So there was no private capital that dared or could take the place of that of the companies. Elsewhere, in Paris for instance, new districts have been erected and embellishments have been carried out with the capital of the country--the money saved by dint of thrift. But in Rome all was built on the credit system, either by means of bills of exchange at ninety days, or--and this was chiefly the case--by borrowing money abroad. The huge sum sunk in these enterprises is estimated at a milliard, four-fifths of which was French money. The bankers did everything; the French ones lent to the Italian bankers at 3 1/2 or 4 per cent.; and the Italian bankers accommodated the speculators, the Roman builders, at 6, 7, and even 8 per cent. And thus the disaster was great indeed when France, learning of Italy's alliance with Germany, withdrew her 800,000,000 francs in less than two years. The Italian banks were drained of their specie, and the land and building companies, being likewise compelled to reimburse their loans, were compelled to apply to the banks of issue, those privileged to issue notes. At the same time they intimidated the Government, threatening to stop all work and throw 40,000 artisans and labourers starving on the pavement of Rome if it did not compel the banks of issue to lend them the five or six millions of paper which they needed. And this the Government at last did, appalled by the possibility of universal bankruptcy. Naturally, however, the five or six millions could not be paid back at maturity, as the newly built houses found neither purchasers nor tenants; and so the great fall began, and continued with a rush, heaping ruin upon ruin. The petty speculators fell on the builders, the builders on the land companies, the land companies on the banks of issue, and the latter on the public credit, ruining the nation. And that was how a mere municipal crisis became a frightful disaster: a whole milliard sunk to no purpose, Rome disfigured, littered with the ruins of the gaping and empty dwellings which had been prepared for the five or six hundred thousand inhabitants for whom the city yet waits in vain!