dealing in such public loans are a profitable business, and are means of exercising important political influences at critical junctures. Where floating capital constantly tends to excess, further debts are serviceable as a financial drainage scheme.
Imperialism with its wars and its armaments is undeniably responsible for the growing debts of the continental nations, and while the unparalleled industrial prosperity of Great Britain and the isolation of the United States have enabled these great nations to escape this ruinous competition during recent decades, the period of their immunity is over; both, committed as they seem to an Imperialism without limit, will succumb more and more to the money-lending classes dressed as Imperialists and patriots.
Part II, Chapter I
Notes
- A portion of the money expended under the head National Debt should, however, be regarded as productively expended, since it has gone towards reduction of the debt. Between 1875 and 1900 a reduction of £140,000,000, equal to about £5,800,000 per annum, has been effected.