III
AN UNDEFENDED TREASURE LAND
"Gentlemen," said the Kaiser, as the door closed upon the retiring Danish minister, "I have frequently said to you in this council chamber that the future of Germany lies upon the sea. To-day, in spite of the enforced inaction of our fleet during the war, I hold to that doctrine with unshaken conviction. Hence I did not hesitate, Von Buelow, to instruct you to offer fifteen billion dollars as the price of redeeming the fleet.
"If you ask me, as all Germany, doubtless, is asking itself at this very hour, how it will be possible for our stricken Fatherland to discharge this enormous obligation, I answer that not a single pfennig of this indemnity shall be raised by the taxation
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