Only Great Britain of all the countries in Europe which have issued from the War has had a courageous financial policy.  Public opinion, instead of pushing Parliament to financial dissipation, has insisted on economy.  If the situation created by the War has transformed also the English circulation into unconvertible paper money, this is merely a passing fact.  If the sterling loses on the dollar—­that is, on gold—­given the fact that the United States of America alone now have a money at par, almost a quarter of its value, this is also merely a transitory fact.

Great Britain has the good sense to curtail expenses, and the sterling tends always to improve.

France and Italy are in an intermediate position.  Their money can be saved, but it will require energetic care and great economies, stern finance, a greater development of production, limitation of consumption, above all, of what is purchased from abroad.  At the date of which I am writing, expressed on a percentual basis, the French franc is worth 47 centimes of the sterling and 36 of the dollar—­that is to say, of gold.  The Italian lira is worth 28 centimes of the sterling and 21 of the dollar.

Here are still two countries in which tenacious energy can save and with many sacrifices they can arrive at good money.  France has a good many more resources than Italy; she has a smaller need of importations and a greater facility for exportations.  But her public debt has reached 265 milliards, the circulation has well passed thirty-eight milliards, and they still fear to calculate amongst the extraordinary income of the budget the fifteen milliards a year which should come from Germany.

Italy, with great difficulty of production and less concord inside the country, has a more true vision, and does not reckon any income which is not derived from her own resources.  Her circulation does not pass eighteen milliards, and her debt exceeds by a little one hundred milliards.

With prudence and firmness France and Italy will be able to balance their accounts.

But the financial situation and the exchanges of the conquered countries, even that of Germany, may be called desperate.

If expressed in percentages, the German mark is worth 5.11 per cent. in comparison with the pound sterling and 3.98 per cent. of the dollar.  What possibility is there of systematizing the exchange?

Germany was compelled this year to carry her expenses to 130 milliards of marks.  As her circulation has exceeded eighty-eight milliards, how can she straighten out her money?

As for the Austrian and Hungarian crowns, the Jugo-Slav crowns, the Rumanian lei, and all the other depreciated moneys, their fate is not doubtful.  As their value is always descending, and the gold equivalent becomes almost indeterminable, they will have a common fate.  As for the Polish mark, it can be said that before long it will not be worth the paper on which it is printed.