The German strategists are looking for a brief campaign. But they are
mistaken. Even with the capture of Petrograd the war will have barely
begun, for Petrograd is only the frontier of Russia.
Our troops are numerous and well equipped. The vastness of our country,
her poor roads, and her severe climate are her defenses. The French
frontier is strongly fortified. A quick surrender is unthinkable, and
there is no reason for surrender, for the war will continue to the
bitter end.
But a long campaign threatens Germany. She is a country with highly
developed industry and with a tremendous foreign commerce, the breakdown
of which cannot be compensated by any territorial conquest. A war of
Germany against England, France, and Russia will stop her commerce
entirely. It will be impossible for her to export her goods and to
import foodstuffs. Her manufactures and her commerce will come to a
deadlock, and unemployment will threaten her cities. All the victories
of her army will be of no avail. If her enemies draw out the war for a
year or two Germany will be exhausted. We are not talking of the
possibility of a German defeat, although Germany is not invincible.
The gold reserve of Russia, France, and England amount to about
350,000,000 rubles, ($155,000,000,) while the gold reserve of Germany,
Austria, and Italy is only about 160,000,000 rubles.
The gold currency of the first three countries amounts to about
7,000,000,000 rubles, ($3,500,000,000,) while the gold currency of the
other three is only $1,500,000,000.
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