Marks,
Prussia (Hesse)                        9,888
Bavaria                                1,694
Saxony                                 1,035
Wuertemburg                               685
Baden                                    727
Alsace-Lorraine                          724

—­a grand total, including the smaller State systems, of 15,062 milliard marks.  This sum has since risen considerably, and reached at the end of 1911 for Prussia alone 11,050 milliards.  Nevertheless, the national debts signify a very heavy burden, which works the more disadvantageously because these debts are almost all contracted in the country, and presses the more heavily because the communes are also often greatly in debt.

The debt of the Prussian towns and country communes of 10,000 inhabitants and upwards alone amounts to 3,000 million marks, in the whole Empire to some 5,000 million marks.  This means that interest yearly has to be paid to the value of 150 million marks, so that many communes, especially in the east and in the western industrial regions, are compelled to raise additional taxation to the extent of 200, 300, or even 400 per cent.  The taxes also are not at all equally distributed according to capacity to pay them.  The main burden rests on the middle class; the large fortunes are much less drawn upon.  Some sources of wealth are not touched by taxation, as, for example, the speculative income not obtained by carrying on any business, but by speculations on the Stock Exchange, which cannot be taxed until it is converted into property.  Nevertheless, the German nation is quite in a position to pay for the military preparations, which it certainly requires for the protection and the fulfilment of its duties in policy and civilization, so soon as appropriate and comprehensive measures are taken and the opposing parties can resolve to sacrifice scruples as to principles on the altar of patriotism.

The dispute about the so-called Imperial Finance reform has shown how party interests and selfishness rule the national representation; it was not pleasant to see how each tried to shift the burden to his neighbour’s shoulders in order to protect himself against financial sacrifices.  It must be supposed, therefore, that similar efforts will be made in the future, and that fact must be reckoned with.  But a considerable and rapid rise of the Imperial revenue is required if we wish to remain equal to the situation and not to abandon the future of our country without a blow.

Under these conditions I see no other effectual measure but the speedy introduction of the Reichserbrecht (Imperial right of succession), in order to satisfy the urgent necessity.  This source of revenue would oppress no class in particular, but would hit all alike, and would furnish the requisite means both to complete our armament and to diminish our burden of debt.