before an enthusiastic audience, among whom were the Emperor of Germany, the Grand Dukes of Weimar and Baden, the Emperor of Brazil, the Grand Duke Constantine of Russia, and many other royal personages, as well as literary and artistic celebrities from all countries. The King of Bavaria, who was seldom present at anything but separate performances, determined to visit Bayreuth, despite the fact that this would necessitate his appearing in public. He drove direct from Chiemsee to his hunting-box outside the town. Only Wagner was there to receive him. He met his old friend with warmth, and bade him seat himself beside him in the carriage. Although he made a detour each evening in order to avoid the crowd, he was, both inside and outside the theatre, the object of enthusiastic ovations. He endeavoured to avoid them, but again and again had to come to the front of his box and bow his acknowledgments. He looked ill and depressed. Wagner was the only person with whom he conversed, but he paid no visit to his private residence, and he left Bayreuth unattended and as quietly as he had come. The German, French, and English press took up a cool attitude with regard to the festival. It could not be denied that it had been great and successful, but it was said that the "Ring" was long. The performances showed a deficit of 16,000 marks.