press of Russia. The question resolves itself into two parts, viz., whether the direction which this policy should follow after the War is to be along the lines of a close rapprochement with Russia's present allies, and with the friendly neutral powers, especially the United States, or whether it is to be along lines leading to a condition under which the country would be able to supply all her needs without foreign trade.
II.
In considering the problem of the creation of an anti-German economic coalition, the following question naturally presents itself: "Is such a coalition necessary?"
If Russia is able alone to combat Germany, Austria, Bulgaria, and Turkey, then the coalition becomes needless, from her point of view, since, like any other agreement, it would require certain sacrifices on her part. Therefore, in order to answer the above question, it is necessary to determine who is more powerful, Russia, or her enemies, united under the leadership of Germany. There seems to be very little doubt as to the nature of the answer to this question. It must be admitted that Russia is the weaker of the two sides.
One reason for this is the instability of Russian money. In this connection, it must be pointed out that if the War should last a few months longer, in view of the low present value of our money, we shall be compelled to pay out annually, as interest on our foreign loans, the colossal sum of one and a quarter billion roubles. In order to make a more or less profitable conversion of our short-term loans abroad, we shall be compelled to seek very large long-term loans in the allied countries, viz., England, France, and Belgium, which, as is well known, are the bankers of the world. Moreover, with the aid of our allies, we shall be able to obtain considerable credits in Holland, Switzerland, and particularly, in the United States. These countries will hardly be very generous with us unless we have the assistance of our allies.
Only a visionary can maintain that Russia will be able to adjust her financial affairs after the War without seeking foreign loans. It would be no less fanciful to expect that there would be any possibility of obtaining these loans in Germany. Even before the War, Germany was constantly in need of money in order to make possible her rapid development along the lines
