There is one phase of their doctrines which has, perhaps, received less attention than it deserves. It will be found very fully treated in Professor Usher's book on _Pan-Germanism_, which, coming from an American authority who seems to have studied his subject very thoroughly, has the merit of impartiality. This proposition is that just as a treaty is only a scrap of paper, so also is a bond or debenture, and that just as the highest interest of a nation may at any moment override ordinary morality, the same vital urgency may justify anything in the nature of repudiation of debt. This is not to be done on account of inability to pay the debt; but through a deliberate, cold-blooded plot to weaken the creditor by robbing him of his property. Modern Germany has been largely built up by foreign capital. In war, if Germany is conquered the debt necessarily holds good. But if Germany wins, part of her reward of victory is the complete repudiation of all debts. Thus the glorious or inglorious prize of success would be, that all her vast industrial plant would be freed from every debenture and start without an encumbrance, a free present from the enemy. This example, they hope, would lead other nations to do the same, and so still further ruin the finances of England and France, which are the great lending nations of the earth. They frankly admit that such a _coup_ would make it very difficult for their nation to borrow money again, but on the other hand, they would have made such an immense profit over the transaction that they would be able to go on for many years without any need of more capital. "To secure so stupendous a result as this," said the American Professor, "is well worth the expenditure of money for building a fleet. That money, so far as the German nation is concerned, is merely invested in an enterprise from which they confidently expect returns perhaps a hundred-fold."