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.
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