_Prof. Migoulin, member of the Council of the Russian Ministry of Finance and the author of several works on Russian indebtedness, in his article, published immediately after the beginning of the war and evidently written before the position of Italy had become known, thus sums up the war situation:_ The moment for the declaration of war has been well chosen and carefully planned by Germany and Austria. Russia had her hands full with the numerous labor strikes and poor crops in certain parts of the country. England had her troubles with the Ulsterites, and the President of France was absent from his country when the Austrian ultimatum was handed to Servia. Austria had already mobilized large numbers of her troops in Bosnia under the pretext of manoeuvres, Italy had a partial mobilization, and Germany was preparing herself for a grand army show. The German strategists are looking for a brief campaign. But they are mistaken. Even with the capture of Petrograd the war will have barely begun, for Petrograd is only the frontier of Russia. Our troops are numerous and well equipped. The vastness of our country, her poor roads, and her severe climate are her defenses. The French frontier is strongly fortified. A quick surrender is unthinkable, and there is no reason for surrender, for the war will continue to the bitter end. But a long campaign threatens Germany. She is a country with highly developed industry and with a tremendous foreign commerce, the breakdown of which cannot be compensated by any territorial conquest. A war of Germany against England, France, and Russia will stop her commerce entirely. It will be impossible for her to export her goods and to import foodstuffs. Her manufactures and her commerce will come to a deadlock, and unemployment will threaten her cities. All the victories of her army will be of no avail. If her enemies draw out the war for a year or two Germany will be exhausted. We are not talking of the possibility of a German defeat, although Germany is not invincible. The gold reserve of Russia, France, and England amount to about 350,000,000 rubles, ($155,000,000,) while the gold reserve of Germany, Austria, and Italy is only about 160,000,000 rubles. The gold currency of the first three countries amounts to about 7,000,000,000 rubles, ($3,500,000,000,) while the gold currency of the other three is only $1,500,000,000. The food supply of Russia is inexhaustible. Her industries are working chiefly for the home market. They can only win by the campaign. The curtailing of food and raw material exports may benefit her home industries by cheapening production. In case of a shortage of war supplies Russia will be able to get them from neutral countries--for example, from the United States. But where will Germany get them? What shall she do when her stock of saltpetre runs out? For the time being saltpetre is obtained by all countries from Chile only.