France has repeatedly declared that Germany could not effect a serious political opposition, because a war would result in the ruin of its commercial and financial strength. This we heard in the Morocco crisis, also in the Balkan wars. Germany's love of peace which was tested in the above-mentioned cases strengthened the French in their error. He, however, who has taken the trouble to visit Germany and the Germans in their places of employment--and especially Americans in recent years have done this, however, also many Englishmen, who in vain have protested against the war with Germany--he can testify to the astonishing commercial advancement which Germany has made since its political union by Bismarck. A few facts and statistics may recall this to memory. The population of Germany has since 1870, immigrants excluded, increased from 40,000,000 to 67,000,000, round numbers. Incomes and wages in particular have approximately doubled during the last generation; savings deposits have increased sixfold. Although, only a generation ago, commerce and trade employed only about two-fifths of the population, now more than three-fifths are engaged in this field of work, and Germany, as a result of its agricultural economy and increased intense farming, is today the third largest agricultural country of the world. In the coal and iron industries Germany is second only to America. In one generation its coal production increased two and a half fold, its raw iron production almost fourfold. During the same period of time the capital of the German banks increased fourfold and their reserve fund eightfold. Characteristic of Germany is the fact that hand in hand with this active private initiative is a strong feeling for the great universal interests and for organic co-operation of private and State resources. This feeling explains the perfect working of our State activities, in particular our railways, 95 per cent. of which are owned by the Government and which yield an essentially higher revenue than those in England or France; it explains further the willing assumption of the great financial burdens which general insurance imposes upon those engaged in private enterprises and which today is proving a blessing to almost the entire laboring force of Germany, to an extent which has not yet been realized by any other country.