"Well, let us say that the radical or socialistic press is inaccessible, and cannot be bought either by our ministry of finance or by the German bank combinations. There still remains the influence of the German government, that has its reasons for not allowing the weakening of Russia to too great an extent. For this is still the keystone of the conservative system in Europe, and this influence suffices to keep the unfriendly critics of our financial conditions from all the leading German papers. That is not even an official favor. I consider it quite logical for serious papers not to play mean tricks on their foreign office. But as to the other, the extremely radical writings, they have no significance for the financial world; and you will not doubt, at this day, that Germany is doing her best to keep us in good humor." "Yes, I see with shame and resentment how the German government has been transformed into something akin to a Russian police ally, with the blessing of Count Bülow." "Who surely knows what he is doing." "Perhaps I myself do not believe that Germany has reason to seek Russian security, even though there be certain limits even for friendly services; which limits have long been passed, to the detriment of the dignity of the German empire." "I am also willing to believe all that you have told me about the influence of the high finance, the Russian noble, and German diplomacy. Yet I cannot conceive how the mass of investors--and after all it is they who are to be considered--will permanently pay a much higher price for securities than corresponds to their intrinsic value, as is the case with the Russian securities, according to the information given me by Russian statesmen." "Permanently? Some day it will stop. But when? Even the autocracy or the social structure will not maintain itself permanently. But meanwhile there is no power on earth to prevent the great banking institutions from earning thirty million rubles or more, when there is a chance. There will be a great bargaining, especially since the French government will exert itself strenuously to prevent future issue of Russian bonds; for every new issue depresses the value of former issues, and in these a great portion of the French national wealth is invested. In the end, however, German influence will prevail. Germany will advance us the new funds, because Germany wishes to render us a service; for Germany feels itself from day to day more and more isolated in Europe, and we are still not to be despised, either as friends or enemies, in spite of Port Arthur. Hence the German investor must help out; and, after all, he is not making a bad transaction when he buys a four-per-cent. bond at let us say ninety." "How so?"