In the first place, it is evident that, if Russia should continue to submit to anarchy fostered by German agents, her financial situation, already perilous, would no longer permit her to pay the interest on her bonds held abroad. Again, if Pan-Germany, now momentarily established, continues to exist, Berlin will be able to take over Russian obligations to France without the necessity of a formal treaty. In fact, the tremendous pressure against Russia, exerted by the mere geographical contact of Pan-Germany as she lies athwart Europe, would practically render unnecessary the formal cession of French credit. Berlin, taking fullest advantage of the situation, would then say to Petrograd, ‘We consider that France owes us a considerable sum by way of war-indemnity. We are unable to collect this, but you Russians also owe an indemnity. We therefore assume the position of France as your creditor, and, as the strength of Pan-Germany has put you practically at our mercy, we demand the payment of your debts in such and such a form.’ What resistance could disorganized Russia make to this claim, presented with true German cynicism? Russian extremists need not hope, as certain of them do, to avoid paying the debts contracted by the old régime. If they do not care to fulfill their obligations to France, which is working hard to sustain the Russian Revolution, they will have to pay those same debts to Berlin, where full use would be made of them to exploit the Russian people. Moreover, the ‘purchase’ of French- and English-owned railroads in Turkey, suggested several months ago by Berlin, of which we have already spoken, proves convincingly that the Germans intend also to follow out the system of transferring credits in cases where money is owed by Germany’s allies to Germany’s enemies. For a long period great numbers of Frenchmen purchased the state obligations of Austria-Hungary, Serbia, Bulgaria, Roumania, and Turkey. It is impossible to give the exact amount of French money thus invested in Pan-Germanized Central and Eastern Europe, for the securities of the above-mentioned countries were generally floated in several foreign financial centres at once; but persons who have the most thorough knowledge of French investments make a minimum estimate of six billion francs. As for the French money invested in Roumania and Serbia it will vanish into thin air as soon as the Austro-German conquests are consolidated. As for investments in Austria-Hungary, Bulgaria, and Turkey, the assumption by Germany of French credits—supposing peace to be concluded on the basis of the present war-map—would be easily accomplished if she reasoned as follows with her allies:—