To THOSE who desire tw seo the pence of Europe maintained, the present condition of Germany is a source of some anxioly, At the end of the war of 1870-71, Germany was by far at. the head of the continental Powers. She had crushed hor only rival, France, and had exacted an indemnity which was to repay the expenses of the war. She had added two provinces to her borders, and lad postponed apparently for many years any necessity to be solicitous for the safety of her Rhino frontier, Her Chancellor was almost unanimously allowed to be the groutest living states man, and the success of the campaign which he had directed checked any dissntistaction with his domestic policy. Her newly.made Haperor was clothed not merely with the ordinary loyalty of northern races, but with a general love and veneration such as a King has rarely the opportunity to conquer, She seemed to be entering on an era of pence and prosperity that should be as noteworthy in the history of the world as her conquest of France was unique in the long roll of wars, At the present moment Germany has sadly fallen from her high estate. While France devoted her attention to repairing by hard work and economy the losses of the war, the acquisition of the milliards led Germany into ® course of wild speculation which was followed by a depression from which she still suffers. The blow that the French military system had received, so far from disheartening the nation, set the French to building up a larger army with a far more perfect organisation, and Germany, instead of resting on her Inurels has had to increase her preparations, lest she should lose the gains that were thought secure, But while France is naturally a rich country and recovers quickly from the worst misfortunes Germany is poor, and the sacrifices of men and money required to keep her on a level with her neighbour tell on her with three-fold severity. Heavy taxation has led to protection, which has checked her trade and has been met by counter-protection from her best customer, Russia; and the increasing poverty of the working classes has fostered Socialism, until the governing classes have had to protect themselves against the social demoerncy within and foreign enemies without,
Text read from the printed page and cleaned; old type leaves the occasional error.