economic stability of the belligerent nations. The economic difficulties which are being experienced by Germany, strengthen our faith in our final victory. More than a quarter of a century ago the Russian Minister of Finance, who took great pains to develop our industry, wrote in the explanatory memoir which accompanied the project of the state budget:
"I believe it to be the duty I owe Your Imperial Majesty to express my firm, clear, and profound conviction that economic prosperity of the people even when coupled with a somewhat imperfect military organisation will be more useful in case of war than the most complete military preparedness combined with economic weakness. In the latter case, the people, however eager they may be to sacrifice both their life and property, can bring to the altar of the fatherland their life only, but they will be unable to furnish the necessary financial means for the State."
It is from this standpoint of economic interests that we shall approach the painful Jewish question. The time is long since past when it was possible to say with the Empress Elizabeth Petrovna: "From Christ's enemies I de-
