It is a novelty to an English mind to find banking thus mixed up with politics, but it is not a novelty in Italy. All over Venetia there are agricultural banks which are said to be “clerical.” I grappled with this mystery. “How are they clerical?” I asked Captain Pirelli. “Do they lend money on bad security to clerical voters, and on no terms whatever to anti-clericals?” He was quite of my way of thinking. “_Pecunia non olet_,” he said; “I have never yet smelt a clerical fifty lira note.”... But on the other hand Italy is very close to Germany; she wants easy money for development, cheap coal, a market for various products. The case against the Germans--this case in which the Banca Commerciale Italiana appears, I am convinced unjustly, as a suspect--is that they have turned this natural and proper interchange with Italy into the acquisition of German power. That they have not been merely easy traders, but patriotic agents. It is alleged that they used their early “pull” in Italian banking to favour German enterprises and German political influence against the development of native Italian business; that their merchants are not bona-fide individuals, but members of a nationalist conspiracy to gain economic controls. The German is a patriotic monomaniac. He is not a man but a limb, the worshipper of a national effigy, the digit of an insanely proud and greedy Germania, and here are the natural consequences. The case of the individual Italian compactly is this: “We do not like the Austrians and Germans. These Imperialisms look always over the Alps. Whatever increases German influence here threatens Italian life. The German is a German first and a human being afterwards.... But on the other hand England seems commercially indifferent to us and France has been economically hostile...” “After all,” I said presently, after reflection, “in that matter of _Pecunia non olet_; there used to be fusses about European loans in China. And one of the favourite themes of British fiction and drama before the war was the unfortunate position of the girl who accepted a loan from the wicked man to pay her debts at bridge.” “Italy,” said Captain Pirelli, “isn't a girl. And she hasn't been playing bridge.”