the banks of issue, those privileged to issue notes. At the same time
they intimidated the Government, threatening to stop all work and throw
40,000 artisans and labourers starving on the pavement of Rome if it did
not compel the banks of issue to lend them the five or six millions of
paper which they needed. And this the Government at last did, appalled by
the possibility of universal bankruptcy. Naturally, however, the five or
six millions could not be paid back at maturity, as the newly built
houses found neither purchasers nor tenants; and so the great fall began,
and continued with a rush, heaping ruin upon ruin. The petty speculators
fell on the builders, the builders on the land companies, the land
companies on the banks of issue, and the latter on the public credit,
ruining the nation. And that was how a mere municipal crisis became a
frightful disaster: a whole milliard sunk to no purpose, Rome disfigured,
littered with the ruins of the gaping and empty dwellings which had been
prepared for the five or six hundred thousand inhabitants for whom the
city yet waits in vain!

Moreover, in the breeze of glory which swept by, the state itself took a
colossal view of things. It was a question of at once making Italy
triumphant and perfect, of accomplishing in five and twenty years what
other nations have required centuries to effect. So there was feverish
activity and a prodigious outlay on canals, ports, roads, railway lines,
and improvements in all the great cities. Directly after the alliance
with Germany, moreover, the military and naval estimates began to devour
millions to no purpose. And the ever growing financial requirements were
simply met by the issue of paper, by a fresh loan each succeeding year.
In Rome alone, too, the building of the Ministry of War cost ten
millions, that of the Ministry of Finances fifteen, whilst a hundred was
spent on the yet unfinished quays, and two hundred and fifty were sunk on
works of defence around the city. And all this was a flare of the old